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The global workforce management market exhibited strong growth during 2015-2020. Workforce management (WFM) refers to a collection of tools and processes that enables an organization to monitor and centralize the data for their human resource utilization. It includes various performance-based software and tools to enhance the efficiencies of front-line supervisors, corporate management, managers and workers across the organization. It can perform multiple functions, such as workforce forecast and scheduling, HR management and workforce analysis. It can also create customized workflows that enhance overall productivity and make decision-making more efficient. Owing to this, it finds extensive applications across various industries, including banking, financial services, and insurance (BFSI), medical, government & defense, transportation & logistics, retail and information technology (IT).
The growing need for automation across industries, along with the increasing adoption of cloud-based solutions, is one of the key factors driving the growth of the market. With an increasing focus on workforce optimization, organizations are extensively employing WFM solutions to manage time and avoid duplication of tasks. Furthermore, cloud-based solutions minimize the requirements for physical hardware, which is also boosting the adoption of these solutions in organizations. The platform also reduces the overall operational costs and enhances the scalability of the infrastructure by providing access to various endpoints. Additionally, increasing penetration of smartphones, along with the prevailing trend of Bring-Your-Own-Devices (BYOD), is also creating a positive impact on the market growth. With the deployment of WFM solutions, the employer can track the progress on tasks at any point of time while providing the employees with secure access to official files. Other factors, including rapid urbanization, especially in developing economies, rising awareness about the benefits of WFM, and extensive research and development (R&D) activities in the field of IT, are projected to drive the market in the upcoming years. Looking forward, IMARC Group expects the global workforce management market to grow at a CAGR of around 14% during the forecast period (2021-2026).
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The competitive landscape of the industry has also been examined with some of the key players being ADP, Atoss Software AG, HotSchedules Inc., Huntington Business Systems, IBM, Kronos Inc., Oracle Corporation, Reflexis Systems, SAP SE, Ultimate Software Group Inc., Verint Systems, Workday Inc., WorkForce Software LLC, etc.
According to the estimates by IMARC Group, the global workforce management market is expected to witness a CAGR of 14% during 2021-2026.
Sudden outbreak of the COVID-19 pandemic has led to the increasing utilization of workforce management solutions due to rising number of remote workers across several organizations.
The increasing focus on workforce optimization to manage time and enhance overall productivity represents one of the key drivers for the global workforce management market.
The growing penetration of smartphones, along with the rising prominence of Bring-Your-Own-Devices (BYOD), represent some of the key trends in global workforce management market.
On the basis of the organization size, the market has been divided into small and medium-sized enterprises (SMEs), and large enterprises. Among these, large enterprises represent the largest segment.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America dominates the global market.
The key companies in the global workforce management market are ADP, Atoss Software AG, HotSchedules Inc., Huntington Business Systems, IBM, Kronos Inc., Oracle Corporation, Reflexis Systems, SAP SE, Ultimate Software Group Inc., Verint Systems, Workday Inc., WorkForce Software LLC, etc.
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