Global Workforce management Market by Solution (Workforce Scheduling, Attendance Management, Analytics, Absence Management), By Deployment (On Cloud and On-Premises, By Application (Retail, healthcare, banking financial service and insurance (BFSI)); and Region –Analysis of Market Size, Share & Trends for 2016 – 2019 and Forecasts to 2030

Market overview

Workforce management is a process that maximizes an organization's level of competency and performance. Processes include tasks to support efficient workers such as management of human resources, field service management, collection of data, budgeting, forecasts, analytics, and scheduling. Workforce management is a combined process that an organization uses to maximize its employees ' productivity at various levels. It provides group-level applications and services for helping front line supervisors, corporate management, store managers and employees across production, manufacturing, retail, and transport activities.

Market Highlights

Fatpos Global anticipates the Workforce management market to surpass USD XX Billion by 2030, which is valued at XX billion in 2019 at a compound annual growth rate of XX%. The market is anticipated to grow on the back of opportunities of the growing need for factors such as optimization of employees’ work power, increased cloud deployment, and the need to comply with regulatory requirements. There is an increase in demand for linked and unified organizations as well as for an integrated workplace management system distributed across different locations.

Source: Fatpos Global

Recent Highlights in Global Workforce management market

• In January 2019, The Workforce Dimensions cloud platform will allow retail, hospitality, and food services to function more efficiently. The AI system, Managers, and Workforce Artificial Intelligence (AIMEE) will advance the workforce volume forecasts. A more consistent and reliable schedule will be allowed by ML. Incorporated predictive analytics and proactive compliance capacity will enhance strategic problem solving further.
• In April 2020, Last Software fused with Kronos. The merger aims to create one of the leading cloud infrastructure providers to meet organizations' requirements across all verticals. The new organization with offices worldwide will have its joint Headquarters in Lowell, Massachusetts, and Weston, Florida.

Global Workforce Management Market: Segments

Global market has been segmented on the basis of solution type, deployment type,  application type, and location. It has been further segmented on the basis of region into North America, Europe, Asia-Pacific, Mid East, and Africa.

By solution type (in %), Global Workforce Management Market, 2019

The Time and attendance segment is anticipated to register XX% of the market share

Global Workforce Management Market is segmented by product type into Workforce Scheduling, Attendance Management, Analytics, Absence Management

Time & attendance have been used in a workplace with large labor force such as healthcare, retail, and manufacturing.

By Deployment type (in %), Global Workforce Management Market, 2019

The cloud segment dominated the market and is expected to grow at a CAGR of 12.9%.

Global workforce management market is segmented by deployment: Cloud and on-premises

For the industry’s employee solutions, the cloud is mainly the preferred option because it makes it easy to operate, save costs, and facilitates flexibility. In addition, marketing initiatives from leading solutions providers have helped create cloud as a viable and seamless deployment alternative amongst traditionally viewed industries.

Source: Fatpos Global

By Application type (in %), Global Workforce Management Market, 2019

The retail application segment dominated the market with a 23.1% market volume share

Global workforce management market is segmented by application into Retail, healthcare, banking financial service and insurance (BFSI)

A significant factor in the implementation of workforce management strategies in the retail sector was the labor-intensive nature of this field. In these application industries too, solutions like time & attendance and absence management are highly demanded.

Global Workforce Management Market: Drivers and Restraints

Drivers

• The growing need for workforce management

The market is primarily driven by the changing work dynamics and increasing population managed by SMSE’s in developing economies such that of India and China. Moreover, an increase in practices like the adoption of cloud application and smartphone penetration across various markets is anticipated to fuel market growth.

• Other key benefits

The benefits provided by workforce management like certifying a streamline flow of tracking and maintaining the workforce in an organization.

Restraints

• Lack of awareness

This growth is hampered by the lack of awareness in certain developing regions. Most small and medium-sized businesses, in particular, are not expected to adopt the program and follow the same conventional methods.  They are not aware of the benefits of the automated workforce management system in an enterprise and thus feel reluctant to use them.

Global Workforce Management Market: Regions

The European region was the largest market accounting for XX% of total market volume share in 2019

Asia-Pacific regional growth is driven by the growing number of labor regulations and legislation in developing countries like India and China. With the maturation of these environments, strict enforcement of policies would likely have a profound impact on the compliance of leave management solutions.

As technology inclusion in the U.S. is more likely, solutions like embedded analytics and labor cost predictions are becoming increasingly important in the region

Asia Pacific: China, Japan, India, and Rest of Asia Pacific
Europe: Germany, the UK, France, and Rest of Europe
North America: The US, Mexico, and Canada
Latin America: Brazil and Rest of Latin America
Middle East & Africa: GCC Countries and Rest of Middle East & Africa

Source: Fatpos Global

Global Workforce management market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y

   Growth, CAGR – United States and Canada

• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y

    Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America

• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth,

    CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium,

    Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia,

    Turkey and Rest of Europe

• APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth,

   CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New

    Zealand, Australia and Rest of APAC

• MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth,

   CAGR – North Africa, Israel, GCC, South Africa

Global Workforce Management Market: Key Players

• Oracle (US)
  • Company Overview
  • Business Strategy
  • Key Product Offerings
  • Financial Performance
  • Key Performance Indicators
  • Risk Analysis
  • Recent Development
  • Regional Presence
  • SWOT Analysis
• ADP (US)
• Ultimate Software (US)
• IBM (US)
• Ceridian (US)
• Reflexis Systems (US)
• NICE (US)
• Infor (US)
• Ramco Systems (India)
• Replicon (US)
• Other prominent players

Global Workforce Management market report also contains analysis on:

• Global Workforce Management  Market Segments:
  • By solution:
    • Workforce Scheduling
    • Attendance Management
    • Analytics
    • Absence Management
  • By Application type:            
    • Retail
    • Healthcare
    • Banking financial service and insurance (BFSI)
  • By deployment
    • Cloud
    • On-Premises
• Global Workforce Management Market Dynamics
• Global Workforce Management Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints

FAQs on Global Workforce Management Market

• Which segment is anticipated to hold the largest market share?
• At what CAGR is the market anticipated to grow between 2020 and
• Who are the key players in Global Workforce Management market?
• What could be the challenging factors for the growth of Global Workforce management market?
• What are the growth drivers for the Workforce management market?