APAC Workforce Management Software Market Size
| Study Period: | 2018 - 2028 |
| CAGR: | 7.1 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Workforce Management Software Market Analysis
The Asia Pacific Workforce Management Market is estimated to grow at a CAGR of about 7.1 % over the forecast period 2021 to 2026. In the current competitive scenario, it is increasingly important for organizations to motivate and organize their workforce for optimal performance, which is critical to keep pace with the changing times.
- The Asia Pacific is one of the biggest producers of goods, and this is because it is one of the biggest exporters of goods as well. India, China, South Korea, Indonesia, Japan, and Australia are huge manufacturers of different goods. This region is known for its skilled labor. It is known for its software, automobiles, production of food items, medicines, cosmetics, machinery, clothes, and lot others variety of other items are produced here. For the purpose of production and the advanced qualities, the workforce is very critical.
- In line with the growing adoption of automation-based practices, employees are now veering toward the use of self-service technologies, which can be accessed from anywhere without major hurdles. These technologies enable greater transparency and communication in the workplace without compromising on the chain of command.
- The usage of artificial intelligence has also become increasingly popular with regard to workforce management software. Multiple businesses are using AI to cut down on time-consuming tasks that include the recruiting and hiring process, scheduling, and time-tracking, among others.
- This region possesses millions of medical practitioners, engineers, technicians, etc. A management system is required to convert this huge number of educated working people into a skilled workforce. For any organization, the key to success is its productivity. Enterprises and industries are trying their best to reduce cost, improve productivity and enhance business process efficiency. They are adopting improved technologies to achieve the goal.
- The goal of the workforce management market is to gain profitability and improve various supply chains. This is an era of technological advancements, so all the companies are looking forward to investing in a skilled workforce to gain more profit in less amount of time and inventory, with the help of new-age collaborative features, a huge variety of interactive features, as well as integration, are now possible in enterprise applications.
- The pandemic COVID-19 had an adverse effect on the workforce industry. Shortage of manpower, infrastructure, essential drugs, proper treatment, and disruption in manufacturing facilities and supply-chain is experienced, which declined the functioning of most of the industries. In this time, loss of stability is seen in all potential sectors. During the pandemic, medical-related sectors were considered essential. Due to which pharmaceutical and medical-related industries were benefitted from this, they experienced exponential and stable growth in revenue. The growth was mainly due to Covid-19 related vaccines and medications, hospital facilities.
APAC Workforce Management Software Industry Segmentation
Asia Pacific Workforce management software enables organizations to centralize resource usage data and better plan future utilization. It allows the companies to create custom workflows to be more efficient in their decision-making processes and protect the integrity of data. Therefore, to manage several aspects of the workforce for better productivity, the market software solutions include workforce forecast and scheduling, time and attendance management, task management, HR management, and other solutions, including workforce analytics.
The scope of the study is currently focused on the Asia Pacific. The study tracks the key market parameters, underlying growth influencers, and major vendors operating in the industry. The study also tracks the impact of COVID-19 on the overall workforce management software market and its performance.
| Type | |
| Workforce Scheduling and Workforce Analytics | |
| Time and Attendance Management | |
| Performance and Goal Management | |
| Absence and Leave Management | |
| Other Software (Fatigue Management, Task Management, etc.) |
| Deployment Mode | |
| On-premise | |
| Cloud |
| End-User Vertical | |
| BFSI | |
| Consumer Goods and Retail | |
| Automotive | |
| Energy and Utilities | |
| Healthcare | |
| Manufacturing | |
| Other End-User Industries |
| Geography | ||||||||||
|
APAC Workforce Management Software Market Trends
This section covers the major market trends shaping the APAC Workforce Management Software Market according to our research experts:
Demand for optimized and cloud-based workforce to drive the market growth
The cloud-based technology for the implementation and administration of workforce management solutions is becoming increasingly important for businesses that are under constant pressure to maximize workplace productivity, reduce expenditures.
- In the current economic scenario of uncertainty and instability, all the processes in an organization need to be managed and deployed seamlessly, and given the importance a workforce management system plays to ensure the smooth operations of an organization, it has become crucial that it can function in an agile manner.
- With the growing innovative economic and widely available mobile technology coupled with the increased demand for affordable technology solutions for small and mid-sized businesses, cloud-based adoption has been rising. These cloud-type solutions are not only attractive to the SMEs that are looking for their first system but are also tempting to the enterprises that are ready to upgrade their existing methods.
- Cloud-based solutions also provide the benefit of lower capital expenditure requirements, thus, making the business much more compelling. Deploying a cloud-based solution can bring down the Capex requirement significantly as the businesses need not invest in other components. Also, the businesses that have fluctuating bandwidth demands primarily need to be able to scale up and down their capacity at short notices. Cloud technology provides organizations with the flexibility they need to increase and decrease their bandwidth with their operation needs.
- Concerns associated with the privacy of the data, lack of professionals who can support the cloud-based work, remote locations with connectivity issues are some of the factors that are hindering the growth of the market. In addition, AI-based solutions, increasing the number of data sources, high volume HR data, and trained individuals are helping in getting new opportunities and revenue growth for the market players.
- Big enterprises want to optimize the workforce and operate them globally. Manufacturing products, employees, customers, IT services of the industry directly impact the revenue. Online or mobile applications are cutting extra system costs that were used previously to manage the workforce. New advanced features like scheduling tasks, real-time alerts, attendance tracking, and online discussions/meetings are to gain high traction. It is expected to boost the market growth further. Moreover the increase in the number of medium and small businesses as well as population, the market is expected to witness high CAGR in the coming days.
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Healthcare to hold the Largest Market Share
The growing demand for healthcare professionals and benefits associated with workforce management systems like flexible scheduling, transparency are expected to rise the adoption of workforce management solutions in the sector of healthcare.
- The Healthcare industry is having a positive impact on the growth of the overall healthcare workforce management. The market is witnessing new innovations and effective solutions which can be used to manage the workforce without compliance risks. The market is divided on the basis of various types of services, software, end-users, geography, and mode of delivery. Further, the software market is segregated into integrated and standalone software.
- In the current scenario, the healthcare industry presents various staffing complexities that include larger teams, a mix of part-time, full-time, on-call, seasonal, remote, and on-site workers, and workers of multiple roles and specializations, among others. A great deal of coordination and specificity is involved in the industry, which makes it crucial to deploy a management solution.
- Moreover, the increasing need to reduce labor costs in the hospitals and other health facilities, coupled with the increase in operational efficiency and consolidation in the sector, are some of the primary factors driving the adoption of these solutions. Further, the growing demand for healthcare professionals and benefits associated with the workforce management solutions such as transparency and flexible scheduling of the workforce in the industry is also expected to increase the adoption of these solutions in the healthcare sector during the forecast period.
- In the current pandemic time, how quickly the organizations are able to redeploy and manage the agile staff remotely has become very crucial, right from collecting the punch data when the device is online or offline to push notifications to keep the managers informed, and finally to enabling shift swaps that will enable employees to return back to their personal lives once the COVID-19 peak is over. Workforce management solutions are expected to be a significant part of the new norm going forward.
- Standalone software includes attendance, time, HR and payroll, Scheduling, analytics, talent management, and others. Since the last decade, there has been a growing demand for workforce management solutions among healthcare workers and providers across the globe. The need to reduce the cost of labor in healthcare systems and hospitals, consolidation in healthcare, and increase in operational efficiency are among some of the factors which are driving the market.
- The increase in competition and demand for alternatives are expected to drive innovation into the market. Healthcare organizations are generally open 24*7, and they need all-time service, so managing the healthcare workforce is complex. It needs proper track of time and scheduling of workforce to deliver quality service to patients and maintain workflow.
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APAC Workforce Management Software Industry Overview
The Asia Pacific Workforce Management Market is highly fragmented due to the presence of players, like Infor, IBM Corporation, Oracle, ADP, Krones Incorporated, Workday Inc. They are upscaling the market with substantial R&D investments, driving towards the sustainability and digitization of the Asia-Pacific Workforce Management Market.
- February 2021 - Workday Inc. acquired Peakon ApS, which is an employee success platform that helps to convert feedback into actionable insights, and this acquisition will enable Workday customers to deploy highly targeted and integrated employee strategies.
- June 2021 - ADP and Omnia partnered to provide Payroll and HR Solutions to government and education organizations. The agreement involves state and local government entities with around 50 education institutes in all states, and ADP has access to them. This partnership offer agencies nationwide human capital management systems and business solutions.
- June 2021- IBM and CNX Health collaborated together and announced ideas to integrate an advanced IBM digital Health Pass with CLX Health's Trust Assure. It will be a platform that will provide a seamless and secured way to schedule and locate the Covid-19 test, then create and provide a verified credential to use if it is needed.
APAC Workforce Management Software Market Leaders
Oracle
ADP, LLC
Workday Inc.
Kronos Incorporated
IBM Corporation
*Disclaimer: Major Players sorted in no particular order
APAC Workforce Management Software Market News
- September 2021 - Workday to acquire Zimit to provide organizations with a comprehensive quote-to-cash process automation for services industries, including communication, media, technology, and business services. This combination will further expand the Workday product portfolio, providing organizations with greater visibility across the entire revenue cycle and enabling the digital transformation of the CFO's office.
- November 2021 - ADP acquired Integrated Design, Inc. for global reach and comprehensive HCM and Workforce Management solutions with which clients will have access to enhanced payroll and HR experience, allowing them to better grow and scale their business. This acquisition enables ADP to better serve its clients in industries that require more comprehensive solutions for complex regulatory requirements and workforce data needs, including construction, non-profit organizations, manufacturing, and professional services.
APAC Workforce Management Software Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Market Drivers
4.3.1 Increasing Adoption of Internet of Things (IoT) and Cloud-based Solutions is Expanding the Market
4.3.2 Growing Adoption of Analytical Solutions and WFM by SMEs is Driving the Market Growth
4.4 Market Challenges
4.4.1 Implementation and Integration Concerns Hindering the Market
4.5 Assessment of COVID-19 impact on the industry
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Workforce Scheduling and Workforce Analytics
5.1.2 Time and Attendance Management
5.1.3 Performance and Goal Management
5.1.4 Absence and Leave Management
5.1.5 Other Software (Fatigue Management, Task Management, etc.)
5.2 Deployment Mode
5.2.1 On-premise
5.2.2 Cloud
5.3 End-User Vertical
5.3.1 BFSI
5.3.2 Consumer Goods and Retail
5.3.3 Automotive
5.3.4 Energy and Utilities
5.3.5 Healthcare
5.3.6 Manufacturing
5.3.7 Other End-User Industries
5.4 Geography
5.4.1 Asia Pacific
5.4.1.1 China
5.4.1.2 India
5.4.1.3 Japan
5.4.1.4 Australia
5.4.1.5 South Korea
5.4.1.6 Indonesia
5.4.1.7 Thailand
5.4.1.8 Rest of Asia Pacific
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Active Operations Management International LLP
6.1.2 NICE Systems Ltd.
6.1.3 Oracle Corporation
6.1.4 Infor Group
6.1.5 Kronos Incorporated
6.1.6 Reflexis Systems Inc.
6.1.7 Workday Inc.
6.1.8 Blue Yonder Group Inc.
6.1.9 ServiceMax Inc.
6.1.10 IBM Corporation
6.1.11 SAP SE
6.1.12 ADP LLC
6.1.13 Sage Group plc
- *List Not Exhaustive
7. INVESTMENT ANALYSIS
8. FUTURE OF THE MARKET
APAC Workforce Management Software Market Research FAQs
What is the study period of this market?
The APAC Workforce Management Software Market is studied from 2018 - 2028.
What is the growth rate of APAC Workforce Management Software Market?
The APAC Workforce Management Software Market is growing at a CAGR of 7.1% over the next 5 years.
Who are the key players in APAC Workforce Management Software Market?
Oracle, ADP, LLC, Workday Inc., Kronos Incorporated, IBM Corporation are the major companies operating in APAC Workforce Management Software Market.
APAC Workforce Management Software Industry Report
Statistics for the 2023 APAC Workforce Management Software market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. APAC Workforce Management Software analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
