Workforce management can be defined as an integrated set of processes any particular institution uses to optimize the productivity of its employees on the individual, departmental, and entity-wide levels. In a company workforce management involves matching employee skills to specific tasks over time, quantifying the amount and types of labor needed to accomplish particular jobs on a day-to-day or hour-to-hour basis.
The key drivers contributing to the growth of the workforce management market are to reduce labor expenses, improve workforce utilization & business performances, increased focus on workforce optimization and mobile applications. The growing number of medium and small enterprises in the emerging market is boosting the growth of the market. Also, workforce management solution enables organizations to run complex analytics on workforce processes to spot problems and correct them and hence ensure better use of existing resources.
The market has various benefits for end-users such as enables the organizations to find insights from key operational data types. Hence, the increasing use of workforce analytics and various strategies for workforce management in organizations are boosting the growth of the market. Various firms have been giving high importance to optimize workforce outcome by increasing the demand for performance management and workforce analytics solution.
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Major Key Players
IBM Corporation (U.S.),
Oracle Corporation (U.S.),
SAP AG (Europe),
Workforce Software (U.S.),
ADP LLC (U.S.),
Infor Global Solution (India),
The global Workforce Management Market is expected to reach USD 9 billion by the end of 2022 with ~11% CAGR during forecast period 2016-2022
The Global Workforce Management market has been segmented on the basis of component, deployment, end-users and region. By component, the market has been bifurcated into solutions and services. On the basis of deployment, the market can be segmented as on-premises and cloud based. On the basis of end-users the market can be segmented into BFSI, healthcare, retail & e-commerce among others. By organization size, the market includes SMEs and enterprises. Further, the market has been segmented into four regions which include- North America, Europe, Asia-Pacific and RoW.
On the basis of organization size, the market can be segmented into SMEs and enterprises. Out of these, SMEs accounted for the largest market share majorly due to adoption of WFM solutions and technological transition. Also, workforce analytics solutions accounted for the largest market share majorly because companies are giving high importance to optimize workforce outcome and the growing demand for performance management.
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Regionally, Europe accounted for the largest market share especially in the countries such as U.K majorly due to deployment of cloud and the rapid adoption of workforce analytics
North-American region is expected to grow over the forecast period, 2016-2022 especially in countries such as U.S. and Canada majorly due to adoption of new and emerging technologies.
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