The Future of Workforce Management: A Step-By-Step Guide with Market Growth Opportunities & Segmentation

Increase in demand for workforce optimization & mobile applications and rise in adoption of cloud-based workforce management drive the growth of the global workforce management market. On the other hand, privacy and security concerns related to workforce data deployed on the cloud impede the growth to certain extent. However, integration of advanced technologies in workforce management is expected to create multiple opportunities in the industry. 

According to the report, the global workforce management industry was estimated at $4.35 billion in 2019, and is expected to hit $9.39 billion by 2027, registering a CAGR of 10.2% from 2020 to 2027. 

COVID-19 scenario- 

• The world's response to the pandemic has resulted in rapid restoration of the workplace. With most of the companies embracing the trend of work-from-home, workforce management solutions that come with the ability to remotely track and administer employees have widely been adopted by several commercial as well as manufacturing units. 
• Also, companies that tend to capitalize on post-COVID prospects will find themselves in a good station to retain their talent and engage people when the pandemic ends. 

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The workforce is the biggest asset of a business, where they play a critical role in performing day-to-day operations and offer the biggest competitive advantage in the highly competitive market. Thus, many business leaders opt for workforce management solutions to help them optimize their workforce operations and schedule the task depending upon the task priority and skilled labor. 

Workforce management offers a wide range of solutions such as time and attendance management, task management, workforce scheduling, workforce analytics, budgeting and forecasting, and many others. Though the workforce management solution offers a wide range of features, there are many advance/premium features that require extra cost. Thus, many companies opt for customized solutions package that includes features that are specific to their needs. This has created significant opportunity for workforce management market growth, owing to workforce customized solutions offerings.   

Segmental Analysis: 

By Component: 

• Solution 
• Service 

By Organization Size: 

• Large Enterprises 
• SMES 

By Industry Vertical: 

• BFSI 
• Manufacturing 
• Healthcare 
• Government 
• Retail & E-Commerce 
• IT & Telecom 
• Education 
• Others 

By Region: 

• North America  (U.S., Canada) 
• Europe  (UK, Germany, France, Italy, Spain, Russia, Rest of Europe) 
• Asia-Pacific  (China, India, Japan, Australia, Singapore, South Korea, Rest of Asia-Pacific) 
• LAMEA  (Latin America, Middle East, Africa) 

Key Market Players: 

• WORKFORCE SOFTWARE 
• IBM 
• ADP  
• INFOR 
• SAP SE 
• VERINT SYSTEMS INC 
• SUMTOTAL SYSTEMS, LLC 
• KRONOS INCORPORATED 
• ORACLE CORPORATION 
• WORKDAY 

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