Thursday, 15 June 2017

Workforce Management Market - Trends and Growth Propellers, Segmentation And Key Companies

Workforce management is a process that maximizes competency and performance level for an organization. The processes comprises activities required to sustain a productive workforce like human resource management, field service management, data collection, budgeting, forecasting, analytics and scheduling. Workforce management is a combined set of processes that an organization uses to optimize productivity of its employees on different levels. It provides collective set of performance based software and tools to support front line supervisors, corporate management, store managers, and workers across distribution, manufacturing, retail and transportation operations.

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The global workforce management market is primarily driven by the increasing demand of cloud based solutions. With the rising cloud based solutions, it has become easier to store data over the cloud and download the data conveniently. Moreover, with the implementation of this system, remote workforce solutions has been made easier. Employees often need access to company information on different devices, be it in home or office, which has become easier with the cloud based solutions. Another important driving factor in this market is the increasing penetration of smartphones and focus on workforce optimization. Workforce optimization is possible through different ways, some of them are time and attendance tracking, performance monitoring, demand prediction, employee scheduling and many others. Rise in demand of smartphones help these function to be carried out with ease anytime and anywhere. Moreover, increasing demand of automation is also bolstering the demand of workforce management market across the world during the forecast period. Automation is likely to help the workforce management by improving accuracy, cutting down the labor costs and mobile access to workforce management solutions.

Lack of awareness about the workforce management is one of the most important factor restraining the growth of the global workforce management market. Many organization especially small and medium are not intended to implement the software solutions and follows the same traditional methods. Due to the lack of awareness, they are unaware of the benefits of implementing automated workforce management solutions in an organization.

Increasing adoption of workforce management in the small and medium sized organization is likely to be one of the most important opportunities in the global market. Since these organizations are unaware of the benefits of these solutions, it is highly expected to grow in the coming couple of years. Leaning towards human resource analytics is also an important opportunity in the global market. Increasing competition, tight budgets are some of the factors that would increase the demand of software solutions in order to maximize the efficiency of the workforce.

Based on solutions, the global workforce management market is segmented into Absence Management, Time and Attendance Management, Workforce Analytics, Performance Management, Workforce Scheduling among others. On the basis of deployment type, the market is segmented into cloud and on premises. Moreover, on the basis of organizational structure the bifurcations includes large organizations and small/medium sized organizations. The end use segregation comprises of banking and financial sectors, logistics, consumer goods, healthcare and defense among others.

The geographical split of the market encompasses North America, Asia Pacific, Europe, Middle East and Africa and Latin America. Europe is expected to have the highest market revenue share during the forecast period. Countries like Germany and U.K. are responsible for the major growth in this market. Deployment of cloud solutions is an important driver boosting the demand of this market in Europe.

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Some of the major players in the global workforce management market are Atoss Software AG (Germany), Automatic Data Processing LLC (U.S.), Huntington Business Systems (HBS), Inc. (New York), International Business Machines Corporation (U.S.), Kronos, Inc.(U.S.) , Oracle Corporation (U.S.), Reflexis Systems, Inc.(U.S.), SAP SE (Germany), Ultimate Software Group, Inc.(U.S.), Verint Systems, Inc.(U.S.), Workday, Inc.(U.S.) and Workforce Software, LLC (U.S) among others.

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