About Workforce Management Product
Workforce management product is a digital tool that is designed to support the day-to-day operations of workforce. It allows the organization to effectively allocate and distribute the workforce to the task as well as monitor and track the workforce. The solution is highly beneficial for organizations that have workers in more than one shift. The solution can be deployed either standalone or as a part of the HR management suite, which helps to effectively manage payroll and offers self-service options that allow them to check PTO balances and request days off on their own without interrupting normal HR workflows.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new software launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Workforce Management Product market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Oracle Corporation (United States), UKG Inc. (United States), Accenture (Ireland), Ceridian (United States), Nice Systems (Israel), Eleveo (United States), Verint Systems (United States), Amazon Web Services (United States), Microsoft Corporation (United States), Workpuls (United States), Calabrio, Inc. (United States), Salesforce (United States) and IBM (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Workforce Management Product market by , Application (Agent Self-Service, Intraday Management, eLearning/Meeting Management, Vacation/Time-Off Management, Timekeeping/Payroll Management and Others) and Region.
On the basis of geography, the market of Workforce Management Product 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). If we see Market by Organization Size, the sub-segment i.e. Small and Medium Businesses will boost the Workforce Management Product market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End Users, the sub-segment i.e. Industrial will boost the Workforce Management Product market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Pricing, the sub-segment i.e. Subscription Based will boost the Workforce Management Product market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing Popularity of Cloud-based Solutions and Integration of AI and Machine Learning in the Software
Market Growth Drivers:
Increased Adoption of Workforce Management Products Across Organizations to scheduling and Tracking Workforce and Increasing Digital Transformation Businesses and Rising Adoption of Cutting-Edge Technologies
Challenges:
Intense Competition in the Market Due to Availability of Global Tech Giants
Restraints:
High Cost Associated With Software Upgradation and Increased Privacy Concerns
Opportunities:
The Inclination Towards the Workforce Management Solutions by SMEs
Market Leaders and their expansionary development strategies
In 2021, Accenture acquired Workforce Insight, a workforce optimization consultancy that offers workforce management and human capital management advisory and technology services. With this deal, the main aim of Accenture is to expand its enterprise workforce management capabilities and strengthen its ability to deliver HR transformation to clients.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Workforce Management Product Providers, Venture Capitalists and Private Equity Firms, End-Users and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.