The Global Workforce Management market is growing with the rapid pace; mainly due to the advent of automation and high adoption of internet of things in automotive industry. According to a recent study report published by the Market Research Future, the global market of Workforce Management is booming and expected to gain importance over the forecast period. The market is projected to demonstrate a spectacular growth by 2022, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2016 – 2022).
Workforce management can be defined as the process or software that is essential for smooth and productive business operation of enterprise. The most efficient work-force management solution come from self-service modules that boost employees to put forth their own schedule preferences and to manage time off and change shifts, as required. Work force management solution offers a dynamic platform to enterprise to manage their work an assign service level to each task. Workforce management solutions are very powerful and effective only if the inputs and outputs are accurate and applied on timely basis.
The factors driving the global market of workforce management market are rising adoption of cloud services, increasing productivity due to adoption of back office workforce management, reduction in cost due to workforce management among others. To minimize cost enterprise adopt cross-training method for staffing the back office operation. In an organization there are few people who needs to handle a wide range of functions which increases flexibility and counterbalances training costs. Cross training method is useful when an unexpected production unit assign workers into roles they trained for but haven’t done last in six months. Instead of reducing costs, the workforce increases costs through errors and production delays. To avoid these unnecessary expense enterprises are adopting workforce optimization strategy to better align the workforce with workflow
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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
Jan 2018- Payroll provider ADP is going to acquire WorkMarket, a startup that specializes in workforce management software that operates across a wide range of employees and contractors, for an undisclosed sum.
Jan 2018 – The workforce management solutions provider, SwipeClock LLC has announced the acquisition of Shugo, a SaaS-based workforce products and services developer for small and medium-sized firms. The move will help SwipeClock expand its workforce management portfolio and offer channel partners and clients additional solutions for smarter, cost-optimized delivery.
Workforce Management Global Market – Competitive Analysis
The Market of Workforce Management appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms. The large players of workforce management solution providers are acquiring start-ups to eliminate the competition and focus towards innovation. Companies like Teleopati, Nice Systems are focusing towards adding more features to provide better workforce management solutions to the clients. The companies are moving towards enhancing the marketing for back office workforce management solutions, creating awareness about the advantages of back office workforce management solutions.
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North America is dominating the Global Workforce Management Market with the largest market share due to high adoption of cloud services is observed in North America, high potential, technological progress. Workforce Management Market in Asia Pacific market is expected to grow at a substantial CAGR during 2016 to 2022 owing growing ecommerce market, growing number of small-medium enterprises. The European market for Workforce Management Market is expected to grow at a considerable CAGR (2016-2022) due to the focus towards reducing costs and increasing efficiency.
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