Workforce Management Market Poised for Remarkable Expansion Till 2027, Industry Experts Predict

According to a recent report published by Allied Market Research, titled, "Workforce Management Market by Component, Deployment Mode, Organization Size, and Industry Vertical: Opportunity Analysis and Industry Forecast, 2020-2027," the workforce management market size was valued at $4,350 million in 2019, and is projected to reach $9,391 million by 2027, growing at a CAGR of 10.2% from 2020 to 2027.

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The workforce stands as a cornerstone asset for any business, playing a pivotal role in daily operations and providing a substantial competitive edge in today's cutthroat market. Consequently, numerous business leaders turn to workforce management solutions to streamline operations, prioritizing tasks and leveraging skilled labor effectively. This trend significantly propels the growth of the workforce management market in the foreseeable future.

Furthermore, in the age of digitization, mobile applications for workforce management have garnered considerable attention due to their capability to monitor employee locations and instantly access task statuses.

Workforce management encompasses a broad spectrum of solutions, including time and attendance management, task organization, scheduling, analytics, budgeting, and forecasting, among others. Despite the extensive features offered, there exists a plethora of advanced/premium features that come at an additional cost. Consequently, many companies opt for customized solutions packages tailored to their specific requirements. This trend presents a substantial opportunity for the expansion of the workforce management market through the provision of tailored solutions.

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COVID-19 scenario-

• The world's response to the pandemic has resulted in rapid restoration of the workplace. With most of the companies embracing the trend of work-from-home, workforce management solutions that come with the ability to remotely track and administer employees have widely been adopted by several commercial as well as manufacturing units.

• Also, companies that tend to capitalize on post-COVID prospects will find themselves in a good station to retain their talent and engage people when the pandemic ends.

Based on component, the solution segment contributed to more than three-fifths of the global workforce management market revenue in 2019, and is expected to rule the roost by 2027. Wide array of benefits offered by workforce management solutions such as harnessing the power of big data for analytics drive the segment growth. The services segment, on the other hand, would grow at the fastest CAGR of 12.1% throughout the forecast period, owing to the fact that these services reduce time and costs associated with optimizing systems in the initial phase of deployment.

Based on deployment model, the on-premise segment accounted for half of the global workforce management market share in 2019, and is anticipated to retain its dominance by the end of 2027. On-premise deployment model for workforce management enables installation of software and permits applications to run on systems present in the premises of an organization. This factor has fueled the segment growth. Simultaneously, the cloud segment would register the fastest CAGR of 13.0% till 2027. This is due to the fact that cloud-based workforce management does not involve capital cost and it is low on maintenance requirements; hence, can be preferred by mid-sized institutions.

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Based on geography, North America generated the largest share in 2019, holding more than two-fifths of the global workforce management market. This is because businesses in North America have started adopting workforce management to remain competitive in the market. At the same time, Asia-Pacific would portray the fastest CAGR of 13.1% during the study period, owing to increase in popularity of e-commerce sites, rise in the number of emerging startups, and presence of service industry in the region.

As consumer demand continues to rise, enterprises are increasingly recognizing the importance of efficient and well-coordinated workforce management. This trend is particularly prominent among large organizations with extensive global operations. These enterprises are seeking comprehensive insights into their employees and task completion reports to ensure cohesion and effectiveness.

Industries such as healthcare and retail are particularly drawn to mobile-based workforce applications due to their cost-effectiveness and ease of use in managing business operations. Additionally, retail and manufacturing sectors are actively working to streamline their supply chain processes, with the workforce playing a pivotal role in these efforts. Across all industries, effective human resource management is crucial, providing valuable insights into employee accountability and performance evaluation, ultimately driving productivity.

These factors are anticipated to fuel the growth of the global workforce management market in the years ahead.

Key players in the industry-

• Infor
• Kronos Incorporated
• SAP SE
• SumTotal Systems, LLC
• IBM Corporation
• Verint Systems Inc.
• ADP, LLC
• Workday, Inc.
• WorkForce Software, LLC
• Oracle Corporation

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