The workforce management software market size is projected to register a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to increased HR software budgets.
Organizations may use workforce management software to consolidate resource consumption data and anticipate future utilization. It enables businesses to develop custom workflows in order to improve the efficiency in decision-making processes while safeguarding data integrity.. With the COVID-19 pandemic pushing more employees to work remotely, remote workforce management software has become a must-have for businesses, since it can assist in effectively managing remote workers.
The relevance of WFM solutions across different sectors has been underlined during COVID-19, particularly in the context of healthcare workers. Implementing workforce management software into business systems has numerous advantages, including ensuring employee health and safety, workforce planning and optimization, managing new ways of working, attracting and retaining employees by giving them more control, forecasting, and planning for the future.
Market Trends, Drivers, Restraints, and Opportunities
- Rising demand to simplify HR functions is expected to propel the market during forecast period.
- Increased HR software budgets are key factor fueling the market in the coming years.
- Concerns about the privacy and security of cloud-based worker data are estimated to hamper the market expansion.
- High implementation costs of workforce management software act as major factor that can hamper the market growth during the forecast period.
- AI-based workforce analytics solutions, increasing number of workforce data sources and availability of a large volume of HR data are anticipated to create lucrative opportunities for the market players.
Scope of Workforce Management Software Market Report
The report on the workforce management software market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Workforce Management Software Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Type (Workforce Scheduling and Workforce Analytics, Time and Attendance Management, Performance and Goal Management, Absence and Leave Management), Deployment Mode (On-premise and Cloud), End-user Vertical (BFSI, Consumer Goods and Retail, Automotive, Energy and Utilities, Healthcare, Manufacturing)
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Geographical Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Infor Group, Kronos Incorporated, Active Operations Management International LLP, Oracle Corporation, and NICE Systems Ltd.
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Workforce Management Software Market Segment Insights
The consumer goods and retail segment is projected to hold a major market share
On the basis of end-user vertical, the workforce management software market is segregated into BFSI, consumer goods and retail, automotive, energy and utilities, healthcare, manufacturing. The consumer goods and retail segment is expected to represent a key share of the market during forecast period. Internally and externally, the consumer goods and retail vertical want to acquire better visibility and control a diverse and mixed workforce of in-store staff, truckers, and field service providers. Employee training, time and attendance, labor analytics, forecasting, and schedule optimization are important in the retail industry because of the complexity. Workforce management solutions assist in resolving these issues by maximizing resource usage through the use of big data, as well as providing mobile solutions for budgeting, forecasting, and monitoring staff activities.
The cloud segment is expected to grow at a rapid pace
On the basis of deployment, the workforce management software market is bifurcated into on-premise and cloud. The cloud segment is expected to represent a key share of the market during the forecast period. Cloud computing in labor management software provides a number of advantages, including mobility, flexibility, and security.
Companies are using the private cloud to provide multi-level physical and logical security features for their workforce management systems, which is driving private cloud spending. Many business leaders are turning to cloud-based workforce management because they want an all-in-one solution that includes services like sales force, inbound marketing software, marketing automation software, workforce management software, and business analytical tools to gain insights into commercial, operational, and financial aspects.
North America is expected to dominate the market
On the basis of regions, the workforce management software market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market during forecast period. Over the last few years, North American labor management industry has exploded. The main concerns in this region are increasing labor efficiency and productivity. In order to position itself as the main trader in the retail venture industry, North America gained a significant market share, with trade volumes growing by double to surpass other areas.
Segments
The workforce management software market has been segmented on the basis of
Type
- Workforce Scheduling and Workforce Analytics
- Time and Attendance Management
- Performance and Goal Management
- Absence and Leave Management
Deployment
End-user Vertical
- BFSI
- Consumer Goods and Retail
- Automotive, Energy and Utilities
- Healthcare
- Manufacturing
Geography
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the workforce management software market include Infor Group, Kronos Incorporated, Active Operations Management International LLP, Oracle Corporation, and NICE Systems Ltd.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
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