Market Highlights:
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.
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Major Key Players
- IBM Corporation (U.S.),
- Oracle Corporation (U.S.),
- SAP AG (Europe),
- KRONOS (U.S.),
- Workforce Software (U.S.),
- ADP LLC (U.S.),
- WORKDAY (U.S.),
- Infor Global Solution (India),
- ClickSoftware (U.S.)
According to Market Research Future, 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
Factors Driving the Market Growth
Workforce management is a cohesive process in an institution to optimize the productivity of employees—individual wise, department or all levels. Workforce management involves monitoring of employee skills to match for tasks provided in a company, quantifying the labor investment day-to-day as well as on a time-to-time basis.
Various industries and businesses have started adopting and deploying workflow management techniques for improving their operational efficiency. Thus, the demand of the system has created a robust competitive landscape over technological innovations in product offerings. The positive competitiveness is likely to influence the growth of the global workflow management system market.
Competitive Outlook:
To get a glimpse of industry developments, new trends such as employee engagement, data gathering and analysis, and use of HR as a strategic plan of the organization will propel the workflow management system market over the next couple of years.
Kronos Incorporated a global agreement with SAP, allowing SAP to resell Workforce Dimensions, the next-generation workforce management solution by Kronos.
Regional Analysis:
Based on the region, the global workflow management market share is seen accounted in Asia Pacific, North America, Europe and Rest of the World.
Out of these, North America holds the most significant position in the market share through the foreseen years. As IT services are increasing which is automating a business process, this is eventually fueling the demand. Including the factors such as technological advancements, heavy internet usages and more are equally favoring the expansion of the workflow management system market.
While Europe and the Asia Pacific are also considered as positive regions and are significant growth holders by resonating strong market opportunities for the foreseen years.
Segmentation:
The global workflow management market has been segmented by component, deployment, organization, and end-user.
By component, the market has two events that fulfill the action. They are solutions and services. Workflow management provides both services with a solution cater to the needs of the business.
By deployment, the market has segments as on-premises and cloud-based.
By end-users, the market segments into BFSI, healthcare, retail & e-commerce, among others.
By organization, the market includes SMEs and enterprises. Of these, SMEs accounts for the largest market share due to the adoption of WFM solutions and technological transition. Also, the percentage is mainly due to companies are giving high importance to enhance the workflow outcome with performance management.
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Intended Audience:
- Workforce Management Manufacturers
- Distributors
- Research firms
- Consultancy firms
- Software Developers
- Vendors
- Semiconductor Manufacturers
- Stakeholders
- End-user sectors
- Technology Investors
LIST OF TABLES
Table 1 Global Workforce Management market, By Components
Table 2 Global Workforce Management market, By Deployment
Table 3 Global Workforce Management market, By End-Users
Table 4 Global Workforce Management market, By Organization Size
Table 5 Global Workforce Management market, By Geography
Table 6 North America Workforce Management market, By Components
Continued….
LIST OF FIGURES
Figure 1 Research Deployment
Figure 2 Global Workforce Management Market, By Component (%)
Figure 3 Global Workforce Management Market, By Deployment (%)
Figure 4 Global Workforce Management Market, By Organization Size(%)
Figure 5 Global Workforce Management Market, By End-Users(%)
Figure 6 Global Workforce Management Market, By Regions(%)
Continued….
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