Global Workforce Management Market
As per the GMI Research report, the Workforce Management Market will expand at an annual rate of 9.1% over the forecast period. This is because of the growing usage of cloud computing in workforce management software to perform workforce related task and time effectiveness, flexibility, and safety.
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Workforce Management Market Dynamics
Workforce management solutions help organizations to automate the process and increase the productivity, workforce efficiency, improve accuracy, and employee involvement. Workforce management software is adopted by small and medium-sized organizations to maintain and track workforce. This increasing adoption helps in attaining a productive outcome, which is encouraging the growth of the workforce management market. The World Bank Group published a report stating that small and medium enterprises represent nearly 90% of businesses worldwide and will provide 600 million jobs by the end of 2030. This is likely to fuel the Workforce Management Market size.
The rapid transformation of conventional solutions into advanced IT solutions, such as Internet of Things and cloud based solutions with the growing penetration of smart devices such as smartphones and laptops in business will stimulate the market growth. Additionally, the remote working and bring your own device trend, drift towards digital workplace, and rising demand for workforce optimization are some major factors driving the workforce management market share.
However, the insufficient knowledge regarding the benefits of workforce management solutions in an organization obstruct the market growth. Moreover, the growing safety and privacy concerns concerning workforce data on the cloud will restrain the workforce management market growth.
Component Segment Drivers
Based on component, HR Management (Software) segment is expected to expand at a faster CAGR primarily due to the prudential HR tasks like performance management, recruiting, talent management, and learning management. Also, as per the workforce management market research, several prominent software solutions, such as HRM software including UltiPro, Oracle HCM Cloud; Dayforce, cloud-based HRIS software; and ADP Workforce Now are increasingly deployed by the organizations which will dive the market growth
Market Segmentation
Global Workforce Management Market by Component
- Workforce Scheduling and Analysis (Software)
- Time and Attendance Management (Software)
- Performance Management (Software)
- HR Management (Software)
- Service
Global Workforce Management Market by Deployment Mode
- On-Premise
- Cloud
Global Workforce Management Market by End-Use Vertical
- BFSI
- Consumer Goods and Retail
- Automotive
- Energy and Utilities
- Healthcare
- Manufacturing
- Others
Global Workforce Management Market by Region:
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- RoW
- UAE
- Brazil
- South Africa
- Saudi Arabia
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GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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