HOME Top Market Reports 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

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

By: marketsandmarkets.com
Publishing Date: March 2017
Report Code: TC 3872

 

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The global workforce management (WFM) market is estimated to grow from USD 4.49 Billion in 2016 to USD 7.37 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 10.4%. The ever-growing need workforce optimization and increase in mobile adoption is driving the growth for WFM. Increasing cloud and mobile penetration has introduced new methods of working in various sectors. The concept of real-time WFM is gaining popularity due to the increasing complexity in business activities.  2015 has been considered as the base year, while the forecast period is 2016–2021.

Objectives of the Study:

The main objective of this report is to define, describe, and forecast the workforce management market on the basis of segments, which include services, deployment types, organization size, verticals, and regions. The report provides detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges). The report attempts to forecast the market size with respect to the five main regions, namely, North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and Latin America. The report strategically profiles key players and comprehensively analyzes their core competencies. This report also tracks and analyzes competitive developments, such as Mergers & Acquisitions (M&A), new product developments, and Research & Development (R&D) activities in the managed security service market.

The report will help service providers, software providers, cloud service providers, market leaders, or new entrants in this market in understanding the competitors better and gain more insights to improving their position in business. There is a separate section on competitive landscape, which includes details on the competitor ecosystem, mergers and acquisitions, partnerships, and agreements. There are also twelve company profiles in this market and some key innovators. In this section, market internals have been provided that can help put one ahead of the competitors.

The research methodology used to estimate and forecast the workforce management market begins with the collection and analysis of data on key vendor product offerings and business strategies through secondary research, such as press releases, investor presentations of companies, white papers, technology journals, certified publications, and articles from recognized authors, directories, and databases. The vendor offerings have also been taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the total market size of the global WFM market from the revenue of the key software tool providers and service providers in the market. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key people, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and to arrive at the exact statistics for all segments and subsegments

Workforce Management Market

To know about the assumptions considered for the study, download the pdf brochure

Industry Ecosystem

The WFM ecosystem comprises 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.

Key Target Audience

  • Enterprise users
  • Commercial users
  • Industrial users
  • Others

Scope of the Report

The research report segments the

Workforce Management market into the following submarkets:

  • By Solution

    The solutions considered in the report are as follows:

    • Time and Attendance Management
    • Absence Management
    • Workforce Scheduling
    • Workforce Analytics
    • Performance Management
    • Others
  • By Service

    The services considered in the report are as follows:

    • Implementation Services
    • Training and Education
    • Support and Maintenance
  • By Deployment Type

    The types of WFM software deployment are as follows:

    • On-Premises
    • Cloud-based
  • By Organization Size

    The organizations utilizing WFM practices can be categorized as follows:

    • SMEs
    • Large Enterprises
  • By Industry Type

    The industries included in the study include the following:

    • Government and Defense
    • BFSI
    • Healthcare
    • Transportation and Logistics
    • Telecom & IT
    • Consumer Goods and Retail
    • Manufacturing
    • Energy and Utilities
    • Others
  • By Region

    The global market for WFM can be broken down into the following five regions:

    • North America
    • Europe
    • Asia Pacific (APAC)
    • Middle East and Africa (MEA)
    • Latin America

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Geographic Analysis

  • Further breakdown of the North Americas  Workforce Management Market
  • Further breakdown of the Europe WFM Market
  • Further breakdown of the MEA WFM Market
  • Further breakdown of the APAC  WFM Market
  • Further breakdown of the Latin America WFM Market

Company Information

  • Detailed analysis and profiling of market players

Table of Contents

1 Introduction (Page No. - 14)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered for the Study
    1.4 Limitations
    1.5 Currency
    1.6 Stakeholders

2 Research Methodology (Page No. - 17)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Key Data From Secondary Sources
           2.1.2 Primary Data
                    2.1.2.1 Key Data From Primary Sources
                    2.1.2.2 Key Industry Insights
                    2.1.2.3 Breakdown of Primary Interviews
    2.2 Market Size Estimation
           2.2.1 Bottom-Up Approach
           2.2.2 Top-Down Approach
    2.3 Market Breakdown and Data Triangulation
    2.4 Research Assumptions

3 Executive Summary (Page No. - 25)

4 Premium Insights (Page No. - 29)
    4.1 Attractive Market Opportunities in the Workforce Management Market
    4.2 Market By Solution and Region
    4.3 Market By Solution
    4.4 Market Potential
    4.5 Life Cycle Analysis, By Region, 2016

5 Market Overview (Page No. - 32)
    5.1 Introduction
    5.2 Market Segmentation
           5.2.1 By Component
           5.2.2 By Service
           5.2.3 By Organization Size
           5.2.4 By Deployment Type
           5.2.5 By Vertical
           5.2.6 By Region
    5.3 Market Dynamics
           5.3.1 Drivers
                    5.3.1.1 Rise of Cloud-Based Solutions
                    5.3.1.2 Increased Focus on Workforce Optimization and Mobile Applications
                    5.3.1.3 Increased Adoption of Automation
           5.3.2 Restraints
                    5.3.2.1 Less Intent to Adopt A Software Solution Switching From Traditional Methods in SMES
           5.3.3 Opportunities
                    5.3.3.1 Increasing Adoption of WFM By SMES
                    5.3.3.2 Organizations’ Inclination Towards Human Resource Analytics
           5.3.4 Challenges
                    5.3.4.1 High Training Investments By the Organizations
                    5.3.4.2 Implementing the Mobile Workforce Effectively

6 Industry Trends (Page No. - 40)
    6.1 Introduction
    6.2 Value Chain Analysis
    6.3 Strategic Benchmarking

7 Workforce Management Market Analysis, By Component (Page No. - 43)
    7.1 Introduction
    7.2 Solutions
    7.3 Services

8 Workforce Management Market Analysis, By Solution (Page No. - 46)
    8.1 Introduction
    8.2 Absence Management
    8.3 Performance Management
    8.4 Workforce Scheduling
    8.5 Time and Attendance Management
    8.6 Workforce Analytics
    8.7 Others

9 Workforce Management Market Analysis, By Service (Page No. - 54)
    9.1 Introduction
    9.2 Implementation Services
    9.3 Support and Maintenance
    9.4 Training and Education

10 Workforce Management Market Analysis, By Deployment Type (Page No. - 59)
     10.1 Introduction
     10.2 Cloud
     10.3 On-Premises

11 Workforce Management Market Analysis, By Organization Size (Page No. - 63)
     11.1 Introduction
     11.2 Small and Medium Enterprises
     11.3 Large Enterprises

12 Workforce Management Market Analysis, By Vertical (Page No. - 67)
     12.1 Introduction
     12.2 Government and Defense
     12.3 Banking, Financial Services, and Insurance
     12.4 Healthcare
     12.5 Transportation and Logistics
     12.6 Telecom and IT
     12.7 Consumer Goods and Retail
     12.8 Manufacturing
     12.9 Energy and Utilities
     12.10 Others

13 Geographic Analysis (Page No. - 77)
     13.1 Introduction
     13.2 North America
     13.3 Europe
     13.4 Asia-Pacific
     13.5 Middle East and Africa
     13.6 Latin America

14 Competitive Landscape (Page No. - 96)
     14.1 Overview
     14.2 Workforce Management Market: MnM Vendor-Dive Comparision
     14.3 Competitive Situations and Trends
             14.3.1 New Product Launches/Upgradation
             14.3.2 Partnerships, Agreements, and Collaborations
             14.3.3 Mergers and Acquisitions
             14.3.4 Expansions

15 Company Profiles (Page No. - 105)
     15.1 Introduction
(Overview, Financials, Products & Services, Strategy, and Developments)*
     15.2 International Business Machines (IBM) Corporation
     15.3 Oracle Coporation
     15.4 SAP SE
     15.5 Kronos, Inc.
     15.6 Automatic Data Processing (ADP), LLC.
     15.7 Ultimate Software Group, Inc.
     15.8 Workday, Inc.
     15.9 Verint Systems, Inc.
     15.10 Workforce Software, LLC.
     15.11 Reflexis Systems, Inc.
*Details on Overview, Financials, Product & Services, Strategy, and Developments Might Not Be Captured in Case of Unlisted Companies.
     15.12 Key Innovators
             15.12.1 Atoss Software AG
                        15.12.1.1 Business Overview
                        15.12.1.2 Key Strategies
             15.12.2 Huntington Business Systems (HBS), Inc.
                        15.12.2.1 Business Overview
                        15.12.2.2 Key Strategies
             15.12.3 Hot Schedules
                        15.12.3.1 Business Overview
                        15.12.3.2 Key Strategies

16 Appendix (Page No. - 135)
     16.1 Industry Exrpts
     16.2 Discussion Guide
     16.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     16.4 Introducing RT: Real Time Market Intelligence
     16.5 Available Customizations
     16.6 Related Reports
     16.7 Author Details


List of Tables (66 Tables)

Table 1 Workforce Management Market Size and Growth Rate, 2014–2021 (USD Million, Y-O-Y %)
Table 2 Market Size, By Component, 2014–2021 (USD Million)
Table 3 Solutions: Market Size, By Solution Types, 2014–2021 (USD Million)
Table 4 Servcies: Market Size, By Service Type, 2014–2021 (USD Million)
Table 5 Workforce Management Market Size, By Solution, 2014–2021 (USD Million)
Table 6 Absence Management: Market Size, By Region, 2014–2021 (USD Million)
Table 7 Performance Management: Market Size, By Region, 2014–2021 (USD Million)
Table 8 Workforce Scheduling: Market Size, By Region, 2014–2021 (USD Million)
Table 9 Time and Attendance Management: Market Size, By Region, 2014–2021 (USD Million)
Table 10 Workforce Analytics: Market Size, By Region, 2014–2021 (USD Million)
Table 11 Others: Market Size, By Region, 2014–2021 (USD Million)
Table 12 Workforce Management Market Size, By Service, 2014–2021 (USD Million)
Table 13 Implementation Services: Market Size, By Region, 2014–2021 (USD Million)
Table 14 Support and Maintenance: Market Size, By Region, 2014–2021 (USD Million)
Table 15 Training and Education: Market Size, By Region, 2014–2021 (USD Million)
Table 16 Workforce Management Market Size, By Deployment Type, 2014–2021 (USD Million)
Table 17 Cloud: Workforce Managemen Market Size, By Region, 2014–2021 (USD Million)
Table 18 On-Premises: Market Size, By Region, 2014–2021 (USD Million)
Table 19 Workforce Management Market Size, By Organization Size, 2014–2021 (USD Million)
Table 20 Small and Medium Enterprises: Market Size, By Region, 2014–2021 (USD Million)
Table 21 Large Enterprises: Market Size, By Region, 2014–2021 (USD Million)
Table 22 Workforce Management Market Size, By Vertical, 2014–2021 (USD Million)
Table 23 Government: Market Size, By Region, 2014–2021 (USD Million)
Table 24 Banking, Financial Services, and Insurance: Market Size, By Region, 2014–2021 (USD Million)
Table 25 Healthcare: Workforce Management Market Size, By Region, 2014–2021 (USD Million)
Table 26 Transportation and Logistics: Market Size, By Region, 2014–2021 (USD Million)
Table 27 Telecom and IT: Market Size, By Region, 2014–2021 (USD Million)
Table 28 Consumer Goods and Retail: Market Size, By Region, 2014–2021 (USD Million)
Table 29 Manufacturing: Market Size, By Region, 2014–2021 (USD Million)
Table 30 Energy and Utilities: Market Size, By Region, 2014–2021 (USD Million)
Table 31 Others: Market Size, By Region, 2014–2021 (USD Million)
Table 32 Workforce Management Market Size, By Region, 2014–2021 (USD Million)
Table 33 North America: Market Size, By Component, 2014–2021 (USD Million)
Table 34 North America: Market Size, By Solution, 2014–2021 (USD Million)
Table 35 North America: Market Size, By Service, 2014–2021 (USD Million)
Table 36 North America: Market Size, By Deployment Type, 2014–2021 (USD Million)
Table 37 North America: Market Size, By Organization Size, 2014–2021 (USD Million)
Table 38 North America: Market Size, By Vertical, 2014–2021 (USD Million)
Table 39 Europe: Workforce Management Market Size, By Component, 2014–2021 (USD Million)
Table 40 Europe: Market Size, By Solution, 2014–2021 (USD Million)
Table 41 Europe: Market Size, By Service, 2014–2021 (USD Million)
Table 42 Europe: Market Size, By Deployment Type, 2014–2021 (USD Million)
Table 43 Europe: Market Size, By Organization Size, 2014–2021 (USD Million)
Table 44 Europe: Market Size, By Vertical, 2014–2021 (USD Million)
Table 45 Asia-Pacific: Workforce Management Market Size, By Component, 2014–2021 (USD Million)
Table 46 Asia-Pacific: Market Size, By Solution, 2014–2021 (USD Million)
Table 47 Asia-Pacific: Market Size, By Service, 2014–2021 (USD Million)
Table 48 Asia-Pacific: Market Size, By Deployment Type, 2014–2021 (USD Million)
Table 49 Asia-Pacific: Market Size, By Organization Size, 2014–2021 (USD Million)
Table 50 Asia-Pacific: Market Size, By Vertical, 2014–2021 (USD Million)
Table 51 Middle East and Africa: Workforce Management Market Size, By Component, 2014–2021 (USD Million)
Table 52 Middle East and Africa: Market Size, By Solution, 2014–2021 (USD Million)
Table 53 Middle East and Africa: Market Size, By Service, 2014–2021 (USD Million)
Table 54 Middle East and Africa: Market Size, By Deployment Type, 2014–2021 (USD Million)
Table 55 Middle East and Africa: Market Size, By Organization Size, 2014–2021 (USD Million)
Table 56 Middle East and Africa: Market Size, By Vertical, 2014–2021 (USD Million)
Table 57 Latin America: Workforce Management Market Size, By Component, 2014–2021 (USD Million)
Table 58 Latin America: Market Size, By Solution, 2014–2021 (USD Million)
Table 59 Latin America: Market Size, By Service, 2014–2021 (USD Million)
Table 60 Latin America: Market Size, By Deployment Type, 2014–2021 (USD Million)
Table 61 Latin America: Market Size, By Organization Size, 2014–2021 (USD Million)
Table 62 Latin America: Market Size, By Vertical, 2014–2021 (USD Million)
Table 63 New Product Launches, 2015 –2017
Table 64 Partnerships, Agreements, and Collaborations, 2014–2017
Table 65 Mergers and Acquisitions, 2014 –2017
Table 66 Expansions, 2015 –2016


List of Figures (54 Figures)

Figure 1 Workforce Management Market: Research Design
Figure 2 Breakdown of Primary Interviews: By Company, Designation, and Region
Figure 3 Market Size Estimation Methodology: Bottom-Up Approach
Figure 4 Market Size Estimation Methodology: Top-Down Approach
Figure 5 Market Breakdown and Data Triangulation
Figure 6 The Services Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 7 The Adoption Rate of Workforce Management Solution is Expected to Grow at A Higher CAGR in Small and Medium Enterprises
Figure 8 Consumer Goods and Retail Vertical Segment is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 9 Support and Maintenance Services Segment is Expected to Have the Largest Market Size During the Forecast Period
Figure 10 North America has the Largest Market Size in the Workforce Management Market Followed By Europe in 2016
Figure 11 Popularity of Cloud Technologies and Mobile Applications is Contributing to the Growth of the Workforce Management Market
Figure 12 Time and Attendance Solution and North America Region is Estimated to Hold the Largest Market Share in 2016
Figure 13 Workforce Analytics Solution is Expected to Grow at the Highest CAGR in the Workforce Management Market By 2021
Figure 14 Europe is Expected to Hold the Largest Market Size Between 2016 and 2021
Figure 15 Middle East & Africa and Latin America are Gradually Moving Towards Growth in Adopting WFM Solutions
Figure 16 Evolution of the Workforce Management Market
Figure 17 Market Segmentation By Component
Figure 18 Market Segmentation By Solution
Figure 19 Market Segmentation By Service
Figure 20 Market Segmentation By Organization Size
Figure 21 Market Segmentation By Deployment Type
Figure 22 Market Segmentation By Vertical
Figure 23 Market Segmentation By Region
Figure 24 Market Drivers, Restraints, Opportunities, and Challenges
Figure 25 Value Chain: Workforce Management Market
Figure 26 Services Expected to Grow at A Higher CAGR During the Forecast Period
Figure 27 Workforce Analytics Segment is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 28 Implementation Services Segment is Expected to Grow at the Highest CAGR From 2016 to 2021
Figure 29 Cloud Deployment Type is Expected to Grow at A Higher CAGR During the Period 2016–2021
Figure 30 Small and Medium Enterprises Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 31 Consumer Goods and Retail Vertical is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 32 Europe is Expected to Have the Largest Market Size for WFM During the Forecast Period
Figure 33 Regional Snapshot: Europe is Emerging as A New Market in the Workforce Management Market
Figure 34 North America: Workforce Analytics Driving the Growth of the WFM Market
Figure 35 Asia Pacific: Workforce Analytics Driving the Growth of the WFM Market
Figure 36 Companies Adopted New Product Launch as the Key Growth Strategy in 2014– 2017
Figure 37 Product Offerings Analysis
Figure 38 Business Strategies Analysis
Figure 39 Market Evaluation Framework
Figure 40 Battle for Market Share: New Product Launches and Partnerships Were the Key Strategies
Figure 41 Geographic Revenue Mix of Top 5 Market Players
Figure 42 International Business Machines Corporation: Company Snapshot
Figure 43 International Business Machines Corporation: SWOT Analysis
Figure 44 Oracle Corporation: Company Snapshot
Figure 45 Oracle Corporation: SWOT Analysis
Figure 46 SAP SE: Company Snapshot
Figure 47 SAP SE: SWOT Analysis
Figure 48 ADP: Company Snapshot
Figure 49 ADP: SWOT Analysis
Figure 50 Ultimate Software Group: Company Snapshot
Figure 51 Ultimate Software: SWOT Analysis
Figure 52 Workday, Inc.: Company Snapshot
Figure 53 Verint Systems, Inc.: Company Snapshot
Figure 54 Verint Systems Inc.: SWOT Analysis

The workforce management (WFM) market is expected to grow from USD 4.49 Billion in 2016 to USD 7.37 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 10.4% during the forecast period.  Factors such as the increasing demand for workforce optimization and increase in mobile applications driven by the emergence of digital technologies and workforce analytics are driving the  workforce management market. Adoption of these Verticals such as healthcare, banking, defense, and telecom & IT have boosted the WFM market.

The workforce management market is segmented by component (solutions and services), deployment type, organization size, industry vertical, and region. The services segment is expected to grow at the highest CAGR owing to an increasing number of organizations outsourcing their IT operations to third-party vendors.

Currently, the rapid increase in initiatives undertaken by organizations to undergo digital transformation, automation, and workforce optimization is creating a need for  WFM practices and tools, as a result of which, cloud-based deployment is expected to grow significantly. However, due to reliability and other security issues of the cloud-based deployment, the on-premises deployment of  WFM is expected to hold the largest market share in 2016.

There is always a strain on resources for Small and Medium Enterprises (SMEs). In such a scenario, the extent of flexibility and automation allowed for by workforce tools can be useful. Effective  WFM implementation and policies can also be beneficial when partnering with larger organizations, as they might expect such practices to be in place while considering companies to partner with to reduce their overheads. As a result, the SMEs segment is expected to grow at the highest CAGR among organization sizes.

Increasing concern over employee satisfaction and retention of best employees to provide much needed care toward patients has led to the penetration of WFM solutions in the healthcare sector. The IT and telecom industry requires a pool of good employees at both technological and managerial levels, who can deliver technologically updated products to customers, which is why they are adopting the WFM solutions. The retail vertical is undergoing major changes and focusing on factors such as customer relationship, market expansion, logistics, and the need to create a brand name, which have led this sector to readily adopt WFM solutions. As a result of this, the consumer goods and retail vertical is expected to grow at the highest CAGR amongst other industries.

Workforce Management Market

The global workforce management market has been segmented on the basis of regions into North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America to provide a region-specific analysis in the report. Europe is expected to have the largest market share.

In Europe, countries such as the U.K. and Germany are accepting and implementing changes in WFM. Compared to other regions, European companies, both private and public, are constantly facing challenges like budget constraints and high competition. They, therefore, require better software and solutions to maximize the efficiency of their workforce. The deployment of cloud is also a driving factor in Europe for the rapid adoption of workforce analytics.

Cloud penetration, mobile usage, and increasing new-generation employees in the market are some of the positive factors that are driving the workforce management market in this region.

The advantage offered by WFM software has generated the interest of other key players such as Peoplefluent, Reflexis Systems, and Nice Systems to invest in it for organizational efficiency. Initially, budgets constraints made its adoption difficult for SMEs; however, the cost-effective features of the Software-as-a-Service (SaaS) platform have increased its popularity among smaller organizations as well. Workforce analytics is another solution that is rapidly gaining momentum owing to its capability to address the rapid generation of big data. However, the lack of awareness about solutions such as workforce analytics and integration still promotes traditional methods, which is a major restraint in the growth of the market.

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