According to a new market research report published by Credence Research, “Workforce Management Software Market (By Mode of Deployment (On-premise and Cloud-based), By Functionality (Workforce Forecast & Scheduling, Time & Attendance Management, Absence Management, Workforce Analytics and Others), By End-use (BFSI, Retail, Healthcare, Automotive, Industrial Manufacturing, Government, and Others (Education, etc.)), By Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2018 -2026”, the global workforce management software market was valued at US$ 4.25 Bn in 2017 and expected to expand at a CAGR of 7.5% during the forecast period from 2018 to 2026.
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Workforce management solutions aid business organizations to maintain and track workforce so as to help organization achieve desired productivity. The complexities involved in today’s business operations and increasing demands on managers have made use of software tools critical for scheduling, forecasting, staffing, and managing other business operations effectively. Regardless of the industry vertical, size of business organization, or the technology deployed by the business, workforce management software solutions have become imperative tools for increasing revenues and attaining a return on customer service investments. The role of management solutions, especially in the Human Resource domain is witnessing a paradigm shift from administrative to analytics wherein the major focus is on data gathering and analysis. With further advancements in technology, integration of Big Data and mobility into conventional management solutions will likely define course of the market growth in the coming years.
One of the prominent factor driving the global workforce management software market is the continual penetration of the Internet of Things (IoT) technology across business organizations. IoT has become one of the mainstream technologies in several business enterprises, used to connect all smart devices over an integrated network, and thereby control and monitor connected processes in real-time. Thus, IoT integration has simplified the task of maintaining and tracking workforce which was earlier carried out manually or through spreadsheets, leading to discrepancy of data in majority of cases. Thus, growing preference for digital solutions to transform existing business processes to connected ones bodes well for the market growth.
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Key companies profiled in the research study include SAP SE, Kronos Incorporated, Oracle Corporation, Workforce Software Group Inc., Reflexis Systems Inc., Active Operations Management International LLP, SISQUAL, Nice Systems Inc., and Infor among others. The global workforce management software market is fragmented and technology driven. In order to differentiate from competitors, vendors may focus on integrating analytics in their offerings, thereby striving to gain early movers advantage, especially in emerging economies.
By Deployment Segment (2016–2026; US$ Bn)
By Functionality Segment (2016–2026; US$ Bn)
- Workforce Forecast & Scheduling
- Time & Attendance Management
- Absence Management
- Workforce Analytics
- Others (Fatigue Management, Task Management, etc.)
By End-use Segment (2016–2026; US$ Bn)
- Industrial Manufacturing
- Others (Education, etc.)
By Geography Segment (2016–2026; US$ Mn)
- North America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Latin America