Las Vegas, NV, Nov. 16, 2022 (GLOBE NEWSWIRE) -- According to Zion Market Research has published a new research report titled “Workforce Management Market By Component (Solutions, Services) By Deployment Type (On-Premises, Cloud), By Vertical (Telecom, Government, Consumer Goods And Retail, Manufacturing And Others) And By Region: Global Industry Perspective, Comprehensive Analysis And Forecast, 2020 – 2028” in its research database.
“According to the latest research study, the demand of global Workforce Management Market size & share in terms of revenue was valued at USD 6,002.2 Million in 2020 and it is expected to surpass around USD 12,410.7 million mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 9.8% during the forecast period 2021 to 2028.”
What is Workforce Management? How big is the Workforce Management Industry?
Workforce Management Industry Coverage & Overview:
All the organization's major workforce functions are managed and maintained by the workforce management department. The administration of human resources is responsible for the operation of this aspect of workforce management. The effective management of human resources gives companies the ability to solve existing challenges and maximize the utilization of available resources.
In addition, some firms, which can be either medium-sized or small enterprises, use a variety of methods, such as conventional methods and methods that are more convenient, to track their actual employees and workforce. These methods include traditional methods. This is done in order to circumvent the challenges that are presented by the conventional approaches to human resource management. As a result, decreasing labour expenses, increasing productivity, and making better use of people to boost business performance are all accomplished. Processes that are done automatically, like paying workers their wages and figuring out how long they work, are more accurate and eliminate math mistakes.
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Our Free Sample Report Consists of the Following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2021 updated report.
- The COVID-19 Pandemic Outbreak Impact Analysis is included in the package
- About 218+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on Request
- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2021
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
- Zion Market Research research methodology
(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)
Global Workforce Management Market: Growth Dynamics
Growing Population and Rise in Demand to Spur Growth
The growing population and the rise in the number of the small and medium enterprises are the major factors owing to which the global workforce management market is growing. The other key drivers of the market growth are increasing consumption of the workforce, changing dynamics of the workforce, increased usage of the mobile phones and the availability of the software-as-a-service management solution play a key role in the development of the global market. The major industrial verticals where the global workforce management market has grown at a rapid rate are manufacturing, retail, BFSI, and the healthcare. Increasing mobility and globalization has significantly influenced the demand for the workforce management solutions in order to satisfy their workforce, better scheduling, and engagement.
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Workforce Management Market: COVID-19 Impact Analysis
Disruptions have occurred across every region of the world as a direct result of COVID-19. The operation of many different industries has been significantly altered, and as a result, individuals are beginning to adopt software-based solutions. These solutions will assist individuals in expanding their businesses and improving their ability to control the productivity of their staff. The company is able to strategically plan the accomplishment of their business objectives by making use of these efficient instruments for personnel management. Because of the epidemic, employers need more qualified workers so they can find a good balance between how much they rely on technology and how productive their staff is.
Workforce Management Market: Segmentation Analysis
Component Segment Analysis
In the year 2020, the solutions segment held a share of more than 52 percent. This is because the conventional methods for managing a staff are quickly being replaced by technological solutions and information technology, which is causing these workforce management solutions to evolve at a rapid rate. In addition, management makes time available to workers so that they can concentrate on the areas of the company that are the most crucial, and it provides a wide range of options designed to make the task of workers in organizations easier.
In addition, the solutions that are provided by the market not only assist in the improvement of the organization of workers, but also in the simplification of their performance. The market is broken down into services and solutions based on its constituent parts. These management solutions include the management of tasks and fatigue management, which helps maintain a variety of human resource operations, and the analysis of data relating to key business processes. They also include management of time and attendance, workforce scheduling, employee analytics, leave and absence management, and more. Consequently, this adds to the growth of the solutions segment, thereby contributing to the growth of the entire market for workforce management.
Vertical Segment Analysis
Around the period from 2021 to 2028, the consumer goods and retail category is projected to experience a compound annual growth rate (CAGR) of over 6.5%. This can be attributed to the newly emerging vertical, which is also anticipated to experience substantial growth in terms of changes in technology, the requirements of customers, and employment opportunities. Because this industry sector needs active participation from customers and high levels of staff productivity, getting a competitive edge requires good workforce management.
In addition, the consumer goods and retail subsegment calls for a high level of visibility and control over a wide range of employees from different departments, including store employees, field service providers, and drivers. This visibility and control must be exercised both internally and externally. By making good use of the resources that are available, these solutions solve these problems.
Other than consumer goods and retail, the vertical segment is comprised of a great number of subsegments. Some of these segments include the following: the government; banking and financial services and insurance (BFSI); manufacturing; healthcare and life sciences; energy and utilities; information technology-enabled services; transportation and logistics; education; travel and hospitality; media and entertainment; and telecom.
The global Workforce Management market is segmented as follows:
By Component:
- Solutions
- Services
By Deployment Type:
- On-Premises
- Cloud
By Vertical:
- Telecom
- Government
- Consumer Goods and Retail
- Manufacturing
- Others
Browse the full “Workforce Management Market By Component (Solutions, Services) By Deployment Type (On-Premises, Cloud), By Vertical (Telecom, Government, Consumer Goods And Retail, Manufacturing And Others) And By Region: Global Industry Perspective, Comprehensive Analysis And Forecast, 2020 – 2028” Report at https://www.zionmarketresearch.com/report/workforce-management-market
Competitive Landscape
Some of the main competitors dominating the global Workforce Management market include -
- Infor Global Solutions
- IBM Corporation
- Reflexis System Inc.
- Kronos Incorporated
- Crown Workforce Management System
- Automatic Data Processing (ADP)
- Clicksoftware Technologies Ltd.
- Active Operations Management International LLP
- NICE Systems Ltd
- Oracle Corporation
- SISQUAL
- Workday Inc.
- WorkForce Software LLC
- Blue Yonder Group Inc.
- ServiceMax Inc.
- Kirona Solutions Limited
- 7shifts
- SAP SE
- ADP LLC
- Atoss Software AG
- Mitrefinch Ltd.
- Sage Group PLC
- Roubler UK Limited Company
Key Insights from Primary Research:
- According to the analysis shared by our research forecaster, the Workforce Management market is likely to expand at a CAGR of around 9.8% during the forecast period (2021-2028).
- In terms of revenue, the Workforce Management market size was valued at around US$ 6,002.2 Million in 2020 and is projected to reach US$ 12,410.7 million by 2028.
- Based on component, solutions segment contributes to the growth of overall Workforce management market.
- The Cloud segment is the fastest growing and predicted to develop rapidly by Deployment Type.
- By Verticals Segment Analysis, the consumer goods and retail segment dominate the market and will grow at a CAGR of over 6.5% from 2021 to 2028.
- On the basis of geography/region, the “North America” region was the leading revenue generator in 2020.
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Key questions answered in this report:
- What is the market size and growth rate forecast for Workforce Management industry?
- What are the main driving factors propelling the Workforce Management Market forward?
- What are the leading companies in the Workforce Management Industry?
- What segments does the Workforce Management Market cover?
- How can I receive a free copy of the Workforce Management Market sample report and company profiles?
Key Offerings:
- Market Size & Forecast by Revenue | 2021−2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Component, By Deployment Type, By Vertical, and By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Regional Analysis:
Increasing Awareness to Support North America Dominance
The region that dominates the global workforce management market is North America which is followed by Europe. However, the emerging economies such as India and China are boosting the global market; hence, the Asia-Pacific region is showing a tremendous growth rate. In North America, the increasing acceptance of the technological advancements and the awareness in the organizations about the developing workforce management has triggered the global market growth in a positive way.
By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
Recent Developments
In July 2022, NICE Actimize, a subsidiary of NICE, that it had been recognized as a Leader in Anti-Money Laundering solutions by Forrester Research, a well-known research and advisory firm. This recognition came as a result of NICE Actimize's ability to effectively combat the laundering of illicit funds.
In June 2022, According to the very first Chartis Research Communications Monitoring Solutions 2022 Market and Vendor Landscape Report. NICE Actimize was given the position of Category Leader. Chartis Research, which is part of Infopro Digital, is the best place to find research and analysis of international risk technology.
Report Scope
| Report Attribute | Details |
| Market Size in 2020 | USD 6,002.2 Million in 2020 |
| Projected Market Size in 2028 | USD 12,410.7 Million |
| CAGR Growth Rate | 9.8% CAGR |
| Base Year | 2020 |
| Forecast Years | 2021-2028 |
| Key Market Players | Infor Global Solutions, IBM Corporation, Reflexis System Inc., Kronos Incorporated, Crown Workforce Management System, Automatic Data Processing (ADP), Clicksoftware Technologies Ltd., Active Operations Management International LLP, NICE Systems Ltd, Oracle Corporation, SISQUAL, Workday Inc., WorkForce Software LLC, Blue Yonder Group Inc., ServiceMax Inc., Kirona Solutions Limited, 7shifts, SAP SE, ADP LLC, Atoss Software AG, Mitrefinch Ltd., Sage Group PLC, Roubler UK Limited Company, and others |
| Key Segment | By Component, By Deployment Type, By Vertical, and By Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Purchase Options | Request customized purchase options to meet your research needs. Explore purchase options |
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