The market will exceed $10 billion by 2027 from $6.2 billion in 2020
DUBLIN, October 6, 2021 /PRNewswire/ — The “Workforce Management Software Market, Forecast, Impact of COVID-19, Industry Trends, by Organization Size, Growth, Company Analysis” report has been added to from ResearchAndMarkets.com offer.
The Workforce Management Software Market will reach US$10.64 billion by 2027 from US$6.28 billion in 2020, growing with a CAGR of 7.82% over the period 2020-2027.
In the modern age, with advances in technology and the growing popularity of workforce management solutions, business processes are becoming an increasingly important tool for centralizing resource utilization data and better plan for future use.
Workforce Management (WFM) software offers a set of integrated approaches that allow organizations to optimize the productivity of their employees. By effectively forecasting labor requirements and creating and managing staff schedules to accomplish a specific task on a day-to-day and hour-to-hour basis.
Additionally, the growing popularity of cloud-based solutions and the rising trend of AI and machine learning are driving factors behind the growing penetration of smart and connected devices and the growing focus on optimization. of workforce, thereby driving the growth of the WFM software market.
Based on deployment type
The workforce management software market includes on-premises, cloud and hybrid solutions. The cloud holds the largest market share. Cloud-based solutions are automated and can provide self-service, reducing the burden of labor-intensive tasks. Additionally, the on-premises software market remains significant as medium and large enterprises retain existing workforce management and back-office software until contracts expire and have a comprehensive digital transformation strategy.
Additionally, the rapid adoption of workforce management in education, healthcare, retail, IT and telecommunications, BFSI, manufacturing and public administration to reduce processing times, increase customer satisfaction and provide a high return on investment are factors supporting high growth. Major vendors are also focusing on strengthening their channel partner ecosystems to improve indirect sales for increased business growth.
Regional Analysis of Workforce Management Software Industry
North America is the first region to adopt workforce management solutions and services by enabling efficient work schedules, business processes, labor costs and talent management. In the United States, workforce management software is becoming increasingly important for organizations to keep their workforce motivated and organized to ensure optimal productivity, which is vital all keeping abreast of changing times. ADP INC, Huntington Business Systems, Kronos Incorporated, Nice Systems Ltd and Oracle.
Besides, Europe is seeing significant investment in the deployment of workforce planning software, particularly in the healthcare, manufacturing, travel and transportation, and retail industries. The growing deployment of cloud solutions is mainly driving the adoption of workforce management in Germany. Increase automation through germany The manufacturing sector is very demanding when it comes to workforce management solutions.
Impact of COVID-19 on the Workforce Management Software Industry
The COVID 19 pandemic has had a positive impact on the WFM software market, driving digitalization and automation in manufacturing sectors globally. Lockdown and physical distancing mandates required to control the spread of COVID 19 have forced many organizations to let their employees work from home. Telecommuting or remote work mandates show how important it is to have an online system to manage employees in real time and with accurate information.
WFM Software Market Key Players
Market players such as ADP INC, Huntington Business Systems, Kronos Incorporated, Nice Systems Ltd and Oracle are collaborating with key players, product innovation, acquisition partnerships and strengthening regional and global distribution networks. In 2021, NICE introduces NTR-X, the next-generation cloud-based compliance solution for omnichannel commerce records management.
Main topics covered:
2. Research methodology
3. Executive Summary
4. Market dynamics
4.1 Drivers of growth
5. Workforce Management Software Market
6. Market Share – Workforce Management Software Market
6.1 By size of organization
6.2 By request
6.3 By deployment
6.4 By component
6.5 By region
7. Organization Size – Workforce Management Software Market
7.2 Small Medium
8. Application – Workforce Management Software Market Security Services
8.5 Retail e-commerce
8.6 IT Telecom
9. Deployment Type – Workforce Management Software Market
10. Component – Workforce Management Software Market
11. Region – Workforce Management Software Market
11.1 North America
11.5 Latin America
12. Company Analysis – Workforce Management Software Market
12.2 Company initiatives
12.3 Sales Analysis
For more information on this report, visit https://www.researchandmarkets.com/r/3u7wey
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