Workforce Management Market Research
Report- Forecast till 2024
Market Highlights
Market
Research Future's latest report (MRFR) reports that over the 2016-2022 forecast
period the global Workforce Management market is projected to grow
exponentially at a CAGR of 11 per cent. The estimate is valued at up to USD 9
billion due to rapid variations in the market and workflow sectors. Both small
and medium-sized business organizations have also deployed this enhanced technology
which is expected to prove lucrative for market growth.
Drivers and Restraints
Diverse
end-use industries and companies have started to implement and employ process
management strategies to boost their operating performance. While the system's
rising demand has generated a constant competitive environment over technical
advances in product offerings. Positive competition is likely to affect the
growth over the analysis period of the global laborflow management system
industry.
Therefore,
the system is used to reduce labor costs, business performance, improve
workforce utilization, increase focus, and work optimization, as well as mobile
applications. They are also perceived to be primary factors contributing
significantly to the development of the labor-management industry. This helps
companies to ease complex workplace processes by using the program and make
efficient use of existing capital.
In
addition, the labor force management system helps managers to accurately
predict staffing requirements. Increased emphasis on regulated workforce has
gradually stimulated the growth of the global labor market.
At
the other hand, the growing use of mobile devices also plays a crucial role in
the growth of the industry, as telecom companies have been active in catering
for capability enhancement needs.
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Segmentation:
Deployment,
part, organization, and end-user segmented the global workflow management
market.
The
market segmented into solutions and services, by part. Workflow management
offers services with a solution that suits the business needs. Workforce
analytics solutions are slated to have the largest market share primarily
because companies attach great importance to optimizing workforce outcomes and
increasing demand for performance management.
The
market was bifurcated by deployment as on-premises and cloud-based deployment.
The
industry segments in healthcare, BFSI, retail & e-commerce, among others,
are by end users.
By
organization, the market comprises of SMEs and enterprises. Among these, SMEs
account for the largest market share owing to the implementation of WFM
solutions and technological transition. Also, the percentage is majorly owing
to companies are giving higher importance to enhance the workflow outcome with
performance management.
Regional Overview
On
the basis of the region, the global workflow management market has been
segmented into major regions specifically, Asia Pacific, North America, Europe
and Rest of the World.
Among
these, North America through the years foreseen represents the most important
market share standing. As IT services expand and is an automation of a business
operation, this ultimately drives demand. Heavy internet usage, including
significant factors such as technological advances, also supports the growth of
the Workforce Management market over the evaluation period.
Regional
markets in Europe and Asia Pacific are also recognized as profitable regions,
and account for significant market shares through strong market opportunities
resonating over the review period.
Competitive Analysis
The
key market players functioning in the global workforce management market report
include Infor Global Solution (India), ClickSoftware (U.S.), Oracle Corporation
(U.S.), KRONOS (U.S.), IBM Corporation (U.S.), Workforce Software (U.S.),
WORKDAY (U.S.), SAP AG (Europe), ADP LLC (U.S.), and others.
There
is a highly competitive environment for the global labor force management
market. Market players are therefore increasing their investments in research
and development ventures, and marketing strategies to sustain their market
place over the review period. In addition, mergers, acquisitions, strategic
business partnerships, and joint ventures are expected to rise to uphold the
market's competitive character in the foreseeable future.
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Workforce
Management Market Research Report: by Component
(Solution- Time and Attendance Management, Absence Management, Workforce Scheduling, Workforce Analytics, Performance Management, Desktop And Process
Analytics, Others, Services), Deployment Mode (On-Premise, Cloud), Organization
Size (Large Enterprises), Vertical (BFSI, IT & Telecom, Energy &
Utility, Manufacturing, Retail,
Transportation & Logistics, Healthcare, Government & Defense and
others) by Region - Forecast till 2024
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