Industry Trend Analysis
The workforce management systems market is expected to be around $9.30 billion by 2023 from $3.83 billion in 2014 growing at a CAGR of 10.35%. The market is primarily driven by factors such as increasing demand for workforce optimization and increasing demand of cloud based solutions. Furthermore, growing cloud-based solutions deployment and cell phone insight across over several emerging markets are projected to drive the growth of workforce management systems market. Additionally, the advantage offers by workforce management ensures an enhanced flow of measuring and maintaining the workforce in an enterprise. Workforce Management Systems Market is anticipated to witness a boom CAGR amid the anticipated period due to increasing number of small and medium organizations and arising populace among users across growing markets.
Product Outlook and Trend Analysis
Workforce analytics is foreseen to significant product segment and will make new ways accessible for future enhancements in coming product sets. Service domain estimated as major shares in the market due to utilization of software and hardware in organizations. Product services relevant to workforce management systems are utilized over many small-medium enterprises which perform smooth flow of computation and analytics and provide specific solutions as per the need. Software can be further classified into cloud based and on premise software.
Solution Outlook and Trend Analysis
On the basis of solution, task management and time and attendance shows the major shares in the market. The workforce management systems can be sectioned into absence and holiday management, task management, analytics, budgeting and forecasting, scheduling optimization, and time and attendance. Solutions like, time & attendance management systems have been in used by various organization for a long time and are estimated to increase steady progress in future. This development can be ascribed to the requirement for consistence with government administrative strategies, which are liable to frequent changes and are diverse for every region.
Regional Outlook and Trend Analysis
Workforce Management Systems Market is estimated to witness a high CAGR during the projected period due to growing number of small and medium organizations and developing populace among users across rising markets. At present, North America dominated the workforce management system market followed by Western Europe. Asia-Pacific is relied upon to reflect most prominent CAGR during the forecast period.
Industry players are concentrating on improving their products and solutions with additional capacities including analytics, consistence, and distinctive vendor reconciliation to add a competitive edge to the products. Moreover, these vendors focuses on making workforce management system solutions a strategic tool, operations-driven application, which will drive the exploration and upgrading events in the organization.
Some of the major players in the global workforce management market are Oracle Corporation, JDA Software, Huntington Business Systems, Inc., Active Ops Limited, Atoss Software AG, International Business Machines Corporation, Kronos, Inc., Automatic Data Processing LLC, SAP SE, Verint Systems, Inc., Primion Technology, Workday, Inc., Ultimate Software Group, Inc., Workforce Software, LLC, Reflexis Systems, Inc., among others.
The key opportunity of workforce management systems market is upgraded automating procedures, such as time computations and employee pay reduces errors and ensures different organizations policies are implemented and advanced into the systems with more correctness. Workforce management systems solution empowers organizations to run complex problems on workforce procedures and calculations to spot issues and correct those, hence ensuring enhanced utilization of existing resources.
Workforce Management Systems Market Segmentation:
Absence and holiday management
Budgeting and forecasting
Time and attendance
By Organization Size:
Small and Medium Enterprises (SMEs)
Government and Defense
Transportation and Logistics
Telecom & IT
Consumer Goods and Retail
Energy and Utilities
Rest of Europe
Rest of Asia Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?