With the increasing competition in the business environment, organizations worldwide are rapidly implementing WFM software solutions into their systems. Resultantly, the WFM software market is garnering significant traction worldwide.
The workforce management market size is predicted to grow from USD 6,394.4 million in 2020 to 14.31 billion by 2030, growing at a compound annual growth rate (CAGR) of 9.2% during the study period.
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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Notable Players in The Global Workforce Management (WFM) Market Are:
- SumTotal Systems
- Ceridian HCM Holding Inc.
- Zoho Corporation
- Huntington Business Systems
- ATOSS Software AG
- Reflexis Systems Inc.
- Workforce Software
- Workday Inc.
- Ultimate Software
- ADP LLC
- Kronos Incorporated
- SAP SE
- IBM Corporation
The Workforce Management Software Market is classified into four segments: type (workforce scheduling and analytics, time and attendance management, performance and goal management, absence and leave management), deployment model (on-premise, cloud), end-user vertical (BFSI, consumer goods and retail, automotive, energy and utilities, healthcare, manufacturing), and geography.
ADP, LLC, Infor, IBM Corporation, Kronos Incorporated, Oracle Corporation, SAP SE, SumTotal Systems, LLC, Verint Systems Inc., Workday, Inc., and WorkForce Software, LLC are among the companies in the workforce management market analysis. These leading players have used different critical development strategies, including business expansion and new product launches, to help drive the global market's growth.
The Asia-Pacific market is expected to have the most spectacular growth trajectory in the coming years. Digitization of services and processes, supported by significant government support, is the primary factor fueling the market in this region. Singapore's 'Go Digital' initiative, which promotes SMEs to integrate digital solutions into their existing settings, is an ideal illustration of this.
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North America is projected to dominate the labour management market share, with a revenue creation of USD 0.92 billion in 2018, as enterprises in the region aggressively deploy cloud-based solutions. Furthermore, the region is home to some of the world's greatest technological companies, like IBM and Oracle, which bodes well for this industry. The rising desire for automation, on the other hand, is projected to propel the market in Europe.
Furthermore, significant investment is being made in the adoption of workforce scheduling software throughout Europe, particularly in the healthcare, manufacturing, travel and transportation, and retail sectors. In Germany, the increased deployment of cloud solutions is essentially driving workforce management adoption. The increasing automation in Germany's manufacturing industry places a high demand on workforce management systems.
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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