According to IMARC Group’s latest report, titled “Workforce Management Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global workforce management market exhibited strong growth during 2015-2020. Looking forward, the market is expected the to grow at a CAGR of around 14% during the forecast period (2021-2026).
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Workforce management (WFM) includes processes that enable an organization to track performance and optimize the productivity of their employees. It effectively forecasts labor requirements and manages staff schedules for accomplishing different tasks regularly. It also helps in improving labor planning, lowering operational costs and providing better customer services. As a result, workforce management software is utilized in the healthcare, and banking, financial services and insurance (BFSI) sectors, which are involved in high time-sensitive tasks.
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Market Trends
Owing to the increasing focus on workforce optimization, organizations around the world are relying on WFM solutions to manage their time and avoid duplication of tasks. This, in confluence with the increasing adoption of cloud-based solutions, is driving the global WFM market growth. Furthermore, digitalization and the rising penetration of smartphones is also strengthening the market growth. Apart from this, the introduction of real-time solutions in WFM, along with the integration of software-as-a-service (SaaS) technology, are anticipated to propel the market growth in the upcoming years.
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List of Key Companies Covered in this Market Report:
- ADP
- Atoss Software AG
- HotSchedules Inc.
- Huntington Business Systems
- IBM
- Kronos Inc.
- Oracle Corporation
- Reflexis Systems
- SAP SE
- Ultimate Software Group Inc.
- Verint Systems
- Workday Inc.
- WorkForce Software LLC
Breakup by Solution:
- Absence Management
- Performance Management
- Workforce Scheduling
- Time and Attendance Management
- Workforce Analytics
- Others
Breakup by Service:
- Implementation Services
- Support and Maintenance Services
- Training and Education Services
Breakup by Deployment Type:
- Cloud-based
- On-premises
Breakup by Organization Size:
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
Breakup by Vertical:
- Government and Defense
- Banking, Financial Services, and Insurance (BFSI)
- Healthcare
- Transportation and Logistics
- Telecom and IT
- Consumer Goods and Retail
- Manufacturing
- Energy and Utilities
- Others
Breakup by Geography:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
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