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The global workforce management market size is envisioned to touch USD 5.25 billion by 2026 owing to increasing adoption of cloud-based solutions for process optimization across organizations. This information is provided in the recent Fortune Business Insights report, titled “Workforce Management Market Size, Share & Industry Analysis, By Component (Software, and Services), By Deployment (On-Premise, and Cloud), By Enterprise Size (SMEs and Large Enterprises), By Application (Workforce Analytics, Workforce Scheduling, Time and Attendance Management, and Others), By End-Use Industry (IT and Telecommunication, BFSI, Government, Retail, Healthcare, Education, Manufacturing, and Others) and Regional Forecast, 2019-2026”. As per the findings of the report, the market value stood at USD 2.44 billion in 2018 and is expected to register a CAGR of 10.1% from 2019 to 2026.
Kronos and Ultimate Software Form a Formidable Alliance to Capture Larger Cloud Space
One of the chief workforce management market trends is the collaborations and partnerships among companies that are becoming a prominent feature of the market competition. Two industry leaders, Kronos Incorporated and Ultimate Software, are heading this trend through their merger agreement that was announced in February 2020. The implications of this agreement will be profound on the WFM market as the merger will give birth to one of the largest cloud companies in the world. A combination of two of the most innovative cloud-based solutions for workforce management and human capital management, the merger will give the two giants an unassailable edge in the workforce management software market competition in the upcoming decade. More importantly, developments such as this one will significantly enhance the potential of this market during the forecast period.
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Proliferation of AI-based Technologies to Brighten Market Outlook
Artificial Intelligence (AI) and Machine Learning (ML) have become ubiquitous across the services sector and are headlining the technological revolution that is sweeping the global economy. WFM software solutions are also making significant gains from these advancements, with companies innovating along the new parameters set by AI-based systems. Kronos, for example, developed AIMEE, an AI-powered WFM and human resource management software, with an aim to ensure that the skills and performance of a worker is well-aligned with the job requirements and customer demand. Moreover, AIMEE is engineered to provide accurate forecasting of labor volume, empowering companies to take key workforce-related decisions with reliable information at hand. Since enhancing employee productivity and reducing operational costs is the main focus of private sector entities, integration of AI and ML with existing processes and services will hold the market in good stead.
Prudent Partnerships Among Players to Heat up Market Competition
In an attempt to consolidate their position as market leaders, many competitors in this market are entering into strategic alliances, the workforce management market report observes. These partnerships are also enabling players to diversify their offerings as well as broaden their market reach. Further, these collaborations are making it possible for lesser-known companies to mark their presence in this market by addressing the multifarious issues impacting human resource management in organizations.
List of Top Players Covered in the Report:
Further Report Findings:
Table of Segmentation:
2015 - 2026
2019 - 2026
2015 - 2017
Value (USD billion)
By Enterprise Size
By End-Use Industry