Workforce Management Market Expected to Surge
June 26, 2017
By Frank Griffin,
The workforce environment in which organizations operate today is getting more complicated as new technologies are being introduced and employees look for flexibility in the workplace. This is placing a premium on quality workforce management solutions that can bring together the different working parts and give businesses, decision-makers and employees a platform they can all thrive in. This segment is a relatively new, and the latest Grand View Research (GVR) report forecasts the market to grow from $4.80 billion in 2016 to $11.09 billion by 2025, as more organizations adopt the technology to manage their workforce.
The GVR report is titled, "Workforce Management Market Analysis By Solution (Workforce Scheduling, Attendance Management, Analytics, Absence Management), By Deployment, By Application, By Company Size, And Segment Forecasts, 2014 – 2025." The revenue growth is forecasted at the country, regional and global levels with analysis of trends in the industry based on solution, deployment, company size, application, and region from 2014 to 2025.
In addressing the growth in the industry, Grand View Research, said, "Apart from the increasing globalization and digitalization, the main drivers for growth are the increasing demand for workforce optimization, cloud computing, and compliance. A younger and diverse workforce, which is more comfortable with digital technology, is also bolstering the growth of the global workforce management market."
This new workforce is responsible for the increased adoption and penetration of smartphones and mobile devices as part of the management and communications solutions of organizations. It is allowing companies to use these devices as part of their workforce management with mobile-ready applications. And GVR is predicting the mobile segment will have the highest growth compared to other management suites during the forecast period.
Workforce application managements are being used across a wide range of industries, including academia, automotive and manufacturing, BFSI, government, healthcare, retail, and others. And while the adoption rate is growing across all industries, the retail sector is dominating by capturing 23.1 percent of the global market, with healthcare coming in second. But the Banking, financial services and insurance (BFSI) segment is experiencing the fastest growth at a compound annual growth rate (CAGR) of 12.6 percent.
Globally, Europe was the region with the largest share of the workforce management market at 31 percent. In terms of growth, the Asia-Pacific region, which includes China and India, will experience substantial growth during the forecast, with North America predicted to grow at CAGR of 9.2 percent.
The vendors with the biggest impact in the market are IBM Kronos (News - Alert), SAP, Oracle, Workforce Software Group, Nice Systems, Active Ops, and Infor. And their solutions will be deployed on premises and in the cloud. However, cloud deployments are quickly replacing legacy systems with Software-as-a-Service (SaaS (News - Alert)) solutions that deliver workforce integration with more flexibility and scalability.