Workforce Management (WFM) Market to Gain Impetus Valuing at USD 9 Bn. by 2022

Pune, India, October, 2018 /press release/- Market Research Future Published a Half-Cooked Research Report on Workforce management  Market Research Report.

The global workforce management (WFM) market accruing pervasively mainly due to the deployment of cloud technologies and the rapid adoption of workforce analytics. The WFM solution enables organizations to run sophisticated analytics on workforce processes that can spot problems and correct them, ensuring better use of existing resources; due to which the uptake of WFM analytics is increasing rapidly among medium and small enterprises. The growing number of SMEs in the emerging market is one of the key forces that foster the market growth on the global level.

Recognizing the kind of growth, the market is garnering currently, Market Research Future (MRFR) in its recently published study report, asserts that the global workforce management market will reach USD 9 Bn. by 2022, registering approximately 11 % CAGR from 2016 to 2022. 

Additional factors substantiating the market growth include the augmenting demand for a minimized labor expenses and improved workforce utilization & business performances. Increased focus on workforce optimization and the emergence of complimenting mobile applications are providing impetus to the market growth.

The trend of managing own schedules from the mobile applications, in particular, is driving the market growth of WFM solutions, enabling employees to view their schedules on a smartphone or a tablet.

On the other side, factors such as the lack of awareness and availability of trained staff among small firms towards the benefits of the workforce management are expected to obstruct the market growth. The more significant impact is the insights into managing short-term issues like absenteeism, etc.

The improvement in administrative efficiency and cost savings these are the two most common administrative benefits observed in the market which, of course, are the main driving forces for the substantial investments put into WFM. Also, other benefits such as customer satisfaction improved compliance, and employee productivity is prevailing as well.

Access Report @  https://www.marketresearchfuture.com/reports/workforce-management-market-2388

Global Workforce Management Market  - Segments

The workforce management market is segmented into five key dynamics for the convenience of understanding;

By Deployment Type       : On-premises and On-Cloud.

By Component                   : Solutions and Services among others.

By End-User            : BFSI, Healthcare, Retail and eCommerce, Manufacturing, Government, Telecommunications and IT, among others. 

By Organization size        : SMEs and Large Enterprises.   

By Region                 :  North America, Europe, APAC and the Rest-of-the-World.

The subsegment – SMEs holds the largest market share by Organization size, mainly due to its widened adoption of WFM solutions and technological transition.

Global Workforce Management Market   -

Regional Analysis

The European region accounts for the leading market in the global workforce management.  The UK among other European countries, backed by the deployment of cloud and the rapid adoption of workforce analytics, drives the market growth in the region majorly.

Additionally, the factors such as the demand for WFM analytics from the various sectors allow the market in the region to flourish. The resurging economy in the region is undoubtedly contributing to the market growth significantly, augmenting the uptake of this solution across the region.

The North American region accounts for the second-largest market for the workforce management. The WFM analytics market in North America is expected to create a substantial revenue pocket owing to the technological advancements that are fostered by the presence of a well-established infrastructure in the region that allows faster implementation of advanced technologies. Countries such as the U.S. and Canada backed by the increasing technological advancements and the uptake of WFM account for major contributors to the market growth in the region.

On the other hand, Asia Pacific region is expected to witness a healthy growth, emerging as the fastest growing market for the workforce management analytics. Factors such as increasing urbanization & growing healthcare and eCommerce sector coupled with the improving economy in the region foster the market growth, increasing consumers’ purchasing power.

Whereas the WEM market in the African region is expected, demonstrate a sluggish growth due to the lack of awareness among small firms and the high training cost associated with workforce management solutions.

Global Workforce Management Market  - Competitive Landscape

The WFM market appears to be highly competitive and fragmented due to the presence of several large and small players forming a competitive landscape. Strategies that traced from the analysis of recent developments of these players include agreement & partnership, product launch, expansion, and acquisition.

Substantial investments by multinational companies and start-ups have been observed. The market demonstrates high growth prospect which in turn, is attracting several new entrants to the market which will intensify the market competition further. Large organizations will continue investing in both, modest and significant improvements in the years ahead which are expected to attribute to the various components the WFM solutions have.

Key Players:

The market leaders profiled in the MRFR analysis include Oracle Corporation (US), IBM Corporation (US), SAP AG (Europe), Workforce Software (US), KRONOS (US), ADP LLC (US), Infor Global Solution (India), WORKDAY (US), and ClickSoftware (US).

Industry/Innovation/Related News:

September 19, 2018 – Fourth (US), a leading provider of hospitality operations platform, announced the acquisition of Choice HR (US), a full-service Payroll, Benefits, and HR Services business to create an end-to-end workforce management solution for the hospitality sector.

The acquisition of Choice HR, effective immediately will add over 400 new customers to Fourth's roster with most serving as customer support and solutions experts. Together the companies can significantly reduce the risk of non-compliance and make it much easier to pay part-time and full-time shift-based employees correctly and on time.

August 29, 2018 – Kronos Incorporated (US), a leading global workforce management solutions company announced the launch of a set of new solutions under its ‘workforce dimensions suite.’ The suite boasts the features such as scheduling, timekeeping, absence management, data collection, compliance mapping, and analytics.

Powered by the artificial intelligence, the new workforce management analytics also has a personal digital consultant and advanced machine learning to automate daily decisions that consume time like approvals, so that managers spend time on more strategic initiatives.