Pune, Feb. 15, 2021 (GLOBE NEWSWIRE) — Market Analysis
Workforce Management or WFM software offers a set of integrated processes that enable organizations to optimize their employees’ productivity by effectively forecasting labor requirements and creating & managing staff schedules to accomplish a certain task on a day-to-day and hour-to-hour basis.
With the increasing competition in the business environment, organizations worldwide are rapidly implementing WFM software solutions into their systems. Resultantly, the WFM software market is garnering significant traction worldwide. According to Market Research Future analysis, the global workforce management market was valued at USD 6,164.36 million in 2019 and has been estimated to reach USD 18.828.9 million by 2026 at a CAGR of 18.75% during the forecast period, 2020–2026..
There are huge benefits of implementing workforce management software into business systems, such as ensuring the health & safety of the employees, workforce planning & optimization, managing new ways of working, attracting & retaining employees by giving them more control, and forecasting & planning for the future.
Workforce management software helps optimizing workforce requirements, providing proper insight into employee costs and productivity, which then allows organizations to plan and optimize workforce deployment while maintaining the required levels of productivity.
A good workforce management software system also provides an efficient way to record remote employees’ working hours, track flexi balances, time in lieu, and manage planned/unplanned absences. WFM also helps employees manage their onsite/ remote working hours through a fully automated system or even on a mobile-based app through clocking or hour-based email timesheets.
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COVID-19 Impact on the Global Workforce Management Market
COVID 19 pandemic has positively impacted the workforce management market, fostering digitization and automation across the manufacturing sectors globally. The lockdown and physical distancing mandates imposed to control the COVID 19 spread forced many organizations to let their employees work from home. WFH or remote work location mandates shown how important it is to have an online system to manage employees in real-time and with accurate information.
In the wake of the Covid-19 disruption, many organizations identified the need to improve employee time, attendance, and scheduling processes, ensuring the right people with the right skills are in the right place at the right time. Resultantly, WFM software implementation increased rapidly in all sizes or organizations. With the help of WFM, employers could proactively manage their workforce’s time, attendance, schedules, and skills and cope with the current unpredictable environment.
COVID-19 Impact Analysis on Workforce Management Market:
The workforce management market is segmented into vertical, organization size, deployment, component, and region. The component segment is sub-segmented into solutions and services. Of these, the solution segment accounts for the largest component segment, leading the market growth. The deployment segment is sub-segmented into on-premise and on-cloud. Of these, the cloud-based segment dominates the market.
The organization size segment is sub-segmented into large enterprises and small & medium enterprises (SMEs). Of these, the large enterprise segment spearheads the market share. The vertical segment is sub-segmented into defense, government, healthcare, retail, manufacturing, energy & utility, IT & telecommunication, BFSI, and others. Among these, the retail Segment is to have the lion’s share in the market.
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By region, the market is bifurcated into the Americas (US, Canada, Mexico, Rest-of-North America) and South America, Europe (the UK, Germany, France, Italy, and Rest-of-Europe), Asia Pacific (China, Japan, India, South Korea, and Rest-of-the-APAC), and Rest-of-the-World. Among these, North America holds the major share in the market, followed by Europe and the Asia Pacific region respectively.
The North American workforce management market’s growth attributes to the increasing adoption of WFM solutions & services and the early adoption of advanced technologies such as cloud computing, machine learning, and artificial intelligence. Besides, the strong presence of leading workforce management vendors, alongside the rising demand for improved transparency in employer-employee relationships and operational efficiency, drives the market growth.
Europe acquires the second position in the global workforce management market. The market growth is mainly driven by the rising use of security workforce management software and the vast adoption of digital workplace solutions by midsize businesses. Additionally, the rising demand for data-driven decision-making and the growing adoption of a cloud-based deployment model in the region contribute to the growth of the regional market.
The Asia Pacific region has emerged as a profitable market for workforce management solutions globally. The region demonstrates immense revenue growth opportunities as more and more enterprises are looking to automate their workforce management process. The proliferation of cloud technology, alongside the increasing strategic partnerships and investments by players operating in the region, influences the market growth.
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The workforce management market witnesses significant product launches and implementations of several strategic approaches, such as expansion, collaboration, mergers & acquisitions, and product launches. Mature industry players are making strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on Jan. 11, 2021, Valsoft Corporation Inc. (the US), a leader in the acquisition & development of vertical market software businesses, announced the buyout (acquisition) of Softbrick, an industry leader in workforce management software solutions. Softbrick, with its stronghold in staff management solutions, makes an excellent addition to Aspire Software, a division of Valsoft.
Notable Players in The Global Workforce Management (WFM) Market Are:
- SumTotal Systems
- Ceridian HCM Holding Inc.
- Zoho Corporation
- Huntington Business Systems
- ATOSS Software AG
- Reflexis Systems Inc.
- Workforce Software
- Workday Inc.
- Ultimate Software
- ADP LLC
- Kronos Incorporated
- SAP SE
- IBM Corporation
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Workforce management software solutions are being implemented across small and medium-sized enterprises to better manage their business operations while enhancing collaboration, productivity and simplifying related work requirements. In addition to the increasing number of enterprises adopting these solutions, the market growth also attributes to the rising adoption of employee monitoring solutions across the BFSI, IT & telecom, and retail industries.
Moreover, the rising demand for solutions to gain enhanced control over employees and increasing investments by enterprises in deploying modern time tracking tools to increase employee productivity escalates the workforce management software market growth. Besides, the proliferation of mobile devices in the working culture is encouraging businesses to invest in cloud-based WFM solutions infrastructure, allowing employees to log in and access information anytime and anywhere.
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