What is Workday Financial Management Service Market?
Workday financial management service provides a number of cloud-based financial solutions, such as accounting software, expense management software, and inventory control software. It is built on a global foundation that provides organizations with the core financial management capabilities expected from a modern cloud solution. The services assist clients with configuring and developing this program. It helps to shift the focus from manual and clerical work to strategic accounting activities, simplify accounting investigations, and improve finance’s ability to serve the business.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Workday, Inc. (United States), Surety Systems Inc. (United States), Deloitte (United Kingdom), Accenture (Ireland), Huron Consulting Group (United States), IBM Consulting (United States), OneSource Virtual (United States), Aon (United Kingdom) and Belmero, Inc (United States) |
The market study is being classified by Type (Financial Management, Human Capital Management, Enterprise Planning, Spend Management, Payroll and Workforce Management and Others), by Application (Healthcare, Media and Entertainment, Manufacturing, Financial Service and Others) and major geographies with country level break-up. According to AMA, the Global Workday Financial Management Service market is expected to see steady growth rate.
Workday, Inc. (United States), Surety Systems Inc. (United States), Deloitte (United Kingdom), Accenture (Ireland), Huron Consulting Group (United States), IBM Consulting (United States), OneSource Virtual (United States), Aon (United Kingdom) and Belmero, Inc (United States) are some of the key players profiled in the study.
Global Workday Financial Management Service is a fragmented market due to the presence of various players. The players are focusing on investing more in Launching services. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
Segment Analysis
Analyst at AMA have segmented the market study of Global Workday Financial Management Service market by Type, Application and Region.
On the basis of geography, the market of Workday Financial Management Service has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Rapidly Changing and Enhancing Global Market Business
Market Trend
- Need of Finance Companies to Handle Accounting, Cash, Assets and Projects
Restraints
- High Cost Associated with the Workday Financial Management Service
Opportunities
- Upsurging Demand for Workday Financial Management Service
Challenges
- Concerns Related to the Data Privacy and Security
- Growing Regulatory Scrutiny across the Globe
Market Leaders and some development strategies
On 8th December 2021, Workday announced the acquisition of VNDLY for USD 510 million. The addition of VNDLY to Workday’s popular finance, HR, and planning systems should save workers from cumbersome context switching by providing an all-encompassing workforce management solution.
On 11th January 2022, Accenture collaborate with Tokio Marine Kiln (TMK), to transform its finance and human resources (HR) functions in the United Kingdom and Singapore by digitizing and consolidating multiple systems onto Workday.
Key Target Audience
Workday Financial Management Service Providers, Regulatory Bodies, Potential Investors, Research and Development Institutes and Others