Market Overview
Workforce Management Market is expected to increase at a compound annual growth rate (CAGR) of 9.2 per cent during the study period, from USD 6,394.4 million in 2020 to 14.31 billion by 2030.
There was a favourable Workforce Management Market expansion between 2016 and 2020. Essentially, it is a collection of tools and procedures that centralises the industry's data to aid in human resource operations. Furthermore, the increase in technological breakthroughs and widespread acceptance of cloud-based systems cause the market to grow at an exponential rate.
Following that, the reason for its popularity in this industry is the widespread awareness of technology and the benefits of working from home. Furthermore, the introduction of several small and medium-sized organisations and industries contributes to the expansion of the Workforce Management Market size. This market is primarily responsible for rapid expansion due to the need for improvement in company organisations.
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Key Players
Kronos Inc, ADP LLC, IBM Corporation, Workday Inc., SAP SE, Verint Systems, Inc, Workforce Software, LLC, Oracle Corporation, Ultimate Software, Reflexis Systems
Segmentation
The market has been segmented based on component, deployment, organization size, vertical, and region. Based on components, the workforce management market is segmented into services and solutions.
By deployment, it has been segmented into cloud and on-premise deployment solutions. Among the two deployment modes, the cloud-based workforce management solution is expected to register the highest CAGR during the forecast period.
Based on organization size, the global workforce management market has been segmented into small & medium enterprises and large enterprises.
By industry vertical, the workforce management software caters to industries of government and defense, BFSI, IT and telecommunication, government and defense, energy and utility, retail, healthcare, and others.
Regional Analysis
North America to Dominate the Global Market
North America is set to have the greatest market share in the global workforce management market, with Asia Pacific (APAC) growing at the fastest CAGR throughout the forecast period. North America is predicted to be the region that adopts the most workforce management solutions and services. The United States and Canada are likely to be the two most important contributors to the North American market. Enterprises in the area are the most forward-thinking in terms of Artificial Intelligence (AI), Machine Learning (ML), and cloud use, propelling the market growth. Furthermore, the presence of crucial workforce management providers in the region is expected to propel market expansion.
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Industry News
The COVID 19 epidemic has had a good impact on the WFM software market, promoting digitization and automation throughout all manufacturing sectors worldwide. Many firms were obliged to allow their workers to work from home due to the lockdown and physical distance restrictions required to limit the spread of COVID 19. WFH or remote work location mandates demonstrate the importance of an online solution for managing employees in real-time and with accurate information.
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