Workforce Management Software Market - Growth, Trends and Forecast (2019 - 2024)

The Workforce Management Software Market is Segmented by Software Type (Labor Forecast and Scheduling, Time and Attendance Management, Task Management, HR Management, Workforce Analytics), Deployment Mode (On-premise, Cloud), End-user Vertical (BFSI, Retail, Automotive, Public Sector, Healthcare, Industrial Manufacturing), and Geography.

Market Snapshot

workforce management summary
Study Period:

2018-2024

Base Year:

2018

Fastest Growing Market:

Asia Pacific

Largest Market:

North America

CAGR:

4.21%

Key Players:

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Market Overview

The global workforce management software market was valued at USD 2,601.7 million in 2018, and it is expected to reach a value of USD 3,327.87 million by 2024, at a CAGR of 4.21% over the forecast period (2019 - 2024). According to a study conducted by Dell and Intel, on the current trends at workplaces across the world, although employees are broadly happy with their current jobs, they are increasingly growing dissatisfied with the reporting and communication processes adopted by their organizations. This problem is further compounded by the changing needs at the workplace, with employees no longer expected to just work within a conventional schedule of a 9 AM – 5 PM, due to diversification in work practices.

  • Earlier, the resource management was carried out manually or through spreadsheets, which was highly time-consuming, leading to the discrepancy in data. Introduction of IoT to workforce management software eases the job by enhancing technological capabilities. This is likely to boost the workforce management software market growth over the forecast period.
  • Analytical solutions cause the companies to increase their bottom line and ROI, by projecting future trends and extrapolating possible outcomes based on "what-if" scenarios. The collaboration between partners, like vendors, suppliers, and customers, gets easier by uncovering new insights. The success of any implemented plan can also be measured using analytical solutions. 
  • In a report titled 'The Future of Jobs 2018', by the World Economic Forum (WEF), around 54% of the global workforce had to be re-skilled or up-skilled to work in disruptive and digital technologies spanning the virtual world. Managing a workforce management software is a challenge for the companies, since vendors are releasing new versions of workforce management software frequently and similar companies are also emerging.

Scope of the Report

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, in order to manage several aspects of 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.

By Software Type
Labor Forecast and Scheduling
Time and Attendance Management
Task Management
HR Management
Workforce Analytics
By Deployment Mode
On-premise
Cloud
By End-user Vertical
BFSI
Retail
Automotive
Public Sector
Healthcare
Industrial Manufacturing
Geography
North America
United States
Canada
Europe
Germany
United Kingdom
France
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
Rest of the world
Latin America
Middle East & Africa

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Key Market Trends

Cloud to Witness the Highest Growth

  • The adoption of cloud computing in workforce management software enables various benefits, such as mobility, flexibility, and security. It allows the administrator of an organization access with any device and at any time.
  • In addition, changes can be made or any workforce-related task can be scheduled, irrespective of the location of the administrator. It saves an enormous amount of money as the organization subscribes to the required amount of storage and technical specification.
  • Companies offer workforce management solutions through the private cloud to provide multi-level physical and logical security features, thus expenditure on private cloud is increasing. 
True private cloud spending

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Asia-Pacific to Record the Fastest Growth Rate

  • The size of the workforce in the countries in Asia-Pacific, such as India and China, is expected to increase, due to the growth in the number of companies, along with regulations associated with job creation.
  • Projects, like APEC Digital Workforce Development Project, help APAC's workforce leverage digital and distance-learning technologies through improved career and technical education (CTE). 
  • Moreover, the region is increasingly adopting new technologies to encourage development and to contribute to economic growth. The aforementioned factors are expected to propel the usage of software, thereby, propelling the market growth in the region over the forecast period.
Workforce map

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Competitive Landscape

The workforce management software market is fragmented, since in the current competitive scenario, it is becoming increasingly important for organizations to keep their workforce motivated and organized. This is to ensure optimal productivity, which is important to keep abreast of the changing times. Companies, like Oracle, NICE Systems, Infor, and SISQUAL, are introducing a wide range of innovative workforce management solutions, with advanced capabilities and features, which address traditional needs of contact centers, back offices, and branches. 

  • March 2019 - SDLC Partners formalized its relationship with digital operations management software provider, ActiveOps, forging an agreement to help customers adopt a more agile, predictable, and consistent management approach to back-office operations.
  • February 2019 - Kronos Incorporated announced the expansion of the Workforce Dimensions Technology Partner Network, by introducing new healthcare-focused software providers utilizing the revolutionary Workforce Dimensions solution and intelligent Kronos D5 platform, to reshape the future of work for healthcare providers and their employees.

Major Players

  1. Active Operations Management International LLP
  2. NICE Systems Ltd.
  3. Oracle Corporation
  4. Infor
  5. Kronos Incorporated

* Complete list of players covered available in the table of contents below

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Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET OVERVIEW

  5. 5. MARKET DYNAMICS

    1. 5.1 Introduction to Market Drivers and Restraints

    2. 5.2 Market Drivers

      1. 5.2.1 Increasing Adoption of Internet of Things (IoT) and Cloud-based Solutions is Expanding the Market

      2. 5.2.2 Growing Adoption of Analytical Solutions and WFM by SMEs is Driving the Market Growth

    3. 5.3 Market Restraints

      1. 5.3.1 Implementation and Integration Concerns Hindering the Market

    4. 5.4 Value Chain Analysis

    5. 5.5 Industry Attractiveness - Porter's Five Forces Analysis

      1. 5.5.1 Threat of New Entrants

      2. 5.5.2 Bargaining Power of Buyers/Consumers

      3. 5.5.3 Bargaining Power of Suppliers

      4. 5.5.4 Threat of Substitute Products

      5. 5.5.5 Intensity of Competitive Rivalry

  6. 6. MARKET SEGMENTATION

    1. 6.1 By Software Type

      1. 6.1.1 Labor Forecast and Scheduling

      2. 6.1.2 Time and Attendance Management

      3. 6.1.3 Task Management

      4. 6.1.4 HR Management

      5. 6.1.5 Workforce Analytics

    2. 6.2 By Deployment Mode

      1. 6.2.1 On-premise

      2. 6.2.2 Cloud

    3. 6.3 By End-user Vertical

      1. 6.3.1 BFSI

      2. 6.3.2 Retail

      3. 6.3.3 Automotive

      4. 6.3.4 Public Sector

      5. 6.3.5 Healthcare

      6. 6.3.6 Industrial Manufacturing

    4. 6.4 Geography

      1. 6.4.1 North America

        1. 6.4.1.1 United States

        2. 6.4.1.2 Canada

      2. 6.4.2 Europe

        1. 6.4.2.1 Germany

        2. 6.4.2.2 United Kingdom

        3. 6.4.2.3 France

        4. 6.4.2.4 Spain

        5. 6.4.2.5 Rest of Europe

      3. 6.4.3 Asia-Pacific

        1. 6.4.3.1 China

        2. 6.4.3.2 Japan

        3. 6.4.3.3 India

        4. 6.4.3.4 South Korea

        5. 6.4.3.5 Rest of Asia-Pacific

      4. 6.4.4 Rest of the world

        1. 6.4.4.1 Latin America

        2. 6.4.4.2 Middle East & Africa

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Company Profiles

      1. 7.1.1 Active Operations Management International LLP

      2. 7.1.2 NICE Systems Ltd.

      3. 7.1.3 Oracle Corporation

      4. 7.1.4 Infor

      5. 7.1.5 Kronos Incorporated

      6. 7.1.6 Reflexis Systems Inc.

      7. 7.1.7 SISQUAL

      8. 7.1.8 Replicon Inc.

      9. 7.1.9 WorkForce Software LLC

      10. 7.1.10 JDA Software Group Inc.

      11. 7.1.11 BambooHR LLC

      12. 7.1.12 7shifts

      13. 7.1.13 IBM Corporation

      14. 7.1.14 SAP SE

      15. 7.1.15 Verint Systems Inc

      16. 7.1.16 ADP, LLC

      17. 7.1.17 ATOSS Software AG

    2. *List Not Exhaustive
  8. 8. INVESTMENT ANALYSIS

  9. 9. MARKET OPPORTUNITIES AND FUTURE TRENDS

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