Workforce management basically fall under the human resource management, which covers all the activities of needed to maintain and track workforce in any organization so as to attain a productive outcome. Most of the small-medium enterprise across developing region still use the conventional methods of keeping track and maintaining their workforce. Workforce management is used to reduce labour expenses, improve workforce utilization and business performances. Automating processes such as employee pay and time calculations reduces or eliminates errors and ensures various organisations policies are implemented and updated into the systems with precision and ease. Workforce management solution enables organisations to run complex analytics on workforce processes to spot problems and correct them, thus ensuring better use of existing resources.
Workforce management market is segmented on the basis of product type, solution, vertical and region. By product type, workforce management market can be segmented into hardware, software and service. Software can be further sub-segmented into on-premise and cloud-based. On the basis of solution, the workforce management can be segmented into analytics, task management, absence and holiday management, budgeting and forecasting, scheduling optimization and time and attendance. On the basis of vertical, workforce management market can be segmented into banking financial services and insurance (BFSI), healthcare, telecom and IT, government, retail, energy and utilities entertainment, transportation and manufacturing sector. Regionally, workforce management market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa (MEA), Asia Pacific excluding Japan (APEJ) and Japan.
Workforce Management market is expected to witness a healthy CAGR during the projected period due to increasing number of small-medium business and growing population among users across emerging markets. Currently, North America dominates the workforce management market followed by Western Europe. APEJ is expected to reflect highest CAGR during the forecast period.
With growing number of population, small-medium enterprises across emerging countries such as India and China and changing work dynamics are expected to boost the growth of workforce management market. Furthermore, increasing cloud-based solution adoption and smartphone penetration across various emerging markets are anticipated to drive the growth of workforce management market. In addition, the benefits which workforce management offers that ensures a streamline flow of tracking and maintaining the workforce in an enterprise. However, the lack of awareness in certain developing regions is expected to hinder the growth of workforce management market amidst the forecast period 2015-2025.
The key vendors in the workforce management market include IBM Corporation, SAP AG, Oracle Corporation, Infor Global Solution, Workforce Software, Kronos, Atoss Software AG, Clicksoftware Technologies Ltd., ADP, LLC and workday. Major players in the workforce management market follow the strategy of partnerships and acquisition of various local player to gain a competitive edge in the market. In addition, the major players offer innovative and customized solutions to cater to the demand of various organizations of different sizes.
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Regional analysis for Workforce Management Market includes