The Workforce Management Market is Expected to Reach $7.82 Billion by 2023.
Americas has a major share in the Workforce Management Market, possessing 34% share in the global market in 2015. The presence of many enterprises in the regions of North America has driven the demand for cloud based services. In the US, WFM solutions are adopted by many companies for external changes. It provides a better improvement of the organizations by developing the ability to predict future skills and locate experts in an organization. Many organizations will make use of workforce management in the future. Asia Pacific is expected to be the fastest growing market owing to the growing number of industries in countries like India, China, Japan, etc. These regions focus on their operational efficiencies and remain competitive in the commodity market.
BFSI is the dominant segment in the Workforce Management Market. It has been using workforce management solutions and incorporated new technologies. Banking and financial services are using workforce management services to improve their operations and customer management. Decrease in income opportunities and altered customer behaviour also enhances the growth of the market in this segment. Bank Austria, BAWAG P.S.K, Reise Bank are the banks and financial companies which implement workforce management. The changing business landscape of the BFSI and the financial sector have been promoting automated banking services. This factor drives the market. BFSI sector is expected to reach $3.78 billion by 2023 at a CAGR of 6.7% during the forecast period.
Excerpts on Market Growth Factors
- Workforce management solutions have multiple dimensional functionalities such as forecasting, scheduling, real time management, self-service, schedule adherence, and reporting functionality. These functionalities are customized according to the needs of the end use sector.
- Workforce management systems are used in the operational aspects of a business for improving productivity and efficiency levels of employed people and resources. This factor drives the demand for workforce management software.
- Workforce management facilitates scheduling and monitoring of all operational activities, thereby reducing unnecessary costs and resources.
- Public and private organizations have been the early adopters of workforce management solutions. Cloud and analytics services have compelled companies to upgrade their previous workforce management systems to acquire enhanced efficiencies in real time environment.
Kronos dominates the Workforce Management Market followed by ADP and Verint Systems. Kronos provides implementation services, educational services, support services, and advisory services. It provides workforce management tools for employee scheduling, absence management, labor activities, and analytics. ADP (Automatic Data Processing) offers HR Process Outsourcing and technology enabled HCM solutions such as benefits administration, payroll services, talent management, HR management, etc. Verint Systems operates under two business segments that offer technologically integrated products and services.
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