New York, United States, Sept. 15, 2022 (GLOBE NEWSWIRE) -- Workforce management deals with maximizing an organization's competency and performance level. Workforce management also assists in forecasting, scheduling, intraday management, timekeeping, and attendance. The rising utilization of modern technologies such as artificial intelligence is a key driving factor. Small and medium enterprises rising need for the internet of things and the increased development of remote workforce solutions would further aggravate the demand for workforce management.
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Increased Adoption of Analytical Solutions by SMEs Spur the Demand for Workforce Management Software
As online usage expands, organizations are compelled to meet rising demand, necessitating additional capacity for present cloud-based services. Globally, over 59% of corporations anticipate that their cloud consumption may be substantially higher than expected, and over 50% of small and medium-sized enterprises (SMEs) anticipate the same. Especially for small and medium-sized businesses, the deployment of innovative technology for developing mobile workforce management constitutes a significant financial barrier. The cloud-based solution can be utilized flexibly as a service by many organizations, allowing smaller businesses to use breakthrough technology at low variable costs to enhance their competitiveness.
With the introduction of inexpensive and widely accessible mobile technologies and the increased desire for cost-effective technological solutions among small and medium-sized organizations, cloud-based adoption has been on the rise. These cloud-based solutions are not only appealing to small and medium-sized businesses in search of their first system but also to large corporations seeking to enhance their current processes. SMEs are aided by real-time data access, customizations, the total cost of ownership over time, and the growing requirement to interact with existing software. These variables drive market expansion.
Report Scope
| Report Metric | Details |
| Market Size | USD 12.5 Billion by 2030 |
| CAGR | 6.5% (2022-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Deployment Mode, End-user, Regions |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME, and the Rest of the World |
| Key Companies Profiled/Vendors | Active Operations Management International LLP, NICE Systems Ltd, Oracle Corporation, Infor Group, WorkForce Software LLC, Kronos Incorporated, Reflexis Systems Inc., SISQUAL, Workday Inc., Blue Yonder Group Inc., ServiceMax Inc., Kirona Solutions Limited, 7shifts, IBM Corporation, SAP SE, ADP LLC, Atoss Software AG, Mitrefinch Ltd., Sage Group PLC, Roubler UK Limited Company |
| Key Market Opportunities | Demand for Improved Human Resource Management (HRM) |
| Key Market Drivers | Artificial Intelligence and Machine Learning-Integrated New Product Offerings |
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Need for Improved Human Resource Management (HRM) Creates New Opportunities for the Workforce Management Software Market
The global workforce management software market is anticipated to expand at a healthy rate due to the rising use of human resource management strategies that incorporate current technologies. The enterprise workforce management software provides a unified solution for several HRM operations, including recruitment, documentation, performance management, and others. These benefits establish the groundwork for market expansion.
Regional Insights
North America holds the largest market share and is expected to grow at a CAGR of 6.1% over the forecast period. The market for workforce management in North America has been booming recently. The main issues in this area are improving labor productivity and efficiency. The region established itself as the top trader in the retail venture market by occupying a sizable portion of the market and doubling trade volumes to surpass other regions. Countries like the United States and Canada are to blame for this situation. Canada has been witnessing notable growth in the e-commerce industry.
Europe is estimated to reach USD 3 billion by 2030, growing at a CAGR of 6.9%. The widespread adoption of best workforce management practices among businesses results from the increasing need for compliance with GDPR enforced by European legislative bodies. 99% of European companies are small and medium-sized enterprises (SMEs), and most of the manufacturing sector is still underrepresented in international commerce. These players are anticipated to be significant users of the different workforce management software modules to preserve their competitive advantage and grow their operations. Germany is one of the most mature e-commerce markets in Europe.
Asia-Pacific is the fastest-growing region. Asia-Pacific is one of the biggest exporters and producers of goods. China, India, Indonesia, South Korea, Japan, and Australia are huge manufacturers of different goods. Many goods are produced in this region, from automobiles to software, from UAVs to food items. The workforce is essential for making this wide range of goods. This will further help the workforce management software market to increase in the region. The region's high concentration of SMEs, which are heavily involved in creating and using workforce software and their management solutions, is credited with its quick growth rate. The region is also anticipated to increase due to investments made by small and medium-sized businesses.
Key Highlights
- The global workforce management software market size was worth USD 7.5 billion in 2021. It is estimated to reach an expected value of USD 12.5 billion by 2030, growing at a CAGR of 6.5% during the forecast period (2022–2030).
- By deployment mode, the global workforce management software market is segmented into On-premise and Cloud. The Cloud segment is the fastest growing and is expected to grow at a CAGR of 8.8% over the forecast period.
- By type, the global workforce management software market is segmented into Performance & Goal Management, Workforce Scheduling & Workforce Analytics, Time & Attendance Management, Absence & Leave Management, and Others. The Time & Attendance Management segment occupies the largest market share and is expected to grow at a CAGR of 6.1% during the forecast period.
- By end-user industry, the global workforce management software market is segmented into BFSI, Consumer Goods & Retail, Energy & Utilities, Automotive, Healthcare, Manufacturing, and Others. The Consumer Goods & Retail segment occupies the largest market share and is expected to grow at a CAGR of 5.7% over the forecast period.
- By region, the global workforce management software market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America holds the largest market share.
Competitive Players in the Global Workforce Management Software Market
- Active Operations Management International LLP
- NICE Systems Ltd
- Oracle Corporation
- Infor Group
- Kronos Incorporated
- Reflexis Systems Inc.
- SISQUAL
- Workday Inc.
- WorkForce Software LLC
- Blue Yonder Group Inc.
- ServiceMax Inc.
- Kirona Solutions Limited
- 7shifts
- IBM Corporation
- SAP SE
- ADP LLC
- Atoss Software AG
- Mitrefinch Ltd.
- Sage Group PLC
- Roubler UK Limited Company
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Global Workforce Management Software Market: Segmentation
By Type
- Workforce Scheduling & Workforce Analytics
- Time & Attendance Management
- Performance & Goal Management
- Absence & Leave Management
- Others
By Deployment Mode
- On-premise
- Cloud
By End-user
- BFSI
- Consumer Goods & Retail
- Automotive
- Energy & Utilities
- Healthcare
- Manufacturing
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
TABLE OF CONTENT
- Introduction
- Market Definition
- Market Scope
- Research Methodology
- Primary Research
- Research Methodology
- Assumptions & Exclusions
- Secondary Data Sources
- Market Overview
- Report Segmentation & Scope
- Value Chain Analysis: Workforce Management Software Market
- Key Market Trends
- Drivers
- Restraints
- Opportunities
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of Substitution
- Threat of New Entrants
- Competitive Rivalry
- Market Share Analysis
- Deployment Mode Overview
- Introduction
- Market Size & Forecast
- On-Premise
- Market Size & Forecast
- Cloud
- Market Size & Forecast
- Introduction
- Type Overview
- Introduction
- Market Size & Forecast
- Time & Attendance Management
- Market Size & Forecast
- Performance & Goal Management
- Market Size & Forecast
- Introduction
- Regional Overview
- Introduction
- Market Size & Forecast
- America
- North America
- U.S.
- By Deployment Mode
- By Type
- Canada
- By Deployment Mode
- By Type
- Mexico
- By Deployment Mode
- By Type
- Latin America
- By Deployment Mode
- By Type
- Europe
- Market Size & Forecast
- Germany
- By Deployment Mode
- By Type
- France
- By Deployment Mode
- By Type
- U.K.
- By Deployment Mode
- By Type
- Italy
- By Deployment Mode
- By Type
- Spain
- By Deployment Mode
- By Type
- Rest of Europe
- By Deployment Mode
- By Type
- Asia Pacific
- Market Size & Forecast
- Japan
- By Deployment Mode
- By Type
- China
- By Deployment Mode
- By Type
- Australia
- By Deployment Mode
- By Type
- India
- By Deployment Mode
- By Type
- South Korea
- By Deployment Mode
- By Type
- Rest of Asia-Pacific
- By Deployment Mode
- By Type
- Middle East & Africa
- Market Size & Forecast
- Saudi Arabia
- By Deployment Mode
- By Type
- South Africa
- By Deployment Mode
- By Type
- Kuwait
- By Deployment Mode
- By Type
- Rest of Middle East & Africa
- By Deployment Mode
- By Type
- Introduction
- Company Profile
- Kirona Solutions Limited
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- 7shifts
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- IBM Corporation
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Kirona Solutions Limited
- Conclusion & Recommendation
- Acronyms & Abbreviations
Table of Content and Figure @ https://straitsresearch.com/report/workforce-management-software-market/toc
Market News
- In July 2022, NICE Actimize, a NICE (NASDAQ: NICE) subsidiary, declared that it had been recognized as a Leader in Anti-Money Laundering solutions by Forrester Research, renowned research and advisory firm.
- In June 2022, NICE Actimize was positioned as a Category Leader in the inaugural Chartis Research Communications Monitoring Solutions 2022 Market and Vendor Landscape Report. Chartis Research, part of Infopro Digital, is a leading research and analysis provider in the global risk technology market.
News Media
Workforce Management Market: Modernizing the Core to Enable Speed to Market for New Ideas
Global Transportation Management Systems Market to Grow at a CAGR of 17% by 2030
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