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.
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.
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.