Workforce Management Software Market
The workforce management software market was worth USD 2490.7 million in 2017 and is projected to reach USD 3194.1million by 2023 growing at a CAGR of 4.19 % over the period 2018 - 2023. The report is segmented by software type into labor forecast & scheduling, time & attendance management, absence management, HR management, and others, by deployment type into on-premise and cloud, and by end-user vertical into BFSI, retail, automotive, public sector, healthcare, industrial manufacturing, and others. The regions considered in the report include North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The study also emphasizes the benefits of workforce management software with respect to diverse industries and their future prospect.
The workforce management software helps in organizing and managing the business staff in terms of scheduling. In addition, it helps in gaining insights about the staff involved with the organization that further fuels the organizational process. This is expected to propel the market growth over the forecast period. Time management is one of the most important components of any company due to which this software is adopted. Moreover, it computes the current productivity and forecasts any resource requirement, this feature is likely to boost the workforce management software market over the next six years. Additionally, it helps in taking strategic decisions for the organization’s growth and addresses issues associated with the human resources, which is further projected to fuel the market. At times there is forecasted work for the organization wherein this software can help to optimize and schedule resources accordingly.
Increasing Integration of Internet of Things (IoT)
Integration of Internet of Things (IoT) is increasing at a rapid pace owing to which the utilization of workforce management software is on the rise. IoT helps in connection with various devices at the same time and one can access or edit the information at any point in given time. Earlier, the resource management was carried out manually or through spreadsheets, which was highly time-consuming, leading to the discrepancy of data. Introduction of IoT to workforce management software eases the job by enhancing the technological capabilities. This is likely to boost the workforce management software market growth over the forecast period.
Cloud to Exhibit 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 to access with any device and at any time. In addition, changes can be made or any task can be scheduled irrespective of the location of the administrator. Moreover, it saves an enormous amount of money as the organization subscribes to the required amount of storage and technical specification. The aforementioned factors are projected to increase the utilization of cloud, thereby, contributing to the highest growth in the market over the next six years.
Asia-Pacific to Have the Highest Growth in Workforce Management Software Market
The number of workforce in the Asia-Pacific countries, such as India and China, is expected to increase due to the rise in the number of companies and regulations associated with job creation. Moreover, the region is increasingly adopting new technologies to encourage development and to contribute to the 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.
Recent Developments in Workforce Management Software Market
- February 2018 - Infor launched enterprise analytics for healthcare industry offering enhanced operations and insights, which is expected to expand their customer base.
- November 2017 - Kronos Incorporated introduced an advanced version of workforce management software through artificial intelligence and machine learning. This is expected to bring profit to the company and alter the industry.
Workforce Management Software Market Major Players:
- Active Operations Management International LLP.
- NICE Systems Ltd.
- Oracle Corporation.
- Kronos Incorporated.
- Reflexis Systems Inc.
Reasons to Purchase Workforce Management Software Market Report
- The future prospect of the workforce management software market and opportunities
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- Regional analysis of the market
- Identify the latest developments, market shares, and strategies employed by the major market players
- 3-month analyst support, along with the Market Estimate sheet (in Excel)
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1.1 Key Deliverables of the Study
1.2 Study Assumptions
1.3 Market Definition
1.4 Key Findings of the Study
2. Research Approach and Methodology
3. Executive Summary
4. Market Dynamics
4.1 Workforce Management Software Market Overview
4.2 Industry Value Chain
4.3 Factors Driving the Workforce Management Software Market
4.3.1 Growing Adoption of Analytical Solutions
4.3.2 Increasing Integration of Internet of Things (IoT)
4.4 Factors Restraining the Workforce Management Software Market
4.4.1 Lack of Skilled Labor
4.5 Industry Attractiveness – Porter's Five Forces Analysis
4.5.1 Bargaining Power of Suppliers
4.5.2 Bargaining Power of Consumers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitute Products or Services
4.5.5 Competitive Rivalry among Existing Competitors
5. Global Workforce Management Software Market Segmentation
5.1 Workforce Management Software Market By Software Type
5.1.1 Labor Forecast & Scheduling
5.1.2 Time & Attendane Management
5.1.3 Absence Management
5.1.4 HR Management
5.1.5 Others (Employee Self Service, Mobile Workforce)
5.2 Workforce Management Software Market By Deployment Mode
5.3 Workforce Management Software Market By End-User Vertical
5.3.4 Public Sector
5.3.6 Industrial Manufacturing
5.3.7 Others (Aerospace & Defense, Services, Food & Beverage)
5.4 Workforce Management Software Market By Geography
5.4.1 North America Workforce Management Software Market (2018-2023)
188.8.131.52 United States Workforce Management Software Market (2018-2023)
5.4.2 Europe Workforce Management Software Market (2018-2023)
184.108.40.206 United Kingdom Workforce Management Software Market (2018-2023)
220.127.116.11 Germany Workforce Management Software Market (2018-2023)
18.104.22.168 Rest of Europe
5.4.3 Asia-Pacific Workforce Management Software Market (2018-2023)
22.214.171.124 China Workforce Management Software Market (2018-2023)
126.96.36.199 India Workforce Management Software Market (2018-2023)
188.8.131.52 Rest of Asia-Pacific
5.4.4 Rest of the World
184.108.40.206 Latin America Workforce Management Software Market (2018-2023)
220.127.116.11 Middle East & Africa Workforce Management Software Market (2018-2023)
6. Vendor Market Share
7. Workforce Management Software Market Companies
7.1 Active Operations Management International LLP
7.2 NICE Systems Ltd.
7.3 Oracle Corporation
7.5 Kronos Incorporated
7.6 Reflexis Systems, Inc.
7.8 Replicon, Inc.
7.9 WorkForce Software, LLC
7.10 JDA Software Group, Inc.
7.11 eg solutions plc
7.12 BambooHR LLC
*List not Exhaustive
8. Opportunities in Global Workforce Management Software Market