Workforce Management Market Research Report - Global Forecast till 2024
Workforce management is a software tool used in managing the schedules of workers, labor requirements, and maintenance of schedules on a daily basis. The set of processes can improve the productivity of employees. The global workforce management market report by Market Research Future (MRFR) dives into the industry for latest upgrades in software, adherence to latest labor laws, and other niche trends for the period of 2020 to 2026 (forecast period). The COVID-19 outbreak and its impact have been included as a vital catalyst in the report.
The latest report by Market Research Future (MRFR) states that the global workflow management system market is slated to thrive exponentially at a CAGR OF 11% over the forecast period 2016-2022. the valuation is estimated to grow up to USD 9 billion owing to the rapid variations being witnessed in the sector of business and workflow. This enhanced technology has also been deployed by all small and medium business organizations which is expected to prove lucrative for market growth.
Drivers and Restraints
Various end use industries and businesses have started adopting and employing workflow management techniques for enhancing their operational efficiency. Thus, the growing demand of the system has created a steady competitive landscape over technological innovations in product offerings. The positive competitiveness is likely to impact the growth of the global workflow management system market over the review period.
The system is therefore used to reduce labor expenses, business performance, improve workforce utilization, increased focus, and work optimization, and mobile applications. These are also considered as key driving factors contributing to the growth of the workforce management market substantially. By employing the system, this allows organizations to ease intricate processes on the workforce and warrant better usage of existing resources.
Moreover, the workforce management system helps managers to forecast staffing requirements accurately. Increased focus on controlled workforce has initiated the growth of the global workforce management market steadily.
On the other side, the increasing adoption of mobile devices also plays a vital role in market growth as many companies have involved mobiles in catering the needs in enhancing capabilities.
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The market has been segmented based on component, deployment, organization size, vertical, and region. Based on components, the workforce management market is segmented into services and solutions.
By deployment, it has been segmented into cloud and on-premise deployment solutions. Among the two deployment modes, the cloud-based workforce management solution is expected to register the highest CAGR during the forecast period.
Based on organization size, the global workforce management market has been segmented into small & medium enterprises and large enterprises.
By industry vertical, the workforce management software caters to industries of government and defense, BFSI, IT and telecommunication, government and defense, energy and utility, retail, healthcare, and others.
ON the basis of the region, the global workflow management market has been segmented into major regions namely, Asia Pacific, North America, Europe and Rest of the World.
Among these, North America accounts for the most significant standing in the market share through the foreseen years. As IT services are increasing, which is automation of a business process, this is eventually driving the demand. Including significant factors such as technological advancements, heavy internet usages are also majorly supporting the growth of the workflow management system market over the assessment period.
The Europe and the Asia Pacific regional markets are also noted as profitable regions and account for significant market shares by resonating strong market opportunities over the review period.
The key market players operating in the global workforce management market report include Oracle Corporation (U.S.), IBM Corporation (U.S.), KRONOS (U.S.), Workforce Software (U.S.), WORKDAY (U.S.), ADP LLC (U.S.), SAP AG (Europe), Infor Global Solution (India), ClickSoftware (U.S.) and others.
The global workforce management market has a highly competitive scenario. Therefore, the market players are raising their investments towards research and development projects, and marketing activities to maintain their position in the market over the review period. Furthermore, there is an expected rise in mergers, acquisitions, strategic business partnerships, and joint ventures, to uphold the competitive nature of the market in the foreseeable future.
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Global Workforce Management Market Research Report: by Component (Solution- Time and Attendance Management, Absence Management, Workforce Scheduling, Workforce Analytics, Performance Management, Desktop And Process Analytics, Others, Services), Deployment Mode (On-Premise, Cloud), Organization Size (Large Enterprises), Vertical (BFSI, IT & Telecom, Energy & Utility, Manufacturing, Retail, Transportation & Logistics, Healthcare, Government & Defense and others) by Region - Forecast till 2024
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