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Workforce Management Software Market - Growth, Trends And Forecast (2019 - 2024)

Published on: Aug 2019 | From USD $4250 | Published By: MORDOR INTELLIGENCE | Number Of Pages: 120

Market Overview

The global workforce management software market was valued at USD 2601.7 million in 2018 and is expected to reach a value of USD 3327.87 million by 2024 at a CAGR of 4.21 % over the forecast period (2019 - 2024). According to a study conducted by Dell and Intel on the current trends at the workplaces across the globe, although employees are broadly happy with their current jobs, they are increasingly growing dissatisfied with the reporting and communication processes adopted by their organizations. This problem is further compounded by the changing needs at the workplace, with employees no longer expected to just work within a conventional schedule of a 9 AM Ð 5 PM, due to diversification in work practices.

- Earlier, the resource management was carried out manually or through spreadsheets, which was highly time-consuming, leading to the discrepancy of data. Introduction of IoT to workforce management software eases the job by enhancing technological capabilities. This is likely to boost the workforce management software market growth over the forecast period.
- Analytical solutions cause the companies to increase their bottom line and increase their ROI by projecting future trends and extrapolating possible outcomes based on "what-if" scenarios. The collaboration between partners like vendors, suppliers and customers gets easier by uncovering new insights. The success of any implemented plan can also be measured using analytical solutions.
- In a report titled 'The Future of Jobs 2018' by the World Economic Forum (WEF), around 54% of the global workforce had to be re-skilled or up-skilled to work in disruptive and digital technologies spawning the virtual world. Managing a workforce management software is a challenge for the companies, since vendors are releasing new versions of workforce management software every other day and similar companies are also emerging.

Scope of the Report

Workforce management software enables organizations to centralize resource usage data and better plan future utilization. It allows the companies to create custom workflows to be more efficient in their decision-making processes and protect the integrity of data. Therefore, in order to manage several aspects of workforce for better productivity, the market software solutions include workforce forecast & scheduling, time & attendance management, task management, HR management and others including workforce analytics.

Key Market Trends

Cloud to Exhibit the Highest Growth

- The adoption of cloud computing in workforce management software enables various benefits, such as mobility, flexibility, and security. It allows the administrator of an organization to access with any device and at any time.
- In addition, changes can be made or any workforce related task can be scheduled irrespective of the location of the administrator. It saves an enormous amount of money as the organization subscribes to the required amount of storage and technical specification.
- Companies offer workforce management solutions through private cloud to provide multi-level physical and logical security features, thus spending on private cloud is increasing.

Asia-Pacific to Record the Fastest Growth Rate

- The number of workforce in the Asia-Pacific countries, such as India and China, is expected to increase due to the rise in the number of companies and regulations associated with job creation.
- Projects like APEC Digital Workforce Development Project helps APAC's workforce leverage digital and distance-learning technologies through improved career and technical education (CTE).
- Moreover, the region is increasingly adopting new technologies to encourage development and to contribute to economic growth. The aforementioned factors are expected to propel the usage of software, thereby, propelling the market growth in the region over the forecast period.
Competitive Landscape

The workforce management software market is fragmented since in the current competitive scenario, it is becoming increasingly important for organizations to keep their workforce motivated and organized, to ensure optimal productivity which is important to keep abreast of changing times. Companies like Oracle, NICE Systems, Infor and SISQUAL are introducing a wide range of innovative workforce management solutions with advanced capabilities and features, which address traditional needs of contact centers, back offices, and branches.

- March 2019 - SDLC Partners has formalized its relationship with digital operations management software provider, ActiveOps, forging an agreement to help customers adopt a more agile, predictable, and consistent management approach to back-office operations in
- February 2019 - Kronos Incorporated announced the expansion of the Workforce Dimensions Technology Partner Network by introducing new healthcare-focused software providers utilizing the revolutionary Workforce Dimensions solution and intelligent Kronos D5 platform, to reshape the future of work for healthcare providers and their employees.
Reasons to Purchase this report:

- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support

1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing Adoption of Internet of Things (IoT) and Cloud Based Solutions is Expanding the Market
4.3.2 Growing Adoption of Analytical Solutions and WFM by SMEs is Driving the Market Growth
4.4 Market Restraints
4.4.1 Implementation and Integration Concerns is Hindering the Market
4.5 Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 By Software Type
5.1.1 Labor Forecast & Scheduling
5.1.2 Time & Attendance Management
5.1.3 Task Management
5.1.4 HR Management
5.1.5 Workforce Analytics
5.2 By Deployment Mode
5.2.1 On-premise
5.2.2 Cloud
5.3 By End-user Vertical
5.3.1 BFSI
5.3.2 Retail
5.3.3 Automotive
5.3.4 Public Sector
5.3.5 Healthcare
5.3.6 Industrial Manufacturing
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Spain
5.4.2.5 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 South Korea
5.4.3.5 Rest of Asia-Pacific
5.4.4 Rest of the world
5.4.4.1 Latin America
5.4.4.2 Middle East & Africa

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Active Operations Management International LLP
6.1.2 NICE Systems Ltd.
6.1.3 Oracle Corporation
6.1.4 Infor
6.1.5 Kronos Incorporated
6.1.6 Reflexis Systems, Inc.
6.1.7 SISQUAL
6.1.8 Replicon Inc.
6.1.9 WorkForce Software, LLC
6.1.10 JDA Software Group, Inc.
6.1.11 BambooHR LLC
6.1.12 7shifts
6.1.13 IBM Corporation
6.1.14 SAP SE
6.1.15 Verint Systems Inc
6.1.16 ADP, LLC
6.1.17 ATOSS Software AG

7 INVESTMENT ANALYSIS

8 MARKET OPPORTUNITIES AND FUTURE TRENDS

SECONDARY RESEARCH
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.

PRIMARY RESEARCH
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.

MARKET ENGINEERING
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.

EXPERT VALIDATION
The market engineered data is verified and validated by a number of experts, both in-house and external.

REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.

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