This chaos of coronavirus has positive impact on the global workforce management market growth in 2020 and is expected to continue its trend throughout the forecast years. The World Health Organization (WHO) has declared the COVID-19 outbreak as pandemic, questions have been raised by organizations about how employees can travel for meetings and possibility of working remotely for longer periods. This factor has created huge demand for effective platforms & advanced technology to maintain scheduling & management of workforce, embedded analytics and time & attendance management. These factors are eventually driving demand for workforce management solutions to standardize and streamline of workforce operations, which will drive the market growth in the pandemic situation.
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In addition, the significant participants are adopting growth strategies such as new technology introduction and new product launches to fortify their presence in the global industry. For instance, in May 2020, SAP SE has provided new “SAP Fieldglass Solutions” to Kobelco Systems Corporation, which is IT based service provider in Japan to help the organization of its highly trained external workforce. Kebelco Systems will implement SAP Fieldglass Solutions to standardize processes for improved efficiency in managing, paying and sourcing of external workers for workforce planning and decision making. This factor is estimated to drive the market growth in the crisis period.
This study provides comprehensive overview of the impact of COVID-19 on global workforce management market. Our report includes:
- Technological Impact
- Social Impact
- Investment Opportunity Analysis
- Pre- & Post-COVID Market Scenario
- Infrastructure Analysis
- Supply Side & Demand Side Impact
As per new study done by Research Dive, the global workforce management market is anticipated to account for $12.0 billion by the end of 2027 and is estimated to rise at a significant rate throughout the forecast time from 2019 to 2027.
The global market has been classified into component, application, deployment type, organization size, end user and region. This analysis provides complete overview of drivers, opportunities, restraints, segmentation and key players in the overall market.
Factors affecting the market growth
As per our analysts, increasing implementation of cloud based management solutions to demand for workforce optimization is major driving factor for the workforce management market growth. However, security concerns associated with the mobile workforce management solutions is expected to limit the market growth.
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Software’s segment and time & attendance management segments are accounted for highest revenue share in 2019
Based on component, the global market has been classified into service and software. In both of these, software’s component segment held the global market size in the previous years and is estimated to continue its growth at a considerable rate during the forecast years. Growing application of software’s for tracking employee’s information and scheduling of workforce. This aspect is expected to fuel the demand for software component and boost the market growth in the estimated timeframe.
By components, the workforce management market is classified into software and services. The software component includes scheduling of workforce and keeping track of employee information. On the other hand, the services component includes support, maintenances, training, and consulting. The Services component is expected to rise due to the growing rate of adoption by the companies to optimize their business functions in the forecasted period
Based on application, the global market is segmented into absence management, workforce scheduling, embedded analytics, time & attendance management and others. Among these, time & attendance management segment generated for majority of the market share in 2019 and is anticipated to remains its growth in the forecast years. Wide usage of workforce management solutions in healthcare, manufacturing and retail sector for time & attendance management application, which will accelerate market growth in the projected time.
Cloud deployment type and small & medium enterprises segments are expected to have lucrative growth in the forecast years
By deployment type, the global market is categorized into cloud and on-premises. In both of these, on-premises segment accounted for evident workforce management market size in 2019 and is estimated to rise at a moderate during the forecast years. Besides on-premises, the market for cloud deployment type is anticipated to experience a remarkable growth and is predicted to have dominating market share by the end of the forecast time. Increasing adoption of cloud based solutions by the most of the enterprises due to its flexibility, ease of operation and feasible & streamlined properties. This factor will drive demand for cloud deployment type, which will accelerate the market growth in the coming years.
By organizational size, the global market is divided into large enterprises and small & medium enterprises. In both of these, large enterprises segment contributed highest revenue share in the previous years and is estimated to continue its dominance over the global market in the projected period. Large enterprises contains huge number of employees and remotely located across the globe, these enterprises requires efficient software’s for work allotment, scheduling and time management. This factor is significantly driving demand for workforce management software’s, which is expected to boost the market growth in the forecast period.
IT & telecommunication sector held the global market share in previous years
Based on end user, the global market has been classified into manufacturing, IT& telecommunications, government, BFSI, education, retail, healthcare and others. In these, IT & telecommunication end user segment registered for significant revenue share in 2019 and is expected to continue its growth at a notable rate throughout the projected time. Increasing implementation of workforce management software’s by IT & telecommunication industry to provide time & attendance, workforce scheduling and workforce analytics, these factors will play a crucial role in HR activities. This factor is expected to drive the market growth in the forecast years.
Workforce management market, Geographical insights
Europe region has dominated the global workforce management market share in the previous years and is estimated to remain its dominance over the global market throughout the forecast years. Wide utilization of workforce management solution software’s by the enterprises for workforce optimization in Europe region, this factor is expected to drive the market growth in the forecast years. North America accounted for subsequent position in the global market in terms of revenue share and is expected to have lucrative growth in the coming years. Growing technical advancements along with presence of significant participants is estimated to boost the market growth in the North America region.
Workforce management market, Prominent players
The prominent players in the global workforce management market include Kronos Inc., SAP SE, WorkForce Software LLC, Workday Inc., Verint Systems, Oracle Co., Automatic Data Processing, Inc., Ultimate Software Group, Inc., International Business Machines Co. and Ceridian HCM, Inc.
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