The Global Workforce Management Software Market- Recent Developments, COVID-19 impact and Forecast (2021-2025)
The Workforce Management Software Market is segmented by Component Type (Solutions and Services); Deployment Type (Cloud, On-premises, and Hybrid); Organization size; End-users (IT and telecom, Retail and E-Commerce, Healthcare, Manufacturing, and Others) Geography (North America, Europe, APAC and ROW).
Introduction
Workforce management software is an integrated set of processes that an institution uses to optimize the productivity of its employees on the individual, departmental, and entity-wide levels.
This enables organizations to centralize resource usage data and better plan future utilization. It allows the companies to create custom workflows to be more efficient in their decision-making processes and protect the integrity of data.
The workforce management software market is driven by the increasing penetration of smartphones and focus on workforce optimization. However, the huge deployment cost, lack of awareness about their operational effectiveness is hindering the market.
The COVID-19 pandemic has severely impacted importance of workforce management solutions in healthcare industry. This software helps in keeping nursing staff engaged, scheduling tasks and forecasting patient census, scheduling and managing full-time versus part-time nurses and so on. Moreover, the need for this software is expected to grow in the healthcare sector.
Table of Contents
Executive Summary
Scope of the report
Research Methodology
Executive Summary
Introduction
5.1 Parent Market/ TAM
5.2 Market Outline
5.3 Market Segmentation
6. Five Force analysis
7. Market Sizing
8. Market segmentation
9. Geographical Landscape
9.1 APAC
9.2 Europe
9.3 North America
9.4 ROW
10. Growth drivers
10.1 Growing demand for workforce optimization and mobile applications
10.2 Increasing adoption of cloud-based workforce management solutions
11. Key Market Trends
12. Impact of Covid-19
13. Challenges
14. Customer Insights analysis
15. Major Market Players
15.1 SAP
15.2 Kronos
15.3 ADP
15.4 Oracle
15.5 Ultimate Software
15.6 IBM
15.7 Workday
15.8 Verint
15.9 WorkForce Software
15.10 Ceridian
16. Recent Developments
17. Future Scope
18. Strategic Recommendations
Market Overview
The global workforce management software market is expected to grow to $11,287.60 million by 2025.
Growth momentum is expected to accelerate during the forecast period with a 9.72% CAGR.
Growth in this market is primarily driven by the increasing demand for cloud-based enterprise applications and easy access through mobile.
North America is dominating due to technological advancements in enterprise applications.
Key Trends
Increasing adoption of workforce management in small and medium-sized organizations is likely to create opportunities in the near future.
The rising need for workforce solutions to make informed decisions among enterprises is anticipated to drive the market during the forecast period.
Key Market Players
Some of the key players in the market are SAP, Kronos, ADP, Oracle, Ultimate Software, IBM.
The market is highly competitive owing to the rise in demand for workforce management solutions coupled with technological advancements, which is likely to boost the entry of new companies. Moreover, the industry players are focusing on enhancing their solutions with extra capabilities, including analytics, compliance, and different vendor integration, on sustaining their competitive position in the market.
Growth Drivers and Challenges
Evolving industrialization in growing economies is resulting in the prevalence rising demand for cloud-based solutions is driving the market for workforce management software.
The increasing penetration of smartphones and focus on workforce optimization is also one of the key drivers of the market.