According to the report, the global workforce management industry was estimated at $4.35 billion in 2019, and is expected to hit $9.39 billion by 2027, registering a CAGR of 10.2% from 2020 to 2027.
Rise in demand for workforce optimization & mobile applications and increase in adoption of cloud-based workforce management fuel the growth of the global workforce management market.
On the basis of deployment model, the on-premise segment garnered the major share in 2019. On the basis of geography, on the other hand, Asia-Pacific would grow at the fastest CAGR by 2027.
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The global workforce management market is analyzed across component, deployment mode, organization size, industry vertical, and region.
Based on component, the solution segment contributed to more than three-fifths of the global workforce management market revenue in 2019, and is expected to rule the roost by 2027. Wide array of benefits offered by workforce management solutions such as harnessing the power of big data for analytics drive the segment growth.
The services segment, on the other hand, would grow at the fastest CAGR of 12.1% throughout the forecast period, owing to the fact that these services reduce time and costs associated with optimizing systems in the initial phase of deployment.
Based on deployment model, the on-premise segment contributed to half of the total market in 2019, and is expected to retain its dominance by 2027. The cloud segment, on the other hand, would register the fastest CAGR of 13.0% from 2020 to 2027.
Based on geography, North America held the major share in 2019, generating more than two-fifths of the global market. At the same time, Asia-Pacific would showcase the fastest CAGR of 13.1% throughout the forecast period. The other two regions covered in the report include Europe and LAMEA.
Impact of COVID-19 on Workforce Management Market:
- With most of the organizations adopting the trend of work-from-home, workforce management solutions that come with the very potential to remotely track and administer employees have extensively been embraced by several commercial and manufacturing units across the world.
- This way, companies are most likely to find themselves in a good position as the technology helps in retaining the best talent and engaging employees in the most effective way.
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The key market players analyzed in the global workforce management market report include ADP, LLC, Infor, IBM Corporation, Kronos Incorporated, Oracle Corporation, SAP SE, SumTotal Systems, LLC, Verint Systems Inc., Workday, Inc., and WorkForce Software, LLC. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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