MarketsandMarkets forecasts the workforce management (WFM) market size to grow from USD 4.49 Billion in 2016 to USD 7.37 Billion by 2021, at a CAGR of 10.4% from 2016 to 2021
During the 1980s, WFM dealt with finding the right person for the right job at the right time and organizations were heavily focused on scheduling these employees as and when they were needed. It was only about forecasting the actual results and setting up the early warning systems to identify the demands and required changes. Gradually, it starting gaining importance due to expansions in the working sector and changing Human Resource (HR) activities. Therefore, WFM solutions started providing organizations with better forecasting and scheduling plans, acquiring real-time information, and planning & managing information effectively for better business plans. These software solutions were used for time and attendance management, compensation management, and performance management.
As the market grows, the adoption of software solutions such as workforce analytics and performance management is increasing at a fast pace. This high growth is attributed to the need to understand raw data for useful business outcomes and retention of talented employees in the company. Apart from the solutions, the services segment is expected to showcase high growth in the years to come. The implementation services segment is expected to grow at the highest Compound Annual Growth Rate (CAGR).
Kronos is one of the leading players in the WFM market. The company adopted both organic as well as inorganic strategies to enhance its presence in this market. It entered into various expansions and acquisitions with local as well as global players. For instance, in January 2017, Kronos acquired Financial Management Solutions Inc., a leading provider of the WFM application. This acquisition is aimed at extending Kronosí offerings for the financial services vertical. In October 2016, Kronos acquired Datamatics Management Services Inc., a leading provider of time management and labor management solutions & services. This acquisition extended the product portfolio of Kronos.
IBM is another major provider of the WFM market. In August 2014, IBM launched a new cloud-based solution and a talent & change consulting practice to help organizations use analytics and WFM. This increases the employee engagement and manages changes in the software. In May 2015, IBM formed a strategic alliance with SAP, initiating cloud-to-cloud integration of the HR software and services of both the companies to help customers improve their business processes and manage their workforce as well.
Workflow Management System Market by Component (Software, Services), Software (Production, Messaging-Based, Web-Based, Suite-Based), Services, Deployment Type, Industry Verticals, and Region - Global Forecast to 2021
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