MarketsandMarkets forecasts the Workforce Management Market size to grow from USD 6.0 billion in 2020 to USD 9.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 9.3% from 2020 to 2025. The growing demand for workforce optimization and mobile applications; and increasing adoption of cloud-based workforce management solutions are expected to increase the adoption of workforce management across the globe during the forecast period.
Banking, Financial Services and Insurance vertical to account for the highest market share during the forecast period
The Banking, Financial Services and Insurance (BFSI) vertical is very crucial as it deals with financial data and the economic changes that affect them significantly. Employees in this sector are under continuous pressure to meet the daily or monthly targets and stay up to date with financial trends. Financial bodies ensure that BFSI employees undergo rigorous training and learning to understand the working of current financial instruments. Therefore, advanced technologies and various workforce management solutions and services can help this sector to prioritize its actions and manage its workforce smoothly. Moreover, the entry of FinTech companies in the market has caused a lot of disruption in the BFSI vertical. As a result, several companies are expected to adopt the workforce management solutions. Most banks are increasingly deploying the workforce management solutions to enhance performance and improve cost-savings. Hence, the BFSI vertical is a strong contributor to the workforce management market.
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Services segment to grow at a higher CAGR during the forecast period
Services form an integral part of the workforce management solution life cycle that includes implementation, deployment, product upgrades, maintenance, and consulting. The services segment has been classified into implementation, consulting, and training, support and maintenance. With the increasing adoption of the workforce management solutions, the need for these services is expected to increase, as they help enterprises reduce costs, increase the overall revenue, and enhance the overall performance. Services help organizations build successful customer relationships by continuously supporting them throughout their business tenure.
The workforce management market includes major vendors, such as Oracle (US), Kronos (US), ADP (US), SAP (Germany), Ultimate Software (US), WorkForce Software (US), IBM (US), Workday (US), Ceridian (US), Verint (US), Reflexis Systems (US), ATOSS (Germany), NICE (US), SumTotal (US), Infor (US), Meta4 (Spain), Ramco Systems (India), TimeClock Plus (US), Replicon (US), and Mark Information (Denmark).These players have adopted different growth strategies to expand their global presence and increase their market shares. New product launches and partnerships/collaborations are some of the important strategies adopted by the major players to grow further in the workforce management industry.
Kronos (US) is recognized as one of the leading vendors in the workforce management market. Kronos workforce management solutions help organizations to manage and engage the entire workforce life cycle from pre-hiring to retirement. The company’s strong product portfolio helps it gain significant traction in the workforce management market. In the workforce management market, Kronos offers the Workforce Dimension Suite and Workforce Central Suite. These suites cater to various organizations for several business needs, including, time and attendance, forecasting and scheduling, absence management, labour activities, analytics, and data collection.
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Oracle (US) is one of the major providers of enterprise software, computer hardware products, and cloud services. The company firmly believes in providing its customers with enhanced product offerings pertaining to the current market trends of workforce management. Oracle offers various Human Capital Management (HCM) products, such as Human Resources (HR), Talent Management, Workforce Management, and Artificial Intelligence (AI) Apps for HCM. Oracle Workforce Management solution offers features, such as time and labor, expense management, project management, and absence management. The solution helps organizations to improve their productivity and effortlessly monitor, record, and calculate the time for their employees. It further controls labor costs and reduces compliance risk.
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