Market Highlights:
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 adopts 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
On the other hand, threat from substitute, technology risks, government policies are some of the factors hindering the growth of Workforce Management Market. SMEs face various challenges similar to large organizations since employees are trying to seek better mobility and flexibility to improve their workforce planning capabilities. Various SMEs in Asian countries are increasingly looking for better technological innovations to improve their productivity and to increase their business growth. Growing adoption of workforce management software by SMEs is an opportunity for workforce management market.
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Industry News
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.
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.) and others.
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
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.
Regional Analysis
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.
Segmentation
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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Intended Audience:
- Workforce Management Manufacturers
- Distributors
- Research firms
- Consultancy firms
- Software Developers
- Vendors
- Semiconductor Manufacturers
- Stakeholders
- End-user sectors
- Technology Investors
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