Growing demand for workforce optimization and mobile applications expected to drive the growth of the workforce management market.
The workforce management industry is driven by various factors, such as increasing adoption of cloud-based workforce management solutions and growing demand for workforce optimization and mobile applications. However, privacy and security concerns related to the workforce data deployed on the cloud can hinder the growth of the market.
Services segment to grow at a higher CAGR during the forecast period.
Workforce management has a diversified portfolio of solutions, and therefore, services become necessary to maintain these solutions. The services covered in this section include consulting, implementation, and training, support and maintenance. These services help organizations to deploy workforce management solutions on their premises or on cloud easily. Vendors provide a complete range of services that help companies conduct different activities necessary for the business functions and provide a single point of contact for all the help and assistance required. The services segment has a very promising future, as the workforce management market is evolving rapidly and needs proper pre- and post-consulting, deployment, and overall management of its solutions. Therefore, service providers are focused on delivering dedicated services by understanding buyers’ demands and needs. Workforce management vendors sometimes provide services via channel partners that help strengthen the geographical reach of solution vendors and cost effectiveness.
Large enterprises segment to account for a higher market share during the forecast period.
Organizations with more than 1,000 employees are categorized as large enterprises. Large enterprises control a number of different systems at high levels of complexity. The market size of workforce management solutions in large enterprises is relatively high compared to Small and Medium-sized Enterprises (SMEs). This is due to affordability and high economies of scale that allow organizations to leverage the benefits of this technology. The workforce management market is undergoing significant technological transitions through collaboration with social media platforms, deployment of real-time solutions, and the usage of mobile devices. All these advancements are highly adopted by large organizations. Workforce management helps these enterprises by providing tools specially catered to them, such as unified desktop, Customer Relationship Management (CRM) integration, and interaction analytics, to maintain healthy communication between large sets of employees. Other than the Human Resources (HR) functionality modules, such as recruitment and learning management, workforce management solution providers offer custom-made workforce management suites to meet the needs of the customers.
Asia Pacific to grow at the highest rate during the forecast period.
The workforce management market in Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. In the APAC region, there is a tremendous demand for workforce management solutions and services. China, India, Japan, Australia and New Zealand (ANZ), and Singapore have emerged as undisputed leaders in the workforce management industry.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the workforce management market.
- By company type: Tier 1: 42%, Tier 2: 38%, and Tier 3: 20%
- By designation: C-level: 32%, Directors: 36%, and Others: 32%
- By region: North America: 35%, Europe: 27%, APAC: 23%, and RoW: 15%
Major vendors offering workforce management solution across the globe Oracle (US), Kronos (US), ADP (US), SAP (Germany), Ultimate Software (US), WorkForce Software (US), IBM (US), Workday (US), Ceridian (US), Verint (US), Reflexis Systems (US), ATOSS (Germany), NICE (US), SumTotal (US), Infor (US), Meta4 (Spain), Ramco Systems (India), TimeClock Plus (US), Replicon (US), and Mark Information (Denmark).
The study includes an in-depth competitive analysis of the key players in the workforce management market, with their company profiles, recent developments, and key market strategies.
Research coverage
The market study covers the workforce management market size across segments. It aims at estimating the market size and growth potential of this market across different segments: component, solution, service, deployment type, organization size, vertical, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall workforce management market and the subsegments.
This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
Table of Contents
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.2.1 Inclusions and Exclusions
1.3 Market Scope
1.3.1 Market Segmentation
1.3.2 Years Considered for the Study
1.4 Currency Considered
1.5 Stakeholders
1.6 Summary of Changes
2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.2 Primary Data
2.1.2.1 Breakup of Primary Profiles
2.1.2.2 Key Industry Insights
2.2 Market Breakup and Data Triangulation
2.3 Market Size Estimation
2.3.1 Top-Down Approach
2.3.2 Bottom-Up Approach
2.4 Market Forecast
2.5 Assumptions for the Study
2.6 Limitations
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Market
4.2 North America: Market, by Component and Country, 2020
4.3 Workforce Management Market, by Organization Size, 2020-2025
4.4 Workforce Management Market, by Deployment Size, 2020-2025
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Demand for Workforce Optimization and Mobile Applications
5.2.1.2 Increasing Adoption of Cloud-Based Workforce Management Solutions
5.2.2 Restraints
5.2.2.1 Privacy and Security Concerns Related to Workforce Data Deployed on the Cloud
5.2.3 Opportunities
5.2.3.1 Increasing Need to Make Informed Decisions Among Enterprises
5.2.3.2 Rising Adoption of Workforce Management Solutions by Smes
5.2.4 Challenges
5.2.4.1 Implementation of Effective Mobile Workforce
5.2.4.2 Unstructured Data Format Owing to the Integration of Advanced Technologies
5.3 Use Cases
5.3.1 Use Case 1: Replicon
5.3.2 Use Case 2: Mark Information
5.3.3 Use Case 3: Kronos
5.4 Next Generation Industry Trends
5.4.1 Artificial Intelligence and Predictive Analytics
5.4.2 Cloud and Mobility
5.4.3 Automation
5.5 Value Chain Analysis
5.6 Technology Analysis
6 Workforce Management Market, Impact of the Covid-19
7 Workforce Management Market, by Component
7.1 Introduction
7.1.1 Component: Market Drivers
7.2 Solutions
7.3 Services
8 Workforce Management Market, by Solution
8.1 Introduction
8.1.1 Solutions: Market Drivers
8.2 Time and Attendance Management
8.3 Leave and Absence Management
8.4 Workforce Scheduling
8.5 Workforce Analytics
8.6 Others
9 Workforce Management Market, by Service
9.1 Introduction
9.1.1 Services: Market Drivers
9.2 Consulting
9.3 Implementation
9.4 Training, Support and Maintenance
10 Workforce Management Market, by Deployment Type
10.1 Introduction
10.1.1 Deployment Type: Market Drivers
10.2 On-Premises
10.3 Cloud
11 Workforce Management Market, by Organization Size
11.1 Introduction
11.1.1 Organization Size: Market Drivers
11.2 Large Enterprises
11.3 Small and Medium-Sized Enterprises
12 Workforce Management Market, by Vertical
12.1 Introduction
12.1.1 Verticals: Market Drivers
12.2 Banking, Financial Services, and Insurance
12.3 Telecom
12.4 Government
12.5 Consumer Goods and Retail
12.6 Manufacturing
12.7 Energy and Utilities
12.8 Transportation and Logistics
12.9 Healthcare and Life Sciences
12.10 Information Technology Enabled Services
12.11 Other Verticals
13 Workforce Management Market, by Region
13.1 Introduction
13.2 North America
13.2.1 North America: Market Drivers
13.2.2 United States
13.2.3 Canada
13.3 Europe
13.3.1 Europe: Market Drivers
13.3.2 United Kingdom
13.3.3 Rest of Europe
13.4 Asia Pacific
13.4.1 Asia Pacific: Market Drivers
13.4.2 China
13.4.3 Rest of Asia Pacific
13.5 Middle East and Africa
13.5.1 Middle East and Africa: Market Drivers
13.5.2 Kingdom of Saudi Arabia
13.5.3 Rest of Middle East and Africa
13.6 Latin America
13.6.1 Latin America: Market Drivers
13.6.2 Brazil
13.6.3 Rest of Latin America
14 Competitive Landscape
14.1 Introduction
14.1.1 New Product Launches/Product Enhancements
14.1.2 Partnerships and Collaborations
14.1.3 Mergers and Acquisitions
14.2 Competitive Leadership Mapping
14.2.1 Visionary Leaders
14.2.2 Innovators
14.2.3 Dynamic Differentiators
14.2.4 Emerging Companies
15 Company Profiles
15.1 Introduction
15.2 Oracle
15.3 Kronos
15.4 ADP
15.5 Sap
15.6 Ultimate Software
15.7 Verint
15.8 Workday
15.9 Reflexis Systems
15.10 Workforce Software
15.11 IBM
15.12 Ceridian
15.13 Sumtotal
15.14 Meta4
15.15 Atoss
15.16 Nice
15.17 Infor
15.18 Ramco Systems
15.19 Replicon
15.20 Timeclock Plus
15.21 Mark Information
15.22 Right-To-Win
16 Appendix
16.1 Discussion Guide
16.2 Knowledge Store: Subscription Portal
16.3 Available Customizations
16.4 Related Reports
16.5 Author Details
List of Tables
Table 1 United States Dollar Exchange Rate, 2016-2019
Table 2 Factor Analysis
Table 3 Global Workforce Management Market Size, 2018-2025 (USD Million)
Table 4 Workforce Management Market Size, by Component, 2018-2025 (USD Million)
Table 5 Solutions: Market Size, by Region, 2018-2025 (USD Million)
Table 6 Services: Market Size, by Region, 2018-2025 (USD Million)
Table 7 Workforce Management Market Size, by Solution, 2018-2025 (USD Million)
Table 8 Time and Attendance Management: Market Size, by Region, 2018-2025 (USD Million)
Table 9 Leave and Absence Management: Market Size, by Region, 2018-2025 (USD Million)
Table 10 Workforce Scheduling: Market Size, by Region, 2018-2025 (USD Million)
Table 11 Workforce Analytics: Market Size, by Region, 2018-2025 (USD Million)
Table 12 Others: Market Size, by Region, 2018-2025 (USD Million)
Table 13 Workforce Management Market Size, by Service, 2018-2025 (USD Million)
Table 14 Consulting: Market Size, by Region, 2018-2025 (USD Million)
Table 15 Implementation: Market Size, by Region, 2018-2025 (USD Million)
Table 16 Training, Support and Maintenance: Market Size, by Region, 2018-2025 (USD Million)
Table 17 Workforce Management Market Size, by Deployment Type, 2018-2025 (USD Million)
Table 18 On-Premises: Market Size, by Region, 2018-2025 (USD Million)
Table 19 Cloud: Market Size, by Region, 2018-2025 (USD Million)
Table 20 Market Size, by Organization Size, 2018-2025 (USD Million)
Table 21 Large Enterprises: Workforce Management Size, by Region, 2018-2025 (USD Million)
Table 22 Small and Medium-Sized Enterprises: Market Size, by Region, 2018-2025 (USD Million)
Table 23 Workforce Management Market Size, by Vertical, 2018-2025 (USD Million)
Table 24 Banking, Financial Services, and Insurance: Market Size, by Region, 2018-2025 (USD Million)
Table 25 Telecom: Market Size, by Region, 2018-2025 (USD Million)
Table 26 Government: Market Size, by Region, 2018-2025 (USD Million)
Table 27 Consumer Goods and Retail: Market Size, by Region, 2018-2025 (USD Million)
Table 28 Manufacturing: Market Size, by Region, 2018-2025 (USD Million)
Table 29 Energy and Utilities: Market Size, by Region, 2018-2025 (USD Million)
Table 30 Transportation and Logistics: Market Size, by Region, 2018-2025 (USD Million)
Table 31 Healthcare and Life Sciences: Market Size, by Region, 2018-2025 (USD Million)
Table 32 Information Technology Enabled Services: Market Size, by Region, 2018-2025 (USD Million)
Table 33 Other Verticals: Market Size, by Region, 2018-2025 (USD Million)
Table 34 Workforce Management Market Size, by Region, 2018-2025 (USD Million)
Table 35 North America: Market Size, by Component, 2018-2025 (USD Million)
Table 36 North America: Market Size, by Solution, 2018-2025 (USD Million)
Table 37 North America: Market Size, by Service, 2018-2025 (USD Million)
Table 38 North America: Market Size, by Deployment Type, 2018-2025 (USD Million)
Table 39 North America: Market Size, by Organization Size, 2018-2025 (USD Million)
Table 40 North America: Market Size, by Vertical, 2018-2025 (USD Million)
Table 41 North America: Market Size, by Country, 2018-2025 (USD Million)
Table 42 North America: Solutions Market Size, by Country, 2018-2025 (USD Million)
Table 43 North America: Time and Attendance Management Market Size, by Country, 2018-2025 (USD Million)
Table 44 North America: Leave and Absence Management Market Size, by Country, 2018-2025 (USD Million)
Table 45 North America: Workforce Scheduling Market Size, by Country, 2018-2025 (USD Million)
Table 46 North America: Workforce Analytics Market Size, by Country, 2018-2025 (USD Million)
Table 47 North America: Other Solutions Market Size, by Country, 2018-2025 (USD Million)
Table 48 North America: Services Market Size, by Country, 2018-2025 (USD Million)
Table 49 North America: Consulting Services Market Size, by Country, 2018-2025 (USD Million)
Table 50 North America: Implementation Services Market Size, by Country, 2018-2025 (USD Million)
Table 51 North America: Training, Support and Maintenance Services Market Size, by Country, 2018-2025 (USD Million)
Table 52 North America: On-Premises Market Size, by Country, 2018-2025 (USD Million)
Table 53 North America: Cloud Market Size, by Country, 2018-2025 (USD Million)
Table 54 North America: Large Enterprises Market Size, by Country, 2018-2025 (USD Million)
Table 55 North America: Small and Medium-Sized Enterprises Market Size, by Country, 2018-2025 (USD Million)
Table 56 United States: Workforce Management Market Size, by Component, 2018-2025 (USD Million)
Table 57 United States: Market Size, by Solution, 2018-2025 (USD Million)
Table 58 United States: Market Size, by Service, 2018-2025 (USD Million)
Table 59 United States: Market Size, by Deployment Type, 2018-2025 (USD Million)
Table 60 United States: Market Size, by Organization Size, 2018-2025 (USD Million)
Table 61 Canada: Market Size, by Component, 2018-2025 (USD Million)
Table 62 Canada: Market Size, by Solution, 2018-2025 (USD Million)
Table 63 Canada: Market Size, by Service, 2018-2025 (USD Million)
Table 64 Canada: Market Size, by Deployment Type, 2018-2025 (USD Million)
Table 65 Canada: Market Size, by Organization Size, 2018-2025 (USD Million)
Table 66 Europe: Workforce Management Market Size, by Component, 2018-2025 (USD Million)
Table 67 Europe: Market Size, by Solution, 2018-2025 (USD Million)
Table 68 Europe: Market Size, by Service, 2018-2025 (USD Million)
Table 69 Europe: Market Size, by Deployment Type, 2018-2025 (USD Million)
Table 70 Europe: Market Size, by Organization Size, 2018-2025 (USD Million)
Table 71 Europe: Market Size, by Vertical, 2018-2025 (USD Million)
Table 72 Europe: Market Size, by Country, 2018-2025 (USD Million)
Table 73 Europe: On-Premises Market Size, by Country, 2018-2025 (USD Million)
Table 74 Europe: Cloud Market Size, by Country, 2018-2025 (USD Million)
Table 75 Europe: Large Enterprises Market Size, by Country, 2018-2025 (USD Million)
Table 76 Europe: Small and Medium-Sized Enterprises Market Size, by Country, 2018-2025 (USD Million)
Table 77 United Kingdom: Market Size, by Deployment Type, 2018-2025 (USD Million)
Table 78 United Kingdom: Market Size, by Organization Size, 2018-2025 (USD Million)
Table 79 Rest of Europe: Market Size, by Deployment Type, 2018-2025 (USD Million)
Table 80 Rest of Europe: Market Size, by Organization Size, 2018-2025 (USD Million)
Table 81 Asia Pacific: Workforce Management Market Size, by Component, 2018-2025 (USD Million)
Table 82 Asia Pacific: Market Size, by Solution, 2018-2025 (USD Million)
Table 83 Asia Pacific: Market Size, by Service, 2018-2025 (USD Million)
Table 84 Asia Pacific: Market Size, by Deployment Type, 2018-2025 (USD Million)
Table 85 Asia Pacific: Market Size, by Organization Size, 2018-2025 (USD Million)
Table 86 Asia Pacific: Market Size, by Vertical, 2018-2025 (USD Million)
Table 87 Asia Pacific: Market Size, by Country, 2018-2025 (USD Million)
Table 88 China: Market Size, by Deployment Type, 2018-2025 (USD Million)
Table 89 Middle East and Africa: Workforce Management Market Size, by Component, 2018-2025 (USD Million)
Table 90 Middle East and Africa: Market Size, by Solution, 2018-2025 (USD Million)
Table 91 Middle East and Africa: Market Size, by Service, 2018-2025 (USD Million)
Table 92 Middle East and Africa: Market Size, by Deployment Type, 2018-2025 (USD Million)
Table 93 Middle East and Africa: Market Size, by Organization Size, 2018-2025 (USD Million)
Table 94 Middle East and Africa: Market Size, by Vertical, 2018-2025 (USD Million)
Table 95 Middle East and Africa: Market Size, by Country, 2018-2025 (USD Million)
Table 96 Latin America: Workforce Management Market Size, by Component, 2018-2025 (USD Million)
Table 97 Latin America: Market Size, by Solution, 2018-2025 (USD Million)
Table 98 Latin America: Market Size, by Service, 2018-2025 (USD Million)
Table 99 Latin America: Market Size, by Deployment Type, 2018-2025 (USD Million)
Table 100 Latin America: Market Size, by Organization Size, 2018-2025 (USD Million)
Table 101 Latin America: Market Size, by Vertical, 2018-2025 (USD Million)
Table 102 Latin America: Market Size, by Country, 2018-2025 (USD Million)
Table 103 New Product Launches, 2019
Table 104 Partnerships and Collaborations, 2018-2019
Table 105 Mergers and Acquisitions, 2018-2020
List of Figures
Figure 1 Workforce Management Market: Research Design
Figure 2 Top-Down and Bottom-Up Approaches
Figure 3 Research Methodology
Figure 4 Market Size Estimation Methodology: Illustrative Example of Kronos
Figure 5 Segments with Higher Market Shares in the Workforce Management Market in 2020
Figure 6 North America to Account for the Highest Market Share in 2020
Figure 7 Growing Demand for Workforce Optimization and Mobile Applications to Drive the Workforce Management Market Growth
Figure 8 Solutions Segment and United States to Account for Higher Market Shares in 2020
Figure 9 Small and Medium-Sized Enterprises Segment to Grow at a Higher Growth Rate During the Forecast Period
Figure 10 Cloud Segment to Grow at a Higher Growth Rate During the Forecast Period
Figure 11 Workforce Management Market: Drivers, Restraints, Opportunities, and Challenges
Figure 12 Value Chain: Workforce Management Market
Figure 13 Services Segment to Grow at a Higher CAGR During the Forecast Period
Figure 14 Workforce Analytics Segment to Grow at the Highest CAGR During the Forecast Period
Figure 15 Training, Support and Maintenance Services Segment to Grow at the Highest CAGR During the Forecast Period
Figure 16 Cloud Segment to Grow at a Higher CAGR During the Forecast Period
Figure 17 Small and Medium-Sized Enterprises to Grow at a Higher CAGR During the Forecast Period
Figure 18 Consumer Goods and Retail Vertical to Grow at the Highest CAGR During the Forecast Period
Figure 19 Asia Pacific to Grow at the Highest CAGR During the Forecast Period
Figure 20 North America: Market Snapshot
Figure 21 Asia Pacific: Market Snapshot
Figure 22 Key Developments in the Workforce Management Market During 2018-2020
Figure 23 Workforce Management (Global), Competitive Leadership Mapping, 2020
Figure 24 Geographic Revenue Mix of the Top Market Players
Figure 25 Oracle: Company Snapshot
Figure 26 Oracle: Swot Analysis
Figure 27 Kronos: Swot Analysis
Figure 28 Adp: Company Snapshot
Figure 29 Adp: Swot Analysis
Figure 30 Sap: Company Snapshot
Figure 31 Sap: Swot Analysis
Figure 32 Ultimate Software: Swot Analysis
Figure 33 Verint: Company Snapshot
Figure 34 Workday: Company Snapshot
Figure 35 IBM: Company Snapshot
Executive Summary
Companies Mentioned
- ADP
- Atoss
- Ceridian
- IBM
- Infor
- Kronos
- Mark Information
- Meta4
- Nice
- Oracle
- Ramco Systems
- Reflexis Systems
- Replicon
- Sap
- Sumtotal
- Timeclock Plus
- Ultimate Software
- Verint
- Workday
- Workforce Software
Methodology
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