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Workforce Management Market by Component, Deployment, Organization Size, Vertical, and Region - Global Forecast to 2021
Workforce Management Market by Component (Solutions and Services), Deployment (Cloud and On-premises), Organization Size (SMEs and Enterprises), Vertical, and Region - Global Forecast to 2021
“The workforce management market (WFM) is projected to grow at a CAGR of 10.4% from 2016 to 2021”
The WFM market size is expected to grow USD 4.49 billion in 2016 to USD 7.37 billion by 2021, at a CAGR of 10.4% from 2016 to 2021.
The primary reasons behind the adoption of WFM solutions is the need to optimize workforce and the rapid increase in mobile applications. These solutions help organizations bring transparency into Human Resources (HR) operations and processes and hence improve their decision making abilities by understanding the role of human capital in the organization. The rise of cloud deployment is another driver for implementing remote workforce solutions, but the lack of awareness of workforce tools and solutions promotes the use of traditional management methods.
“Implementation services is projected to showcase robust growth in the WFM market”
The WFM professional services help clients in planning, designing, implementing, training, auditing, and managing solutions to streamline the business growth. Professional services are required in the IT industry during solution implementation or after the deployment.
“Europe is expected to have the highest growth rate during the forecast period”
The demographic changes and aging population in Europe are helping raise the awareness and improve practices in organizations. Moreover, in Europe, countries such the U.K. and Germany are adopting changes in WFM. Compared to the other regions, European companies, both private and public, are constantly facing tight budgets, risk, and high competition; therefore, they require better software and solutions to maximize the efficiency of their workforce. Apart from these driving factors, the major restraint for the growth of this market is the different regulatory compliance in different countries, which restricts the vendors from offering similar solutions and platforms all over Europe.
This market research report analyzes key opportunities in the market space and provides critical market data in terms of revenue opportunity and regional adoption trends. The report also highlights major drivers, challenges, and current and future expected market trends in the IT-based WFM market space.
In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews were conducted with key people. Break-up of profile of primary participants is as follows:
• By Company: Tier 1 – 36 %, Tier 2 – 21% and Tier 3 – 43%
• By Designation: C level – 83%, Manager level – 17%
• By Region: North America – 70%, Europe – 15%, APAC – 15%
The WFM ecosystem comprises of solutions and service providers such as IBM (U.S.), Oracle (U.S.), SAP AG (Europe), KRONOS (U.S.), Workforce Software (U.S.), ADP, LLC (U.S.), and WORKDAY (U.S.) among others; who offer their software, solution and services to end users to cater to their unique business requirements.
The report includes in-depth competitive analysis of these key players in the managed security service market, with their company profiles, recent developments, and key market strategies. The research report segments the managed security service market by service, deployment type, organization size, vertical, and region.
Reasons to buy the Report
There are various assumptions that have been taken into consideration for the market sizing and forecasting exercise. A few of the global assumptions include political, social, technological, and economic factors. The dollar fluctuations are expected to not seriously affect the forecast in the emerging regions.
The report will help the market leaders or new entrants in this market in the following ways:
1. This report segments the market into various sub-segments, covering this market comprehensively. The report provides the closest approximations of the revenue numbers for the overall market and the sub-segments. The market numbers are further split across different end users and regions.
2. This report will help in the better understanding of the competitors and gain more insights to better one’s position in the market. There is a separate section on competitive landscape, which includes competitor ecosystem, mergers and acquisitions, partnerships, and agreements. Besides, there are company profiles of ten players in this market. In this section, market internals are provided to help them stay ahead in the competition.
3. The report also helps in understanding the overall growth of the market. It provides information on key market drivers, restraints, challenges, and opportunities.