The global Workforce Management Market size is forecast to reach 13.1 billion by 2026, growing at a CAGR of 10.5% from 2021 to 2026. Growing adoption of cloud applications in workplace and increasing growth of major industries including IT & Telecom, healthcare, retail and others for improving employee productivity workflow management have been attributing to the market growth. Additionally, shift towards automating work operations such as employee management, time management, staff scheduling, human resources management, task scheduling, forecasting and others within enterprises along with growing penetration of smartphones, tablets and other personal devices with organizational network connectivity improving employee operations can also drive the market growth forward. Furthermore, growing shift towards minimizing operational costs for organizations, need for applicant tracking systems through analysing understaffing and overstaffing conditions, as well as integration of advanced technologies such as AI, IoT and others within workforce management solutions are further set to propel its market demands in the long run.
Workforce Management Market Segment Analysis- By Deployment Model
Cloud segment is analyzed to grow with the highest CAGR of 9.3% in the global workforce management market during 2021-2026. Adoption of cloud based services or application have been growing significantly across enterprises due to ease of integration, high scalability with others, attributing to its market growth. Implementation and administration of workforce management (WFM) capabilities within cloud environments have been gaining wide popularity across businesses or organizations facing increasing pressure of maximizing work productivity, reducing expenditures as well as improve bottom lines. Deployment of cloud workflow management solutions help the employees with ease in handling self-service work processes including task management, work scheduling, attendance management and others under a single platform, alongside saving from additional costs of IT infrastructures or hardware, making it a cost efficient alternative. Additionally, shift towards migrating more workloads into cloud, growing adoption of cloud computing, along with increasing penetration of smartphones, tablets and others for handling workloads or tasks have been also aiding its market growth overtime. Furthermore, expansion or rise in public cloud environments within enterprises and growing replacement of on premise models with SaaS solutions will help in propelling the market demand towards cloud workflow management solutions in the long run. According to Flexera State of the Cloud Report 2021, public cloud adoption for enterprises reached 79% for AWS, followed by 76% for Azure, 49% for Google Cloud and so on, in comparison to 76%, 69% and 34% respectively for 2020. In October 2020, AMS (Advanced Management Systems Ltd.) announced about the launch of a secured cloud based workforce management platform, named AMS Pulse, in order to serve better accessibility and security needs for New Zealand owned organizations with rapid digital transformation shift. Such factors are set to boost the growth of cloud deployed workforce management market in the coming time.
Workforce Management Market Segment Analysis- By End Users
Retail sector is analyzed to witness the fastest growth with a CAGR of 7.8% in the global workforce management market during the forecast period 2021-2026. Since this industry involves a broad range of diversified workforce, the need for gaining real time visibility or monitoring for varied workflow operations become highly essential. In order to meet growing expansion of retail sector, adoption of workforce management solutions have emerged as a major requirement to serve various work related applications, including employee or staff training, workforce task scheduling, customer service management and so on. With rapid shift towards digitalization and industrial automation, retailers have started focusing on leveraging automated workplace management solutions to reduce expensive as well as time taking labour intensive manual processes, attributing to the market growth. As retail businesses need to operate in changing environments, with quality of customer service being one of the prime drivers, organizations have been focusing on leveraging smart work management scheduling, workforce training, customer engagement and related tools to help solve customer traffic fluctuations more accurately and efficiently. As per Capgemini’s Automation in retail stores report 2020, retailers are expected to raise use of automation or automate application areas like in-store navigation and order fullfillment to 36% by 2022, compared to 21% in 2019. In January 2021, Trax annouced about its partnership with Blue Yonder for the launch of an integrated solution, Dynamic Workforce Management, designed for serving retailers and fulfillment centers. This was meant to help retailers with successful navigation of labour challenges through real-time visibility, optimized scheduling as well as trained workforce capable of solving store issues more faster and efficiently. Such factors are further set to influence the market growth of workforce management within retail sector in the coming time.
Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=15473
Report Price: $ 4500 (Single User License)
Workforce Management Market Segment Analysis- By Geography
North America region accounted for the largest share of around 37% in the global workforce management market in 2020, attributing to growing shift towards cloud computing or cloud based infrastructures for workload optimization, rising growth of IT & Telecom industry impacting need for employee management tools and so on. Increasing adoption of advanced technologies like artificial intelligence, machine learning and others within enterprises to boost work productivity standards, along with rapid growth of retail sector driving the need for efficient workforce management solutions, will drive its market growth forward in the long run. As per the Genesys survey conducted in 2019, 22% of U.S based companies had revealed about using AI or advanced automation as a part of enhancing efficiency in operations, staffing, budgeting or performance, and is expected to increase its adoption with additional 36% plans by the year 2022. Additionally, high investments on R&D activities from some of the prominent market players including Oracle Corporation, WorkForce Software LLC and others, growing support for reducing operational costs for organizations along with need for workflow process management tools for improving labour management or resource planning, performance monitoring, checking up on operational productivity and so on are further set to aid the market growth in the coming time. In April 2021, Oracle announced about the launch of an employee experience platform, named Oracle Journeys within its Fusion Cloud Human Capital Management system. This platform development was meant to help employers set up journeys for employees at every stage of working life, including a series of personalized tasks, milestones, guidance along with access to resources for any event encountered by employees. Such factors will be considered vital in boosting the market growth of workforce management solutions during the forecast period.
Workforce Management Market Drivers
Integration of advanced technologies such as IoT and AI to improve workforce management standards positively impacting the market growth:
Integration of advanced technologies such as IoT and AI to improve workforce management standards act as one of the major drivers boosting its market growth. Leveraging advanced technologies including artificial intelligence (AI) and Internet of things (IoT) across enterprises have grown overtime, owing to its capabilities of offering real-time data visibility and data analytics which help in uplifting industrial operational efficiency standards. Implementation of such technologies help in optimizing workflows including auto scheduling of meetings, setting up reminders for priority tasks, improved service delivery, faster decision making, forecasting staffing needs, work scheduling and others, which are considered some of the crucial factors attributing to need for advanced workforce management tools. These advancements towards improving workforce management tasks have been aiding its market growth, due to helping managers or employees solve problems with intelligence and high accuracy. In September 2021, Legion announced about the launch of four modules, namely Legion Labour Budgeting, Legion Frontline Communications, Legion Performance & Rewards and Legion InstantPay, as an addition to its AI based Legion workflow management (WFH) platform. This was meant to enhance the platform capabilities by offering better planning as well as execution to employers alongside simultaneously creating an employee experience empowering hourly workers. Such factors are set to drive the market forward in the long run.
Growing shift towards minimizing operational costs for organizations drives the market forward:
Growing shift towards minimizing operational costs for organizations can also be considered as a major factor driving the market growth of workforce management. With poor workforce management or manual management processes, industrial activities including administration, task scheduling, on boarding, work policies and so on, eventually drive the need for automated workforce management tools to reduce increasing operational as well as labour costs for an enterprise. Adoption of workforce management solutions help employers, HR department or managers to keep a track of employee absence or work time off patterns, which can prove essential for finding faster available replacements, thus reducing work productivity disruptions. In addition, utilization of such tools can help in cutting down unnecessary or increased labour intensive costs for an organization by reducing burdens of overstaffing, improving roster management alongside driving more control over operational costs. According to Oracle’s Modern Workforce Management 2019 report, an organization with 5000 employees and $300 million payroll is capable of saving about $6 million annually through reducing labour costs by 2% with better workforce management. In June 2021, M3 announced about the launch of a cloud based mobile application, named M3 Labor for supporting its Labor Management Tool. This development was meant to provide data-driven workforce management tools with smartphone support, enabling hoteliers with greater flexibility and more time. Such factors are set to drive its market demand for improving labour management while minimizing higher operational costs in the long run.
Direct Purchase link @ https://www.industryarc.com/purchasereport.php?id=15473
Workforce Management Market Challenges
Security or privacy concerns related to automated workforce management hampers the market growth
Security or privacy concerns regarding integration, compatibility and functioning can be considered as a major challenge impeding the market growth of workforce management. With shift towards moving to cloud applications overtime within enterprises, adoption of cloud based workflow management solutions can potentially lead to various kind of security breach or threats, compromising with the organizational security. Additionally, rapid evolution of such solutions and integration and capability support within employee’s personal devices including smartphones, tablets and so on, make it highly prone to data exploitation, data hacking, and related cybercrimes, thus slowing down its adoptability. In March 2021, PrismHR, a U.S based company handling work management applications including payroll processing, human resource to health insurance and others for professional employer organizations, had reported of a ransom ware attack, disrupting majority of its services, affecting about 200 clients across the country. Such incidents related to workforce management platforms have been eventually raising security and privacy concerns, with adverse impact on its market growth.
Workforce Management Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the workforce management market. The workforce management market top 10 companies include:
Oracle Corporation
IBM Corporation
WorkForce Software LLC
Authority Software
Infor Group
SAP SE
Kronos Incorporated
NICE Systems Ltd.
Kirona Solutions Ltd.
ADP LLC
Acquisitions/Technology Launches/Partnerships
In June 2021, WorkForce Software announced about the launch of a workforce management solution, WorkForce Suite, with fully integrated set of employee experience capabilities. This development was done to facilitate meaningful and in-the-moment interactions between managers and their desk less employees, while driving more effective employee engagement, as well as boosting employee retention.
In April 2021, Authority Software announced about the availability of Authority Workforce Management solution, with applications including customer relationship management, quality recording management, as well as rapid application development. This was done to eliminate the need for spreadsheets coupled with offering cost effective implementation and unprecedented speed in forecasting.
Key Takeaways
Cloud Workforce Management segment is analyzed to grow with the highest CAGR from 2021 to 2026, owing to various factors including shift towards moving workloads into cloud environments, rising adoption of cloud computing and so on.
North America Workforce Management market held the largest share in 2020, due to growing shift towards cloud based infrastructures for workload optimization, rising growth of IT & telcom industry with others.
Integration of advanced technologies such as IoT and AI to improve workforce management standards along with growing shift towards minimizing operational costs for organizations is analyzed to significantly drive the global Workforce Management market during the forecast period 2021-2026.
Relevant Report Titles:
Risk Management Software Market
https://www.industryarc.com/Report/18635/risk-management-software-market.html
For more Information and Communications Technology Market reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.
Media Contact
Company Name: IndustryARC
Contact Person: Mr. Venkat Reddy
Email:Send Email
Phone: (+1) 970-236-3677
Address:Madhapur
City: Hyderabad
Country: India
Website: https://www.industryarc.com/
