Global Workforce Management Software Market: Snapshot
The global workforce management market is expected to grow at a healthy pace in the years to come on account of the rapid increase in the use of digitization for the day-to-day operations of organizations and companies. With increasing group globalization, the presence of a younger and more dynamic and diverse workforce, it is expected that the demand for workforce management will increase.
With social advancement within companies across the globe, there is a need for operating the daily operations in a unified enterprise. The demand for interaction and integration of the daily operations will be a key factor accelerating the growth of the workforce management market.
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With workforce management solutions, companies can experience significant paybacks both in the terms of revenue as well as ease of usage. With an increase in the use of mobile devices, a large number of companies across the globe are showing a keen interest in furthering their mobile capabilities for future. Companies are also demanding absence and leave management solutions which in turn will create the demand for workforce management solutions.
The growth of the workforce management solutions is having tremendous effect on the biometric terminals which are being used for attendance and time applications. It is also expected to impact the legacy systems as more and more companies are adopting cloud as well as software-as-a-service solutions so as to have better workforce integration and enhanced solutions.
Global Workforce Management Software Market: Overview
In the present time, the majority of the HR operations need to be manually handled, which increases the amount of paperwork. This, in turn, negatively affects the overall productivity for HR executives. Workforce management software enhances the efficiency and productivity of the HR personnel by managing employment and staffing related operations, tracking employee attendance, policy updates, beneficiary changes, and discontinuation of coverage among others. With the increasing globalization, workforce management will become imperative. This is, in turn, allowing the global workforce management software market to follow an exponential growth trajectory.
Global Workforce Management Software Market: Key Trends
The burgeoning need to streamline HR functions is the foremost factor augmenting the global workforce management software market. Workforce management software offers various benefits that help in automating and streamlining the workforce management process. The emergence of cloud-based technologies is also working in favor of the market. Moreover, the increasing penetration of social media is also providing a fillip to the market.
On the flip side, small and medium-sized enterprises (SMEs) are reluctant about switching to software solution from conventional methods. This is, in turn, inhibiting the growth of the global workforce management software market. However, the growing trend of work from home in SMEs is likely to encourage the adoption of workforce management software in the near future.
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Global Workforce Management Software Market: Market Potential
The growing investments for the development and advancements of workforce management software are rendering the market highly opportunities. To put this in perspective, in March 2016 Seattle-based Shiftboard raised US$4 mn for its workforce management software platform through a funding round led by Voyager Capital. Similarly, in January 2017 Deputy, a Sydney-based global workforce management software firm, raised US$25 mn in a Series A round led by the U.S. expansion stage venture capital company OpenView. Market participants are developing innovative and highly reliable software that are likely to allow the market to gain significant momentum in the coming years.
Global Workforce Management Software Market: Geographical Segmentation
On the basis of geography, the report categorizes the global workforce management software market into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. Developed regions are anticipated to be at the forefront of growth owing to rapid technological advancements. The growth of the North America market can be attributed to the rising penetration of social media and the soaring demand for cost-effective HR solutions.
In Europe, there is a high acceptance of advanced workforce management software in countries such as the U.K. and Germany. To overcome challenges such as high competition and budget constraints, European companies are banking on solutions and services that enhance the efficiency of their workforce. This is leading to the high adoption of workforce management software in the region.
Developing countries in Asia Pacific and Latin America are expected to offer ample growth opportunities owing to the increasing adoption of cloud technology and the rising need for workforce management.
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Global Workforce Management Software Market: Competitive Landscape
The global workforce management market is a highly fragmented arena, with the presence of a large number of multinational players. Market participants are pouring hefty sums into the research and development of innovative software and solutions to consolidate their position in this highly competitive marketplace. The market is expected to witness intensification in price wars among key players in the coming years.
The leading players in the market are Kronos, SAP, Oracle, Ultimate Software, Ceridian HCM, and ADP. Some other prominent companies operating in the global market for workforce management software are ATOSS Software, Ascentis, iCIMS, HR Bakery, JDA Software Group, PeopleFluent, NICE, Reflexis Systems, Performly, Workday, The Sage Group, and Zoho Corporation.
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