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Workforce Management Market to Rise at 10.1% CAGR till 2026; Expansion of Services Sector in Developing Countries to Boost the Market

April 14, 2020 | Information & Technology

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.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/workforce-management-market-102633


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.


Industry Developments:



  • May 2018: Oracle Corporation, the American computer technology MNC, has joined forces with the Michigan-based WorkForce Software to specifically cater to the scheduling snags faced by companies. The alliance will allow Oracle’s Human Capital Management (HCM) Cloud to utilize WorkForce’s superior scheduling solutions to ensure better employee compliance in terms of scheduling.


List of Top Players Covered in the Report:



  • Infor

  • IBM Corporation

  • Ultimate Software

  • Workday, Inc.

  • SAP SE

  • Kronos, Inc.

  •  NetSuite, Inc.

  • Cornerstone OnDemand, Inc.

  • WorkForce Software, LLC.

  • Automatic Data Processing, Inc.

  • Oracle Corporation


Further Report Findings:



  • Having generated USD 0.92 billion in revenue in 2018, North America is set to dictate the workforce management market share during the forecast period as the region is one of the largest buyers of WFM solutions.

  • Asia-Pacific boasted of a significant market size in 2018, which will enable the region to exhibit excellent growth in the upcoming decade. This will mainly be a result of active government promotion of adoption of digital solutions in small and medium enterprises (SMEs).

  • By end-use industry, the IT and telecommunication segment is slated to lead the market as the sector is one of the largest employers, especially in developing countries. The healthcare segment held a share of 10.1%, the WFM market analysis states.


Table of Segmentation:

















































 ATTRIBUTE



 DETAILS



Study Period



  2015 - 2026



Base Year



  2018



Forecast Period



  2019 - 2026



Historical Period



  2015 - 2017



Unit



  Value (USD billion)



Segmentation



By Component



  • Software

  • Services



By Deployment



  • On-Premise

  • Cloud



By Enterprise Size



  • SMEs

  • Large Enterprises



By Application



  • Workforce Analytics

  • Workforce Scheduling

  • Time and Attendance Management

  • Others (Task Management and Fatigue Management)



By End-Use Industry



  • Telecom and IT

  • BFSI

  • Government

  • Retail

  • Healthcare

  • Education

  • Manufacturing

  • Others



By Region



  • North America (U.S. and Canada)

  • Europe (U.K., Germany, France, Scandinavia, and Rest of Europe)

  • Asia-Pacific (Japan, China, India, Southeast Asia, and Rest of Asia-Pacific)

  • Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)

  • Latin America (Brazil, Mexico, and Rest of Latin America)


Workforce Management Market
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