With 10.1% CAGR, Workforce Management Market Worth USD 5.25 Billion by 2026
According to Fortune Business Insights, the global Workforce Management Market size is projected to reach USD 5.25 billion in 2026, at a CAGR of 10.1% during the forecast period | Industry Leader Kronos Upgrades Offerings to Entrench Its Market Position
Pune, India, June 16, 2022 (GLOBE NEWSWIRE) — The global workforce management market size is projected to reach USD 5.25 billion by 2026, exhibiting a CAGR of 10.1% during the forecast period. Growing need to enhance productivity and efficiency of employees among organizations will be the central growth driver for this market. This information was published by Fortune Business Insights™ in their report titled, “Workforce Management Market Forecast, 2022-2026”. As per the report, value of WFM market stood at USD 2.44 billion in 2018.
The majority of office tasks today are performed in a clockwork manner, requiring executives and other employees to use their decision-making faculties even for routine administrative work. This has resulted in declining productivity of the workforce, necessitating solutions to optimize the management of the workforce in companies.
For example, Apollo Hospitals, a leading healthcare provider in Asia, deployed the Kronos Workforce Central in early 2019 in a bid to increase the efficiency and productivity of its employees. The product allows staff members to program their schedules and make user engagement easier and more convenient. The incorporation of such innovations by end-users in various sectors is expected to lead the workforce management market trends in the foreseeable future.
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Industry Developments-
- January 2020: The Italian gum and confectionary manufacturer Perfetti Van Melle chose Kronos Incorporated, the US-based workforce management leader, to automate its 2,600-strong workforce in eight countries. With Kronos Workforce Central, Perfetti will have a unified WFM platform to monitor its employees as well as optimize its manufacturing processes.
- October 2019: The American human resource management tools provider Automatic Data Processing, Inc. expanded its WFM solutions portfolio to include ADP Compliance on Demand to track employee performance efficiently.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2019 to 2026 |
| Forecast Period 2019 to 2026 CAGR | 10.1% |
| 2026 Value Projection | USD 5.25 Billion |
| Base Year | 2018 |
| Workforce Management Market Size in 2018 | USD 2.44 Billion |
| Historical Data for | 2015 to 2018 |
| No. of Pages | 180 |
| Segments covered | Component Deployment, Enterprise Size, Application End-Use Industry and Geography |
| Workforce Management Market Growth Drivers | Workforce Management to Enable Organizations to Optimize Operational Costs |
| New Product Offerings with Integration of Artificial Intelligence and Machine Learning to Drive the Market | |
| Lack of Understanding and Awareness about Associated Benefits is Likely to Hinder the Growth |
The COVID-19 pandemic has positively impacted the Everything as a Service (XaaS) market growth due to rising digitization in several industries. Also, leading companies from various sectors have adopted recent technologies to simplify their business operations and ease the work process. Furthermore, the companies implemented recent technologies to adopt work from home/remote work culture. These factors bolstered the market growth and expansion during the pandemic.
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Drivers & Restraints-
Lack of Knowledge about WFM Software Tools to Hamper Growth
Managing and maintaining the productivity levels of human resources is an expensive undertaking for companies of all sizes. The Human Capital Management Institute estimates that 70% of an organization’s operating costs are eaten up by employee management tasks. In such a dire scenario, where reducing operational costs is the prime focus in the private sector, the demand for effective workforce management systems is rising as they offer numerous advantages for organizations. For instance, WFM software can empower managers to make more informed decisions due to better access to data. It would also enable managers to select the right person for the right job, ensuring efficiency in task performance. Unfortunately, awareness of these benefits is abysmally low, stemming from the adoption of these technologies, particularly among the small and medium enterprises (SMEs). This can put crippling limitations on the workforce management market growth during the forecast period.
Segmentation-
On the basis of type, the market is bifurcated into on-premises and cloud-based. On the basis of enterprise size, the market is categorized into SMEs and large enterprises. On the basis of end-user, the market is fragmented into retail, logistics & transportation, IT & telecommunication, manufacturing, healthcare, BFSI, and others. Geographically, the market is classified into – South America, North America, Europe, Asia Pacific, and the Middle East & Africa.
The report also contains the following insights:
- In-depth analysis of the key market drivers;
- Detailed evaluation of the challenges facing the market;
- Comprehensive research of the regional dynamics of the market;
- Exhaustive study of all the market segments; and
- Microscopic assessment of the competitive landscape of the market.
| Everything as a Service Market Segments | By Component
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By Deployment
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By Enterprise Size
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By Application
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By End-Use Industry
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Regional Insights-
Government-led Digitization Initiatives to Drive Market Growth in Asia-Pacific
The market size in Asia-Pacific is anticipated to showcase the most impressive growth trajectory in the forthcoming years. The prime factor propelling the market in this region include the digitization of services and processes, backed by strong government support. An excellent example of this is Singapore’s ‘Go Digital’ initiates that encourages SMEs to integrate digital solutions in their existing setups.
North America, with a revenue generation of USD 0.92 billion in 2018, is poised to dominate the workforce management market share as companies in the region are aggressively implementing cloud-based solutions. Additionally, the region is also home to some of the largest technology giants such as IBM and Oracle, which augurs well for this market. In Europe, on the other hand, rising demand for automation is expected to fuel the market.
Competitive Landscape-
Upgradation of Existing Offerings with WFM Solutions to Intensify Competition
Companies across the board are recognizing the benefits of WFM tools, creating a wide field of opportunities for players operating in this market. Some key participants are also entering into strategic collaborations to expand their presence in this market, according to the workforce management software market analysis.
Key Players in the Workforce Management Market are:
- NetSuite, Inc.
- Verint
- Cornerstone OnDemand, Inc.
- WorkForce Software, LLC.
- Automatic Data Processing, Inc.
- Oracle Corporation
- Infor
- IBM Corporation
- Ultimate Software
- Workday, Inc.
- SAP SE
- Kronos, Inc.
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Detailed Table of Content
- Global Workforce Management Market Size Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Component (Value)
- Software
- Services
- By Deployment (Value)
- Cloud
- On-Premise
- By Organization Size (Value)
- SME’s
- Large Enterprises
- By Application (Value)
- Workforce Analytics
- Workforce Scheduling
- Time and Attendance Management
- Others (Task Management and fatigue management)
- By End Use Industry (Value)
- Telecom and IT
- BFSI
- Government
- Retail
- Healthcare
- Education
- Manufacturing
- Others
- By Geography (Value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
- By Component (Value)
- North America Workforce Management Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Component (Value)
- Software
- Services
- By Deployment (Value)
- Cloud
- On-Premise
- By Organization Size (Value)
- SME’s
- Large Enterprises
- By Application (Value)
- Workforce Analytics
- Workforce Scheduling
- Time and Attendance Management
- Others (Task Management and fatigue management)
- By End-Use Industry (Value)
- Telecom and IT
- BFSI
- Government
- Retail
- Healthcare
- Education
- Manufacturing
- Others
- By Component (Value)
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