New York, USA, Sept. 01, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global workforce management market is expected to generate a revenue of $9,580.3 million by 2027, rapidly growing at a CAGR of 10.6% during the forecast period (2019-2027). The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures, making it easier and helpful for the new participants to understand the market.
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COVID-19 Impact on the Market
The outbreak of coronavirus has had a significant impact on the growth of the global workforce management market in a positive way, owing to its rapid adoption among organizations due to lockdowns. Redundant lockdowns led to closure of various organizations across the globe in order to curb the spread of the virus. This led to the extensive adoption of constructive employee management system by various organizations to streamline their operations while working remotely.
COVID-19 has had a positive impact on the growth of the Global Workforce Management Market
Dynamics of the Market
Drivers: The workforce management software provides a solitary solution to a variety of HRM processes like recruitment, performance management, documentation, and many more. In addition, increasing product developments for enhancing the workforce management services to organizations are further expected to drive the growth of the market during the forecast period.
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Restraints: Lack of awareness about workforce management tools among people is expected to impede the growth of the market during the forecast period.
Opportunities: Tenacious technological advancements and rising implementation of IOT and AI are expected to create massive opportunities for the growth of the market during the forecast period.
Segments of the Market
The report has divided the market into different segments based on component, deployment mode, organization size, end-user, and region.
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Component: Solution Sub-segment to be Most Profitable
The solution sub-segment is expected to generate a revenue of $4,962.7 million during the forecast period. The implementation of workforce management solutions in organizations provides various perks like better productivity, decreased employee operations cost, and increased employee satisfaction. This factor is expected to bolster the growth of the sub-segment during the forecast period.
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Deployment Mode: Cloud Sub-segment to be Most Beneficial
The cloud sub-segment is expected to generate a revenue of $5,067.8 million during the forecast period. The cloud-based deployment runs on a subscription model which makes it economical. They also do not require any massive infrastructure for data storage. These factors are expected to fuel the growth of the sub-segment during the forecast period.
Organization Size: Small and Medium Enterprise Sub-segment to Have the Largest Market Share
The small and medium enterprise sub-segment is expected to generate a revenue of $4,987.2 million during the forecast period. This surge is due to the increasing need for reduction in expenses for employee performance management process, enhancing employee engagement and productivity, and maximizing scalability potential in SMEs in the upcoming years. These factors are expected to accelerate the growth of the sub-segment during the forecast period.
End-user: IT & Telecom Sub-segment to be Most Lucrative
The IT & telecom sub-segment is expected to generate a revenue of $1,784.7 during the forecast period. IT & telecom companies have maximum number of employees and their increased application of workforce management solutions is further anticipated to drive the growth of the sub-segment during the forecast period.
Region: Europe Predicted to Dominate the Market
The European workforce management market is anticipated to generate a revenue of $2,958.6 million during the forecast period. Rising need for improved performance of employees in European organizations, and the prevalence of maximum number of SMEs in this region are further expected to bolster the growth of the market during the forecast period.
Key Payers of the Market
• IBM
• Oracle
• SAP SE
• ADP, Inc.
• Workday, Inc.
• Verint.
• NICE Ltd.
• Ceridian HCM, Inc.
• UKG Inc.
• Infor.
For instance, in July 2021, Accenture, a multinational management consulting, technology services, and outsourcing company, acquired Workforce Insight, a workforce optimization consultancy that provides workforce management and human capital management advisory and technology services, in order to extend Accenture’s enterprise workforce management capabilities.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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