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Workforce management (WFM) refers to an integrated set of methods that an organization uses to optimize the efficiency of its employees on the departmental, individual, and entity-wide level. Businesses are employing workforce management (WFM) solutions to improve and upgrade their solutions, and to improve employee skills for definite tasks over time. WFM provides benefits to the organization such as optimum staff level, reduction in overtime costs, and improvement in productivity and enhancing the customer experience. The global workforce management market is expected to grow at a CAGR of 9.6% during the forecast period 2016-2023.The major trend affecting the workforce management market is the improved demand for management, performance, and workforce analytics solutions. The workforce management solutions are being employed at a great extent as they offer unparalleled insight into the whole organization and are categorize the most significant source of an organization, such as human resource. Workforce management software also tracks all the legal frameworks and compliances related to workforce, such as state and local laws, working hour laws, age requirements, minimum leaves, and others. The global workforce management market is primarily driven by following factors:
The major driving factors of the workforce management are increasing adoption of cloud-based solutions, cloud provides the various benefits to the organizations such as, lower total cost of ownership, rapid resource provisioning, enhanced organizational flexibility and scalability, accelerated time-to-market and many more, rising focus on mobile applications and workforce optimization, increased adoption of automation, and advancement in technology. The work life balance is of significant importance to millennial workers. WFM solutions incorporate self-service and intraday management features offers a viable advantage in staff and hiring satisfaction by proposing flexibility in scheduling and facilitating employees to deal with their shifts. Mobility features that deal with the necessities of today’s overall, on-the-go workforce empower employees to control their own arrangement providence. These innovations are enhancing productivity and can build organizations on the top most level. The benefit provided by workforce management software has creating the attention of other small players to spend in it for managerial efficiency. Primarily, budgets restraint made its acceptance complex for SMBs; however, the cost-effective features of the Software-as-a-Service (SaaS) platform have improved its attractiveness among smaller organizations as well.
Source: OBRC Analysis
The global workforce management market is segmented into solution and service and verticals, deployment, and organization size. Solution is further segmented into:
Service is further segmented into:
Vertical is further segmented into:
Healthcare is further segmented into:
Deployment is further segmented into:
Organization size is further segmented into:
The revenue for the above industrial verticals is specific to the global workforce management market. However, the total revenue of these application in general has been excluded from the scope of the report. Also, the total market revenue has been calculated by summing upsolution, service, verticals, deployment type, and organization size. However the solution segment only includes software solutions and excluded hardware solutions from the scope of the report.
Global workforce management market is segmented into:
In 2016, North America dominated the workforce management market followed by Europe. Due to smart phone penetration and increasing cloud-based solution adoption across a variety of developing markets are expected to impel the development of workforce management market. Asia-Pacific is also expected to lead the workforce management market during the forecast period. Due to the increasing number of population, rise in small-medium enterprises across developing nation such as China and India and changing work dynamics are enhancing the global workforce management market.
The global workforce management markets are segmented into solution, service, vertical, deployment type, and organization size. The solution segment is sub segmented into absence management, performance management, workforce scheduling, time and attendance management, workforce analytics, and other solutions. The service segment is further divided into implementation services, training and education, support and maintenance. The vertical segment is sub segmented into government and defense, banking, financial services and insurance, healthcare, transportation and logistics, telecom and IT, consumer goods and retail, manufacturing, energy and utility, the deployment type is sub segmented into cloud and on-premises. The cloud is an Internet-based computing that offers shared computer resources on demand to computers and other devices. It offers on-demand access to computing resources. In today’s world, the organizations of all sizes are gradually adopting cloud technology to drive business value. On-premises software runs and installed on computers in the place of the organization or person using the software, rather than on remote facility such as a cloud or server. Enterprise software is a set of computer programs having common business applications, tools for modeling the entire organization works, and develops tools for building applications. Organization size segment is sub segmented into small and medium enterprises and large enterprises.
The major market players of the global workforce management market are:
These companies use various strategies such as mergers & acquisitions, collaboration, partnership and product launching. Example: In the year 2016 Kronos Inc. acquired empower software solution. With this acquisition Kronos further expanded its leadership in human capital management.
Detailed analysis of these companies provided in this report comprises of overview, scot analysis, product portfolio, strategic initiative and strategic analysis.
Why to buy the report:
This report will:
How we are different from others:
At Occams we provide an extensive portfolio which is comprehensive market analysis along with the market size, market share, and market segmentations. Our report on global workforce management market offers the longest chain of market segmentation covering major market segmentation based on products and end users.The report tracks the major market trends in the global workforce management market such as development in video surveillance technology, content management, and adoption of home cloud solutions and so on. For each market segments covered in global workforce management market report, we provide opportunity matrix, and DROC analysis, that enable the clear growth assessment across each market segment. The report discusses competitive landscape of the workforce management industry, with giving extensive strategy analysis of more than 15 companies. Moreover, the report discusses various models such as 360 degree analysis, See Saw analysis, and Porter five force model and so on. For the high level analysis in the report we provide a comparative analysis of historic and current year data.
Key findings of the global workforce management market: