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Workforce Management (WFM) Industry Report 2020-2025: A $9.3 Billion Opportunity by 2025

DUBLIN, May 19, 2020 /PRNewswire/ -- The "Workforce Management Market by Component, Solution (Time and Attendance Management, Workforce Scheduling, Leave and Absence Management), Service, Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

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The Global Workforce Management Market Size is Expected to Grow from an Estimated USD 6 Billion in 2020 to USD 9.3 Billion by 2025, at a CAGR of 9.3%

This 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.

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).

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.

Key Topics Covered

1 Introduction

2 Research Methodology

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
7.2 Solutions
7.3 Services

8 Workforce Management Market, by Solution
8.1 Introduction
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
9.2 Consulting
9.3 Implementation
9.4 Training, Support and Maintenance

10 Workforce Management Market, by Deployment Type
10.1 Introduction
10.2 On-Premises
10.3 Cloud

11 Workforce Management Market, by Organization Size
11.1 Introduction
11.2 Large Enterprises
11.3 Small and Medium-Sized Enterprises

12 Workforce Management Market, by Vertical
12.1 Introduction
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
13.3 Europe
13.4 Asia-Pacific
13.5 Middle East and Africa
13.6 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

For more information about this report visit https://www.researchandmarkets.com/r/11lc8c

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