Technological advancement, combined with high demand for electronic appliances, has transformed the traditional workforce management services into IT and technology solutions services. Reliance on artificial intelligence has made it easier to use workforce management. It benefited the workforce management by providing accurate data and systematic management. Growing adoption of artificial intelligence and IoT solutions are key factors in making a positive impact on the Workforce management market.
Cyber security threats to the newly developed workforce management solutions are increasing with the growing adoption of these systems. This factor is going to hinder the growth of the market.
Rapid industrialization has increased the need for workforce management system which is going to create many opportunities for the market.
Research Dive has recently published a report titled “Workforce Management Market, by Component (Software and Service), Application (Workforce Scheduling, Time & Attendance Management, Embedded Analytics, Absence Management, Others), Deployment Type (On-Premises and Cloud), Organizational Size (Small and Medium Enterprises, Large Enterprises), End-User (BFSI, IT& Telecommunications, Healthcare, Education, Government, Retail, Manufacturing, Others), Regional Analysis, Global Opportunity Analysis and Industry Forecast, 2020–2027”
Asia-Pacific region will dominate the market during the forecast period. The APAC countries such as India, Japan, and China are implementing workforce management system and solution for better productivity. This is the factor behind the growth of this sector.
Key Segments of the Market
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The report has divided the market based on component, application, deployment type, end-user, and regional analysis.
- In the component segment, service sub-segment is going to be the most profitable. 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.
- In the application segment, time and attendance management sub-segment will be the most beneficial. This is because of the importance of time and attendance management in increasing productivity at workplace.
- In deployment type, cloud-based software segment will become the most lucrative. Cloud deployment increases time-efficiency, affordability, and simplicity of execution, and it makes the cloud model more preferable by the organizations which is contributing to the growth of the market.
- In organization size, small and medium size business segment is going to be the most promising. This is because of the benefits of these systems such as staff scheduling and time management.
- In end-use segment, IT and telecommunication industry will garner the highest revenue. These sectors widely use various tools provided by workforce management systems such as integrated customer relationships, employee relationship management, data analyses, and keeping track records.
Key Players of the Market
As per the report, the leading players of the global workforce management market include SAP SE, Oracle Co., Ultimate Software Group Inc., Automatic Data Processing Inc., Work Force Software LLC, Workday Inc., Kronos Inc., Ceridian HCM Inc., International Business Machines Co., Verint Systems and many others.
According to a latest press release, Ceridian has announced that it is going to aquire Excelity Global Solutions Pte Ltd. (Excelity). Excelity is an HCM service provider based on Asia.
The report also recapitulates many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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