According to the latest report by IMARC Group, titled "Workforce Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global workforce management market reached a value of US$ 5.1 Billion in 2021. Workforce management (WFM) refers to an integrated set of processes that are employed by an organization to monitor and centralize the data for human resource utilization. It is also used to strategically optimize the productivity of the employees by tracking the work efficiency of front-line supervisors, corporate management, managers and workers on a regular basis. It comprises a collection of performance-based software and tools that are widely used for scheduling, forecasting, skills management, intraday management, timekeeping and attendance, and employee empowerment. WFM also assists in forecasting the labor requirements and drawing staff schedules for a particular task. As a result, it is widely being utilized across numerous industry verticals, including retail, information technology (IT), medical, defense and government, for enhancing the overall workforce efficiency.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Workforce Management Market Trends:
The market is primarily driven by the widespread adoption of the remote working model across the corporate sector. This is being facilitated by the increasing adoption of cloud-based solutions in the majority of organizations on the global level. This has impelled companies to utilize WFM solutions for attendance and leave management, along with labor scheduling and budgeting, and workforce analytics. WFM also assists enterprises by streamlining their tasks, ensuring proper management of time and avoiding the chances of task duplication. Along with this, the escalating need for social distancing on the global level on account of the rapid outbreak of the coronavirus disease (COVID-19) has increased the number of remote workers across organizations, thereby providing a thrust to the market growth. The market is further driven by the increasing penetration of smartphones and the rise in the Bring-Your-Own-Devices (BYOD) trend across numerous industries. This has significantly increased the deployment of WFM for tracking the progress of tasks assigned to the employees. Some of the other factors contributing to the market growth include the increasing automation across various industries and the significant developments in the IT sector. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 10.1% during 2022-2027.
- On the basis of the solution, the market has been divided into absence management, performance management, workforce scheduling, time and attendance management, workforce analytics, and others.
- Based on the service, the market has been classified into implementation, support and maintenance, and training and education services.
- On the basis of the deployment type, the market has been categorized into cloud-based and on-premises.
- Based on the organization size, the market has been bifurcated into small and medium-sized enterprises (SMEs), and large enterprises.
- On the basis of the vertical, the market has been segmented into government and defense, banking, financial services, and insurance (BFSI), healthcare, transportation and logistics, telecom and IT, consumer goods and retail, manufacturing, energy and utilities, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include ADP, Atoss Software AG, HotSchedules Inc., Huntington Business Systems, IBM Corporation, Kronos Inc., Oracle Corporation, Reflexis Systems, SAP SE, Ultimate Software Group Inc., Verint Systems, Workday Inc., and WorkForce Software LLC.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter : @imarcglobal