Rise in demand for labor optimization & mobile applications and increase in acceptance of cloud-based workforce management fuel the global workforce management market.
As per the report published by Allied Market Research, the global workforce management market generated $4.35 billion in 2019, and is projected to hit $9.39 billion by 2027, manifesting a CAGR of 10.2% from 2020 to 2027. The report provides a detailed analysis of major drivers & opportunities, key segments, investment pockets, competitive landscape, and key players.
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Rachita Rake, a Research Analyst, ICT at Allied Market Research, stated, “North America led the global workforce management market in 2019. On the other hand, Asia-Pacific countries account for a high number in the workforce. Increase in demand for workforce optimization & mobile apps, surge in need for cloud-based workforce management, and the need to have a competitive advantage over other players fuel the market progress. On the other hand, security and privacy concerns toward data deployed on the cloud hinder the market. On the contrary, use of advanced technologies in workforce management creates several opportunities in the global workforce management market.”
- The pandemic has forced companies to adopt work-from-home culture. Hence, the demand for workforce management solutions that enable companies to remotely track and administer employees has increased.
- Due to rise in demand for agile workplaces in the post-pandemic world, the need for high performance and easy to use technologies has increased.
- COVID-19 pandemic has interrupted operations in many industries. Installing software-based solutions help companies to increase remote technology capabilities, business continuity, and manage employee productivity.
The global workforce management market is segmented on the basis of deployment, organization size, component, industry vertical, and region.
By component, the solution segment held more than three-fifths of the global workforce management market revenue in 2019, and is anticipated to lead by 2027. The services segment, however, would grow at the fastest CAGR of 12.1% during the forecast period.
By deployment model, the on-premise segment contributed to half of the global workforce management market share in 2019, and is expected to retain its dominance by the end of 2027. On the other hand, the cloud segment would manifest the fastest CAGR of 13.0% from 2020-2027.
By geography, North America held the largest share in 2019, holding more than two-fifths of the global workforce management market. The Asia-Pacific, however, would manifest the fastest CAGR of 13.1 20-2027.
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Key leading players of the global workforce management market include IBM Corporation, Kronos Incorporated, WorkForce Software, LLC, Verint Systems Inc., Workday, Inc., SumTotal Systems, LLC, SAP SE, Infor, Oracle Corporation, and ADP, LLC.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.