Employee management is a set of processes that can help organizations optimize employee productivity across individuals, departments, and enterprises. Workforce management matches employee skills to tasks and helps to estimate the amount and type of labor required to complete tasks on a daily or hourly basis.
The global workforce management market expected to spur market value with USD 12.4 billion with anticipating CAGR in the forecast period from 2020-2027. The factors that are driving the market demand of global workforce management are the increasing need for workforce optimization, adoption of cloud services, the emerging requirement for unified enterprise environment is driving the market growth.
Employee management software automates processes such as employee planning, time tracking, and attendance tracking. The software helps companies streamline processes and enables managers to spend more time to ensure that their operations run efficiently. Any level of insufficiency or inadequacy can reduce the organization’s profitability, overall productivity, frustrate employees, and disrupt customers.
Moreover, Workforce Management Software can meet countless challenges related to labor-management by maximizing labor productivity and reducing labor costs. It intelligently measures, manages, and plans the distribution of warehouse staff based on demand to improve productivity, efficiency, and overall facility performance in demanding distribution and production operations.
Besides, the platform can help warehouse managers to calculate bonuses somewhat based on accurate labor performance evaluation, labor standards, and built-in training curves. It uses coaching and mentoring tools to improve individual and overall facility performance while gaining operational insights to allocate labor in real-time and monitor order fulfillment status.
Additionally, workforce management software is a set of user-friendly tools that can use to make enterprise-level strategic decisions, and efficiently manage productivity, improve process quality, simplify training, and ensure order accuracy throughout the facility.
The demand for complete management requires in enterprises owing to internet penetration requires mobile-ready applications that can provide secure solutions to manage the workforce. Therefore, workforce management offers a perfect solution that helps in minimizing the risk and reduce the labor cost.
The workforce management software is adopted by many enterprises to ensure the effective working and management of labor that helps in enhancing profits. Therefore, workforce management software is flexible and affordable solutions that keep a record of all the workforce functions, training, leave management, and fatigue management to ensure better productivity and growth of the company.
Based on the product type, the global workforce management market segment into Hardware, Software, Service. The Software segment estimated to dominates the maximum share of the global workforce management market in the forecast period from 2020-2027. It is mainly owing to the workforce management software increasing deployment in the enterprises to improve flexibility in managing the workforce and preparing workforce management module.
Based on the deployment mode, the global workforce management market classified into On-premise, Cloud. The cloud segment dominated the largest market share in the global workforce management market. The cloud deployment mode provides safety, security, and a cost-effective method than keeping data on-premise requires hardware and colossal capital. Moreover, cloud services are also used to monitor data and improve individual performance.
Based on the solution, the global workforce management market segmented into Analytics, Task management, Absence and holiday management, Budgeting and forecasting, Scheduling optimization, and time and attendance. The analytics segment accounts for the largest share in the global workforce management market. It is mainly owing to the IT and technological solutions that help in streamlining the functions and operations of the workforce and other features of HR. Thus, the analytics solution used to analyze core business functions and processes to manage the workforce effectively.
Based on organization size, the global workforce management market classified into Large Enterprises, Small and Medium-sized Enterprises (SMEs)). The Large enterprise is dominating the market share for the global workforce management market. It is mainly due to the requirement to manage a large number of workforces in the company and providing them training and keeping a record of attendance, leave, absence management, and fatigue management. Moreover, large enterprises require workforce management software to improve production performance by distributing staff based on their skills to enhance overall facility performance.
Based on the end-users vertical, the global workforce management market classified into BFSI, Retail, Automotive, Public Sector, Healthcare, Industrial Manufacturing. The BFSI segment has captured the largest share in the global workforce management market. The emerging complex structure and operation in the banking sector are rising adoption of workforce management. Moreover, the increasing labor budgeting and scheduling operations are increasing deployment of workforce management in the BFSI segment.
Based on geography, the global workforce management market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The European region is growing and dominating the largest share in the global workforce management market. It is mainly due to the emerging strict policies of labor that will require workforce management to ensure effective implementation and a profound effect on solution management.
Companies such as IBM Corporation, SAP AG, Oracle Corporation, Infor Global Solution, Workforce Software, Kronos, Atoss Software AG, Clicksoftware Technologies Ltd., ADP LLC, and others are key players in the global workforce management market.
By Product Type
By Deployment Mode
By Organization Size
By End-User Vertical
Workforce management involves total forecasting, staffing, scheduling, and making adjustments in real-time when unexpected changes occur.
Workforce Management Market Size worth USD 12.4 Billion by 2027.
The growth rate of the global Workforce Management Market is 9.5%.
Demand for Complete Management, Flexible and Affordable Solutions, improved process quality, simplify training, user-friendly tools are the key factors to drive the workforce management market.
The European region is dominating the global workforce management market. It can be attributed to the emerging strict policies of labor that ensure effective implementation and a profound effect on solution management.