The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on workflow management system market. The growth sectors of the workflow management system market are identified with precision for a better growth perspective.
Market Research Future’s latest report (MRFR) reports that over the 2016-2022 forecast period the global workflow management system 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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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.
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 workflow management system 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.
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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