Workforce Management Software Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 To 2030

Market Excerpt

The global workforce management software market was valued at US$ 5.93 Bn in 2021 and is expected to expand at a CAGR of 9.5% during the forecast period from 2022 to 2030. Achieving on-budget workforce strategic planning is complex and difficult with conventional paper/spreadsheet-based methods given the voluminous amount and type of data inputs required. Thus, automation is requisite for smart, data-driven staff management. IT is important in helping business organizations across industry verticals to optimize and streamline operations, including workforce management. With the advent of digitalization, workforce management software solutions are fast replacing conventional ways of manually maintaining workforce databases using spreadsheets, thereby leading to a change in the workforce management landscape. The use of these solutions has brought down the time required for maintaining a workforce database and discrepancies related to data.

Furthermore, cloud-based workforce management software has become increasingly important with the onset of the COVID-19 pandemic. With a large portion of the workforce operating remotely from their home, it has become imperative for organizations to manage their workforce effectively. Thereby, there has been a significant uptick in the demand for sophisticated workforce management software since 2nd quarter of 2020.

Cloud-based Solutions to Register Significant Growth during the Forecast Period

In 2021, the value contribution from on-premise workforce management solutions was greater than cloud-based solutions. The value contribution of on-premise solutions in the global workforce management software market stood over 60% in the same year. Although on-premise solutions continue to dominate in the global workforce management software market, demand for cloud-based solutions is projected to grow at a superior growth rate during the forecast period. Cloud-based workforce management solutions are gaining popularity among end-users on the back of their ability to offer greater ROI and savings given their low operating cost and minimal upfront investment. In addition, remote access to data, automated software updates, and unlimited storage capacity are other benefits driving demand for cloud-based solutions.

North America to Continue Dominance; the Asia Pacific to Register Fastest Growth

In 2021, North America and Europe represent two major workforce management software market worldwide followed by the Asia Pacific. North America and Europe collectively accounted for over two-third of the total workforce management software market value in the same year. This supremacy is majorly on the back of factors including relatively greater acceptance of technological innovations and dedicated expenditure by enterprises on streamlining operations, including workforce management. On the other hand, Asia Pacific is projected to register stronger growth during the forecast period from 2020 to 2028. Economic development leading to an increase in the number of business enterprises, growing acceptance of digitalization, and related labor regulations are estimated to drive demand for workforce management solutions in the Asia Pacific during the forecast period from 2020 to 2028.

BFSI Sector to Witness Profound Adoption of Workforce Management Solutions during the Forecast Period

In 2021, retail, automotive, and industrial manufacturing represented major end-use segments in the global workforce management software market. These segments collectively accounted for over 60% of the total workforce management software market value in the same year. Greater adoption of workforce management software solutions among these end-use segments is largely credited to the labor-intensive nature of these industry verticals. On the other hand, the demand for workforce management solutions among the BFSI segment is estimated to witness profound growth during the forecast period from 2020 to 2028. Until 2019, most of the large BFSI organizations relied on traditional workforce management systems since a large proportion of their workforce was expected to work from the organization's facility to ensure data security and confidentiality. However, with the onset of COVID-19, an increasing number of employees in the BFSI segment are expected to work from home thereby, tracking and reporting over traditional workforce management systems is no longer viable. Thereby, since the 2nd quarter of 2020, there has been an increase in demand for cloud-based workforce management software from the BFSI segment.

Key companies profiled in the research study include SAP SE, Kronos Incorporated, Oracle Corporation, Workforce Software Group Inc., Reflexis Systems Inc., Active Operations Management International LLP, SISQUAL, Nice Systems Inc., and Infor among others.

Historical & Forecast Period

This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Workforce Management Software market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Workforce Management Software market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Segmentation

Mode of Deployment

• On-premise
• Cloud-based

End-use Vertical

• BFSI
• Retail
• Healthcare
• Automotive
• Industrial Manufacturing
• Government
• Others (Education, etc.)

Functionality

• Workforce Forecast & Scheduling
• Time & Attendance Management
• Absence Management
• Workforce Analytics
• Others (Fatigue Management, Task Management, etc.)

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Workforce Management Software market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2030.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Workforce Management Software market?
• Which is the largest regional market for Workforce Management Software market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Workforce Management Software market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Workforce Management Software market worldwide?

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