Market Snapshot:
Workforce Management defined as the integrated set of processes where all the particular institution uses to optimize the productivity of employees, individual, departmental and entity wide levels. Workforce Management market is expected to mark significant growth over forecasted period owing to increasing consumers spending on workforce optimization, providing mobile applications and technological advancement. There has been significant rise in number of organizations experienced compliance issues with figure stood up to 50% in United States alone in 2018, the future for workforce management looks promising. This result in rising popularity of flexible work arrangements platforms, increasing demand of automating time and attendance tracking, escalating need for off-boarding and on boarding processes, and growing popularity of workforce analytics may trigger demand and help in industry expansion.The research analyst at AMA estimates Workforce Management market to grow at a compounded annual growth rate of 10.6%
Segment Analysis
AMA Research have segmented the market of Global Workforce Management market by Type, Application and Region. On the basis of Type, Workforce Scheduling are dominating the market in the year 2020 where as Workforce Scheduling stood as second largest market share.
On the basis of geography, the market of Workforce Management has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, 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). North America region held largest market share in the year 2020. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Trend
Introduction of Innovative Workforce Management in Healthcare Sector. and Rise in IoT (Internet of Things) based applications in workforce management.
Market Drivers
Increase Focus on Workforce Optimization and Mobile Applications Boost the Workforce Management Market. and Rapid Demand of Automation Fuelled Up the Workforce Management Market.
Opportunities
Proliferation of Smartphones, Tablets and Notebooks Leads to Grow the Graphic Processors Market. and Upsurge Demand of Medium and Small Enterprises in Workforce Management Market.
Restraints
- Less Adoption of Software Solution Switching from Traditional Methods in SMEs Hampers the Workforce Management Market.
- Implementation and Integrations Concerns Hindering the Workforce Management Market.
- High Training Cost Hampers the Global Market.
In addition to the aforementioned factor, Increase Focus on Workforce Optimization and Mobile Applications Boost the Workforce Management Market.
is expected to propel the growth of the market over the forecast period.
The key Players profiled in the study are IBM Corporation (United States), Oracle Corporation (United States), SAP AG (Europe), KRONOS (United States), Workforce Software (United States), ADP LLC (United States) and WORKDAY (United States). A lot of United States players are profiled in the research study indicating a strong market dependence.