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With 10.1% CAGR, Workforce Management Market Worth USD 5.25 Billion by 2026

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Pune, India, June 16, 2022 (GLOBE NEWSWIRE) — The global workforce management market size is projected to reach USD 5.25 billion by 2026, exhibiting a CAGR of 10.1% during the forecast period. Growing need to enhance productivity and efficiency of employees among organizations will be the central growth driver for this market. This information was published by Fortune Business Insights™ in their report titled, “Workforce Management Market Forecast, 2022-2026”. As per the report, value of WFM market stood at USD 2.44 billion in 2018.

The majority of office tasks today are performed in a clockwork manner, requiring executives and other employees to use their decision-making faculties even for routine administrative work. This has resulted in declining productivity of the workforce, necessitating solutions to optimize the management of the workforce in companies.

For example, Apollo Hospitals, a leading healthcare provider in Asia, deployed the Kronos Workforce Central in early 2019 in a bid to increase the efficiency and productivity of its employees. The product allows staff members to program their schedules and make user engagement easier and more convenient. The incorporation of such innovations by end-users in various sectors is expected to lead the workforce management market trends in the foreseeable future.

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Industry Developments-

  • January 2020: The Italian gum and confectionary manufacturer Perfetti Van Melle chose Kronos Incorporated, the US-based workforce management leader, to automate its 2,600-strong workforce in eight countries. With Kronos Workforce Central, Perfetti will have a unified WFM platform to monitor its employees as well as optimize its manufacturing processes.
  • October 2019: The American human resource management tools provider Automatic Data Processing, Inc. expanded its WFM solutions portfolio to include ADP Compliance on Demand to track employee performance efficiently.

Report Scope & Segmentation

Report Coverage Details
Forecast Period 2019 to 2026
Forecast Period 2019 to 2026 CAGR 10.1%
2026 Value Projection USD 5.25 Billion
Base Year 2018
Workforce Management Market Size in 2018 USD 2.44 Billion
Historical Data for 2015 to 2018
No. of Pages 180
Segments covered Component Deployment, Enterprise Size, Application End-Use Industry and Geography
Workforce Management Market Growth Drivers Workforce Management to Enable Organizations to Optimize Operational Costs
New Product Offerings with Integration of Artificial Intelligence and Machine Learning to Drive the Market
Lack of Understanding and Awareness about Associated Benefits is Likely to Hinder the Growth

The COVID-19 pandemic has positively impacted the Everything as a Service (XaaS) market growth due to rising digitization in several industries. Also, leading companies from various sectors have adopted recent technologies to simplify their business operations and ease the work process. Furthermore, the companies implemented recent technologies to adopt work from home/remote work culture. These factors bolstered the market growth and expansion during the pandemic.

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Drivers & Restraints-

Lack of Knowledge about WFM Software Tools to Hamper Growth

Managing and maintaining the productivity levels of human resources is an expensive undertaking for companies of all sizes. The Human Capital Management Institute estimates that 70% of an organization’s operating costs are eaten up by employee management tasks. In such a dire scenario, where reducing operational costs is the prime focus in the private sector, the demand for effective workforce management systems is rising as they offer numerous advantages for organizations. For instance, WFM software can empower managers to make more informed decisions due to better access to data. It would also enable managers to select the right person for the right job, ensuring efficiency in task performance. Unfortunately, awareness of these benefits is abysmally low, stemming from the adoption of these technologies, particularly among the small and medium enterprises (SMEs). This can put crippling limitations on the workforce management market growth during the forecast period.

Segmentation-

On the basis of type, the market is bifurcated into on-premises and cloud-based. On the basis of enterprise size, the market is categorized into SMEs and large enterprises. On the basis of end-user, the market is fragmented into retail, logistics & transportation, IT & telecommunication, manufacturing, healthcare, BFSI, and others. Geographically, the market is classified into – South America, North America, Europe, Asia Pacific, and the Middle East & Africa.

The report also contains the following insights:

  • In-depth analysis of the key market drivers;
  • Detailed evaluation of the challenges facing the market;
  • Comprehensive research of the regional dynamics of the market;
  • Exhaustive study of all the market segments; and
  • Microscopic assessment of the competitive landscape of the market.
Everything as a Service Market Segments By Component

  • Software
  • Services
By Deployment

  • On-Premise
  • Cloud
By Enterprise Size

  • SMEs
  • Large Enterprises
By Application

  • Workforce Analytics
  • Workforce Scheduling
  • Time and Attendance Management
  • Others (Task Management and Fatigue Management)
By End-Use Industry

  • IT and Telecommunication
  • BFSI
  • Government
  • Retail
  • Healthcare
  • Education
  • Manufacturing

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Regional Insights-

Government-led Digitization Initiatives to Drive Market Growth in Asia-Pacific

The market size in Asia-Pacific is anticipated to showcase the most impressive growth trajectory in the forthcoming years. The prime factor propelling the market in this region include the digitization of services and processes, backed by strong government support. An excellent example of this is Singapore’s ‘Go Digital’ initiates that encourages SMEs to integrate digital solutions in their existing setups.

North America, with a revenue generation of USD 0.92 billion in 2018, is poised to dominate the workforce management market share as companies in the region are aggressively implementing cloud-based solutions. Additionally, the region is also home to some of the largest technology giants such as IBM and Oracle, which augurs well for this market. In Europe, on the other hand, rising demand for automation is expected to fuel the market.

Competitive Landscape-

Upgradation of Existing Offerings with WFM Solutions to Intensify Competition

Companies across the board are recognizing the benefits of WFM tools, creating a wide field of opportunities for players operating in this market. Some key participants are also entering into strategic collaborations to expand their presence in this market, according to the workforce management software market analysis.

Key Players in the Workforce Management Market are:

  • NetSuite, Inc. 
  • Verint
  • Cornerstone OnDemand, Inc.
  • WorkForce Software, LLC.
  • Automatic Data Processing, Inc.        
  • Oracle Corporation
  • Infor
  • IBM Corporation
  • Ultimate Software
  • Workday, Inc.
  • SAP SE
  • Kronos, Inc.

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Detailed Table of Content

  • Global Workforce Management Market Size Analysis, Insights and Forecast, 2015-2026
    • Key Findings / Summary
    • Market Size Estimates and Forecasts
      • By Component (Value)
        • Software
        • Services
      • By Deployment (Value)
        • Cloud
        • On-Premise
      • By Organization Size (Value)
        • SME’s
        • Large Enterprises
      • By Application (Value)
        • Workforce Analytics
        • Workforce Scheduling
        • Time and Attendance Management
        • Others (Task Management and fatigue management)
      • By End Use Industry (Value)
        • Telecom and IT
        • BFSI
        • Government
        • Retail
        • Healthcare
        • Education
        • Manufacturing
        • Others
      • By Geography (Value)
        • North America
        • Europe
        • Asia Pacific
        • Middle East and Africa
        • Latin America
  • North America Workforce Management Market Analysis, Insights and Forecast, 2015-2026
    • Key Findings / Summary
    • Market Size Estimates and Forecasts
      • By Component (Value)
        • Software
        • Services
      • By Deployment (Value)
        • Cloud
        • On-Premise
      • By Organization Size (Value)
        • SME’s
        • Large Enterprises
      • By Application (Value)
        • Workforce Analytics
        • Workforce Scheduling
        • Time and Attendance Management
        • Others (Task Management and fatigue management)
      • By End-Use Industry (Value)
        • Telecom and IT
        • BFSI
        • Government
        • Retail
        • Healthcare
        • Education
        • Manufacturing
        • Others

TOC Continued…!

About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

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UK: +44 2071 939123

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Email: [email protected]

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Artificial Intelligence

Elevate Your Virtual Reality Experience with KIWI design RGB Vertical Stand, Now Available on Meta’s Website

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LOS ANGELES, May 11, 2024 /PRNewswire/ — Top-tier VR accessories provider KIWI design has launched its latest product, the RGB Vertical Stand. This Meta-authorized accessory, designed to deepen users’ immersion in the metaverse, is now available on the official Meta website.

“KIWI design’s commitment to pushing the boundaries of virtual reality accessories takes another leap forward with the introduction of our new products,” said Ray,the CEO of KIWI design. “We are always dedicated to bringing innovative upgrades to VR device accessories, with the goal of enriching users’ virtual reality experiences.”
The newly launched RGB Vertical Stand features a user-friendly modular design with push-in assembly, making it easy to set up and use. It is compatible with Meta Quest 3, Quest 2, and Quest Pro, ensuring widespread usability. With a magnetic USB Type-C connector, it provides an effortless way to charge and display your headset. Users can also customize their display with 16 pre-set ambient multicolor RGB light options.
With VR technology constantly evolving, users are seeking more immersive experiences. As a leading manufacturer of VR accessories, KIWI design is committed to enhancing the user experience, through unique product designs. Since its establishment in 2015, KIWI design has acquired over 100 patents and has a diverse product lineup, including head straps, facial interfaces, VR stands, charging accessories, and controller grip covers.
KIWI design has also actively participated in the Made for Meta program, which is provided by Meta to strengthen its partnerships with leading brands to deliver accessories that enhance Meta products with more choice and a richer experience for everyone. KIWI design’s participation in this program validates its high-quality design standards.
The RGB Vertical Stand for Meta Quest 3, Quest 2, and Quest Pro and another specially designed authorized charging dock for the Meta  Oculus Quest 2 are now available for purchase on both KIWI design’s website and Amazon. For more information about our brand and products, please visit our website and follow KIWI design on Facebook, Instagram, X, YouTube and TikTok.
https://www.kiwidesign.com/
https://www.facebook.com/KIWIdesignOfficial
https://www.instagram.com/kiwidesignins/

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WIO Taps Gracenote to Revolutionize Television Broadcast Reporting

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LOS ANGELES, May 11, 2024 /PRNewswire/ — WIO LLC, parent company of the global TV broadcast airings platform, WIOpro™, has announced a new strategic agreement with Gracenote, the global content data business unit of Nielsen, to address the longstanding challenge of accurately tracking and collecting music royalties generated by broadcast television and digital programming, With this agreement, WIO will integrate Gracenote TV program metadata and show airings into its WIOpro™ (“When’s It On – Professional”) platform enabling performance rights organizations, copyright management organizations and other entities to better monitor broadcast schedules and identify when royalties have been earned.

By integrating Gracenote historical program data into WIOpro’s new LookBack™ feature, WIO is enhancing its reporting capabilities and empowering Collection Societies, Rights Management Companies and the royalty-earning community to more easily monitor and export broadcast airings and better understand collections opportunities.
“At WIO, we are committed to empowering collection societies and copyright holders around the world with our platform tools and unprecedented access to the best and most accurate television broadcast and streaming data available,” said Shawn Pierce, Co-Founder and CEO of WIO LLC. “We have enjoyed an incredible relationship with Gracenote for 10 years. With the solidification of this agreement, we are able to deliver an unrivaled dataset to the royalty and residual community in a way that has not been offered before.” said Adam Shafron, Co-Founder and CTO of WIO LLC.
“WIO’s platform developed to solve the difficult matter of royalty tracking only becomes more powerful based on the integration of accurate, timely and comprehensive Gracenote metadata,” said Scott Monahan, Director, Strategic Partnerships, Gracenote. “We look forward to the combination of WIOpro’s technology and Gracenote’s program metadata delivering on the promise of transforming music royalty collection so that rights holders can be fairly compensated for use of their work.”
WIO and Gracenote will be at the MusicBiz 2024 conference in Nashville, TN May 13 – 16. Contact Dave Pelman, COO of WIO LLC at [email protected] for media queries or to book an appointment for a product demonstration.
About WIO:WIO is a technology company dedicated to providing broadcast television and digital programming data tailored specifically for the royalty and residual collection industry. Through its platform WIOpro (wiopro.com), users obtain access to real-time broadcast insights, reporting and curated data delivery.
About Gracenote:Gracenote is the content data business unit of Nielsen providing entertainment metadata, connected IDs and related offerings to the world’s leading creators, distributors and platforms. Gracenote enables advanced content navigation and discovery capabilities helping individuals easily connect to the TV shows, movies, music, podcasts and sports they love while delivering powerful content analytics making complex business decisions simpler.
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IDTechEx Explores Printed Electronics in Electrified and Autonomous Mobility

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BOSTON, May 10, 2024 /PRNewswire/ — Electrification, autonomy, and vehicle ownership saturation are causing a technological revolution in the automotive sector. These automotive meta-trends are driving drastic changes in electronic component requirements and present a high-volume opportunity for printed electronics to capitalize on.

Historically, printed electronics technologies have nurtured a close relationship with the automotive sector, with printed force sensors pioneering passenger safety through seat occupancy and seatbelt detection. As such, the automotive sector continues to represent the lion’s share of the global printed and flexible sensor market, which IDTechEx’s report on the topic evaluates as worth US$421M in 2024. However, if the automotive sector is to continue to be a reliable revenue stream, printed electronics technology providers must adapt to address the emerging technical challenges facing future mobility.
Augmenting autonomous vehicles with printed electronics
As vehicle autonomy levels advance, the increasing number and distribution of spatial mapping sensors required will need continuous performance improvements to ensure passenger safety. Emerging printed electronics technologies can augment these sensors, extending detection bandwidth and maximizing reliability during operation.
Transparent conductive films (TCFs) are being developed to heat and defog LiDAR sensor panels, ensuring the function is unperturbed by external environmental conditions. Properties such as high transparency and low haze are important for defogging. These properties can be easily tuned using the wide variety of material options available for TCFs, including carbon nanotubes and silver nanowires.
IDTechEx identifies printed heating as a leading application of transparent conductive films. This is attributed to diminishing growth prospects in capacitive touch sensing applications. Innovations in thin film coating techniques have enabled indium tin oxide (ITO) to dominate touch sensing applications, all but displacing TCFs completely.
Looking towards the future, printed electronics technologies could play a more active role in advanced autonomous driving. Emerging semiconductive materials, such as quantum dots, printed directly onto conventional silicon image sensor arrays can extend detection range and sensitivity deeper into the infrared region. Augmenting existing image sensor technology with enhanced spectral range could facilitate the competition of hybrid silicon sensors with established InGaAs detectors.
Printed sensors promise granularized battery health monitoring
Vehicle electrification is driving the sustained development and evolution of electronic management systems, particularly in the battery and electric drivetrain. A strong market pull exists for technologies that increase vehicle efficiency, range, and lifetime while reducing recharge times.
Printed pressure and temperature sensors measure battery cell swelling and thermal profiles, providing granularized physical data that can be used to optimize battery deployment and recharging. Moreover, hybrid printed sensors that combine integrated printed heating elements promise a solution to actively address battery temperature. IDTechEx estimates that printed sensor-enabled battery deployment and charging optimizations could be worth up to US$3000 in savings per vehicle.
There remains uncertainty about whether electrification trends will correspond to increased demand for physical sensors in electric vehicle batteries, owing to the utility of existing electronic readouts for managing deployment. Virtual sensors also pose a threat, where AI-enabled software models interpret data to predict and emulate physical sensor functions without the need for discreet components. However, emerging regulations regarding safety and sensor redundancy will likely favor measurable metrics and see automotive makers continue to adopt physical sensors. IDTechEx predicts that virtual sensors are unlikely to displace their physical counterparts – so long as low-cost sensors remain widely available.
Embedding printed electronics in the car of the future
IDTechEx predicts that global car sales will saturate over the next decade, with automakers increasingly looking for premium features and technical innovations to differentiate themselves from the competition. In-cabin technologies will be highly desirable – as the location where passengers reside and interact with the vehicle the most.
Lighting elements are emerging as a prominent differentiator, described as “the new chrome” by Volkswagen’s chief designer. The use of in-mold structural electronics (IMSE) enables the integration of embedded lighting elements using existing manufacturing processes. 3D electronics technologies are intrinsically attractive for automotive integration, as functional layers are conformable and lightweight while easily embedded within existing aesthetic elements.
Despite strong tailwinds, the adoption of in-mold electronics within automotive interiors has been sluggish. This is attributed to the challenges of meeting automotive qualification requirements, as well as stiff competition with less sophisticated alternatives such as applying functional films to thermoformed parts. Nevertheless, momentum is building, with technology providers like Tactotek partnering with Mercedes-Benz and Stallantis to progress the automotive validation of IMSE to TRL5.
Outlook for printed electronics in automotive applications
Just as printed force sensors heralded early passenger safety systems, printed electronics technology is poised to underpin next-generation innovations for the car of the future. But this time, the competition will be stiff. Critical cost requirements must be met, while desirable new functionality must address existing challenges faced by manufacturers. Printed electronics can play a role in supporting emerging electrified and autonomous mobility, such as augmenting LiDAR sensors or optimizing electric battery deployment. Demand for technologies that enhance passenger experience and vehicle aesthetics will continue to grow, and printed electronics can supply low-power, lightweight lighting solutions for these.
Sustained engagement from tier suppliers and manufacturers continues to make the automotive sector key to printed sensor market growth opportunities – a total market IDTechEx predicts will reach US$960M by 2034. Strong partnerships between material providers and printed electronics technology providers are complementary to those of the highly vertically integrated automotive value chains between tier suppliers and OEMs. Leveraging printing techniques to provide solutions that slot into existing manufacturing processes and designs will be crucial. In the medium term, the printed electronics technologies most likely to realize revenue potential are those that can adapt to service emerging challenges already known to the automotive industry.
For more information on IDTechEx’s research on this topic, please see their report, “Printed and Flexible Sensors 2024-2034: Technologies, Players, Markets”. Downloadable sample pages are available for this report.
For the full portfolio of printed and flexible electronics market research from IDTechEx, please visit www.IDTechEx.com/Research/PE.
About IDTechEx:
IDTechEx provides trusted independent research on emerging technologies and their markets. Since 1999, we have been helping our clients to understand new technologies, their supply chains, market requirements, opportunities and forecasts. For more information, contact [email protected] or visit www.IDTechEx.com. 
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