Recognizing the kind of growth, the market is garnering currently, Market Research Future (MRFR) in its recently published study report, asserts that the global Workforce Managementmarket will reach USD 9 Bn. by 2024, registering approximately 11 % CAGR from 2016 to 2024.
Impact of COVID-19 on Global Workforce ManagementMarket
The COVID-19 outbreak is causing widespread concern and economic hardships for consumers and business communities across the globe. The pandemic has affected the lives of the people in more than 119 countries worldwide, including Italy, Iran, South Korea, France, Spain, Germany, the US, Japan, Switzerland, Norway, the UK, and India. As the governments make significant interventions in response to the pandemic, businesses are rapidly adjusting to the changing needs of their employees, customers, and suppliers, while navigating the financial and operational challenges. Throughout January and February, a majority of the companies continued their business operations on-premises. However, March saw the industry take rigorous action to promote work from home, in sync with government advisories, to keep the working personnel safe, thereby accelerating the adoption of the remote working culture. The outbreak of the pandemic has caused a slowdown in the business, which might lead to recession and reduced IT spending. Furthermore, it also caused many of the businesses to close down their doors leading to an increase in the national unemployment rate. According to the US Bureau of Labor and Statistics, the increase in the unemployment rate during the COVID-19 pandemic is the largest over-the-month increase in the rate since January 1975.
The Workforce Managementmarket is segmented into five key dynamics for the convenience of understanding;
By Deployment Type: On-premises and On-Cloud.
By Component: Solutions and Services among others.
By End-User: BFSI, Healthcare, Retail and eCommerce, Manufacturing, Government, Telecommunications and IT, among others.
By Organization size: SMEs and Large Enterprises.
By Region: North America, Europe, APAC and the Rest-of-the-World.
The subsegment – SMEs holds the largest market share by Organization size, mainly due to its widened adoption of WFM solutions and technological transition.
The European region accounts for the leading market in the global Workforce Management. The UK among other European countries, backed by the deployment of cloud and the rapid adoption of workforce analytics, drives the market growth in the region majorly.
Additionally, the factors such as the demand for WFM analytics from the various sectors allow the market in the region to flourish. The resurging economy in the region is undoubtedly contributing to the market growth significantly, augmenting the uptake of this solution across the region.
The North American region accounts for the second-largest market for the Workforce Management. The WFM analytics market in North America is expected to create a substantial revenue pocket owing to the technological advancements that are fostered by the presence of a well-established infrastructure in the region that allows faster implementation of advanced technologies. Countries such as the U.S. and Canada backed by the increasing technological advancements and the uptake of WFM account for major contributors to the market growth in the region.
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On the other hand, Asia Pacific region is expected to witness a healthy growth, emerging as the fastest growing market for the Workforce Managementanalytics. Factors such as increasing urbanization & growing healthcare and eCommerce sector coupled with the improving economy in the region foster the market growth, increasing consumers’ purchasing power.
The market leaders profiled in the MRFR analysis include Oracle Corporation (US), IBM Corporation (US), SAP AG (Europe), Workforce Software (US), KRONOS (US), ADP LLC (US), Infor Global Solution (India), WORKDAY (US), and ClickSoftware (US).
Workforce ManagementMarket Research Report: by Component (Solution- Time and Attendance Management, Absence Management, Workforce Scheduling, Workforce Analytics, Performance Management, Desktop And Process Analytics, Others, Services), Deployment Mode (On-Premise, Cloud), Organization Size (Large Enterprises), Vertical (BFSI, IT & Telecom, Energy & Utility, Manufacturing, Retail, Transportation & Logistics, Healthcare, Government & Defense and others) by Region – Forecast till 2024
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