New York, USA, June 01, 2021 (GLOBE NEWSWIRE) — According to a newly published report by Research Dive, the global workforce management market is estimated to generate a revenue of $9,580.3 million by 2027, and grow at significant CAGR of 10.6% over the forecast period (2020 to 2027). As per our analysts, the growing demand for advanced and upgraded human resource management practices from various companies across the globe is the major factor expected to foster the growth of the global workforce management market in the coming years. Moreover, the rising implementation of technologies such as artificial intelligence (AI) and internet of things (IOT) is predicted to create huge growth opportunities for the global market by 2027. On the contrary, the low awareness related to adoption of workforce management software in the emerging countries is estimated to hinder the market growth in projected timeframe.
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Impact of COVID-19 on the Industry
The COVID-19 pandemic has impacted the global workforce management market in a progressive way. This is mainly because the pandemic has enforced businesses across the globe to give their employees work from home and have thereby adopted an effective management system in order to improve the productivity and sustain the organization’s growth during the pandemic. Moreover, various companies operating in the workforce management domain have introduced and launched new solutions for effective human resource management solutions in businesses. This factor is driving the growth of the global market during the trying times.
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Solution Sub-segment to Hold Largest Market Share
By component, the solution sub-segment is estimated to subjugate the global industry in terms of share and surpass $4,962.7 million in the analysis period. This is mainly due to increasing deployment of different software across various industries including healthcare, manufacturing, retail and e-commerce, and others for human resource management applications.
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Cloud Sub-segment to Witness Significant Growth
By deployment mode, the cloud sub-segment is projected to account for the fastest growth and generate $5,067.8 million during the forecast period, majorly due to the increasing adoption of software as a service (SaaS) workforce management solutions in the different sectors such as healthcare, manufacturing, retail & e-commerce, and others.
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Small & Medium Enterprises Sub-segment to be Grow at Fastest Rate
By organization size, the small & medium enterprises sub-segment is estimated to grow at the fastest CAGR and surpass $4,987.2 million by 2027. This is mainly due to the rising need for decrease in cost for employee performance management process and improving employee productivity and engagement in the small and medium-sized enterprises (SMEs).
IT & Telecom Sub-segment to Dominate the Market
By end user, the IT & telecom enterprises sub-segment is estimated to generate $1,784.7 million by 2027 and subjugate the global industry throughout the forecast period. This is majorly owing to wide spread utilization of technology related to communication and software in the sector.
By region, the Europe market for workforce management accounted for $1,267.1 million in 2019 and is projected to attain a leading position in the global industry by 2027. This growth can be attributed to rising need for improved productivity in order to maintain viable advantage and the rising complexity of workforce-related standards in the region.
Prominent Market Players
• SAP SE
• ADP, Inc.
• Workday, Inc.
• NICE Ltd.
• Ceridian HCM, Inc.
• UKG Inc.
For instance, in April 2020, Kronos Incorporated, the leading workforce management and human capital management cloud provider, and Ultimate Software, a global cloud provider of human capital management and employee experience solutions, announced to have completed their planned merger to create the world’s most innovative HCM and workforce management company. The aim of the companies is to help organizations across diverse industries to effectively manage their people with an unmatched combination of cloud solutions.
Further, the report presents several aspects of these major players such as business & financial performance, latest developments, key strategic moves, SWOT analysis, and product portfolio. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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