Workforce Management Software Market By Mode Of Deployment (On-premise, Cloud-based), By End-Use Vertical (BFSI, Retail, Healthcare, Automotive, Industrial Manufacturing, Government, Others), By Functionality (Workforce Forecast & Scheduling, Time & Attendance Management, Absence Management, Workforce Analytics, Others) - Growth, Future Prospects & Competitive Analysis, 2018 – 2026

The global workforce management software market was valued at US$ 4.25 Bn in 2017 and expected to expand at a CAGR of 7.5% during the forecast period from 2018 to 2026. Achieving on-budget workforce strategic planning is complex and difficult with conventional paper/spreadsheet-based methods given the voluminous amount and type of data inputs required. Thus, automation is requisite for smart, data driven staff management. IT plays an important role in helping business organizations across industry verticals to optimize and streamline operations, including workforce management. With the advent of digitalization, workforce management software solutions are fast replacing conventional ways of manually maintaining workforce databases using spreadsheets, thereby leading to a change in the workforce management landscape. The use of these solutions have brought down the time required for maintaining workforce database and discrepancies related to data.

"Cloud-based Solutions to Register Significant Growth during the Forecast Period"

In 2017, the value contribution from on-premise workforce management solutions was greater than cloud-based solutions. The value contribution of on-premise solutions in the global workforce management software market stood at 63% in the same year. Although on-premise solutions continue to dominate in the global workforce management software market, demand for cloud-based solutions is projected to grow at superior growth rate during the forecast period from 2018 to 2026. Cloud-based workforce management solutions are gaining popularity among end-users on the back of their ability to offer greater ROI and savings given their low operating cost and minimal upfront investment. In addition, remote access to data, automated software updates, and unlimited storage capacity are other benefits driving demand for cloud-based solutions.

"North America to Continue Dominance; Asia Pacific to Register Fastest Growth"

In 2017, North America and Europe represent two major workforce management software market worldwide followed by Asia Pacific. North America and Europe collectively accounted for over two-third of the total workforce management software market value in the same year. This supremacy is majorly on the back of factors including relatively greater acceptance to technological innovations and dedicated expenditure by enterprises on streamlining operations, including workforce management. On the other hand, Asia Pacific is projected to register stronger growth during the forecast period from 2018 to 2026. Economic development leading to an increase in the number of business enterprises, growing acceptance to digitalization, and related labor regulations is estimated to drive demand for workforce management solutions in Asia Pacific during the forecast period from 2018 to 2026.

"Healthcare Sector to Witness Profound Adoption of Workforce Management Solutions during the Forecast Period"

 In 2017, retail, automotive, and industrial manufacturing represented major end-use segments in the global workforce management software market. These segments collectively accounted over 60% of the total workforce management software market value in the same year. Greater adoption of workforce management software solutions among these end-use segments is largely credited to labor-intensive nature of these industry verticals. On the other hand, demand for workforce management solutions among healthcare set-ups is estimated to witness profound growth during the forecast period from 2018 to 2026. Healthcare facilities are often faced with a complex balancing act in delivering proper clinical, administrative, and operational mix of employees to attain goals and needs of the facility. Workforce management solutions enable healthcare facilities to assign available human resources with clinical needs based on patient flow and patient population demographics.

Key companies profiled in the research study include SAP SE, Kronos Incorporated, Oracle Corporation, Workforce Software Group Inc., Reflexis Systems Inc., Active Operations Management International LLP, SISQUAL, Nice Systems Inc., and Infor among others. 

Historical & Forecast Period

This research study provides qualitative as well as quantitative insights for each segment and sub-segment from 2016 to 2026, considering 2017 as the base year for the research. CAGR (Compounded Annual Growth Rate) for each segment and sub-segment is calculated for the forecast period from 2018 to 2026.