According to IndustryArc’s report titled, “Workforce Management Market: By Type (Services and Solutions); By Deployment Type (Cloud, On-Premises); By Organization Type (SME, Large Enterprises); By End-Use Industry (BFSI, Retail, IT and Telecom etc.); By Operating Systems ( IOS, Android, Windows, Linux/UNIX, Others) and Geography – Forecast (2018-2025),” the workforce management market is predicted to reach $7.82 billion USD by 2023.
Workforce management systems are an integrated set of process-based solutions that are merged into operational aspects of business to enhance productivity and efficiency levels of employees. These solutions have multi-dimensional functionalities associated with them including, forecasting, scheduling, real-time management, self-service and more.
Research shows that the market is expected to grow due to the increased adoption of cloud-based services in emerging economies and changing work dynamics. According to the report, increasing number of small and medium sized enterprises in emerging economies and increased cloud based services in numerous industry verticals such as BFSI, manufacturing, retail and IT & Telecom are responsible for providing new opportunities for the market growth and is projected to drive the market over the forecast period.
Analysts segmented the market into two types:
- Solution and Services. Services segment accounted for about 26% of the market revenue and is estimated to reach around 36% by 2023.
- The BFSI industry held highest market revenue with a 55% share in 2016 and is projected to grow at a healthy rate of 6.7% CAGR till 2023 driven by early adoption of on premise workforce management software.
Asia-Pacific has been identified as the fastest growing region in the forecast period 2017-2023 due to the increasing number of industries in countries like China, Japan and India. These industries are emphasizing to enhance their operational efficiency and remain competitive in the global market, according to study results.
Major players in the workforce management market include: Infor, SAP, IBM, Oracle and Kronos. The overall market is also presented from the perspective of type of services and solutions, deployment type, organization type and geographical analysis and the key countries in this industry.
Workforce management is a process that maximizes performance levels for an organization, including the activities needed to maintain a productive workforce such as Human Resource Management (HRM) talent management, performance and training management, recruiting, etc. It also provides a common set of performance based tools and software to support organizations across manufacturing, distribution, transport, retail operations, and more.
So, if workforce management is about optimizing work assignments and improving performance, wouldn’t it make sense to involve talent management processes? Talent management provides you with everything you need to know about your current employees and potential candidates. By combining workforce management with talent management, you can really get to know the performance makeup of your workforce and increase your company performance. Knowing your employees skills, experience and credentials will let you be able to assess a department’s strength as well as the organization’s overall.
Read the Workforce Management Market: By Type (Services and Solutions); By Deployment Type (Cloud, On-Premises); By Organization Type (SME, Large Enterprises); By End-Use Industry (BFSI, Retail, IT and Telecom etc.); By Operating Systems ( IOS, Android, Windows, Linux/UNIX, Others) and Geography – Forecast (2018-2025).
Looking for more? Download our talent management buyers guide and check out the top-24 products available in the market with full page vendor profiles, key capabilities and questions to ask yourself and the vendor before purchasing a talent management solution. For those just starting the talent management software search process, this is truly the best resource to help get you going.