San Francisco, California, January 22, 2018: A recently added market study by TMR Research, titled, “Workforce Management Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017–2025,” offers crucial information on the market so as to empower savvy companies operating in it take timely, sagacious decisions. It banks upon historical and current figures to understand the trajectory of the market. It also studies the competitive dynamics by taking a thorough look at the companies operating in it and by leveraging popular analytical tools.
Workforce management (WFM) is a combination of processes aimed at optimizing productivity of employees on the individual, departmental, and entire organization level. A WFM system is capable of quantifying the type and measure of labor needed to accomplish specific tasks on an hourly or a daily basis. It also helps match the skills of employees with specific jobs.
The global market for workforce management is expected to expand at a cracking pace with a flourishing defense, telecommunications and IT, healthcare, and banking sector. Further, the emergence of workforce analytics coupled with digital technologies has also led to WFM mobile applications. Workforce management will see swift adoption on the back of increasing number of organizations outsourcing their IT functions to third-party firms.
Posing a challenge to the market for workforce management, on the other flipside, is lack of knowledge about workforce analytics and its seamless integration. However, the pressing need for WFM solutions and functionalities is expected to offset any negative impact on the market.
Workforce management software can be segmented into cloud and on-premise depending upon the mode of deployment. Among the two, the on-premise deployment market could hold a larger share in the market.
The end use segments of consumer goods and retail are poised to drive most of the demand in the market for workforce management (WFM) because of their constant focus on generating brand recall, thrust on market expansion, logistics management, customer relationship, etc. The healthcare and telecommunications and IT are other sectors that are projected to drive demand in the market because of their need to retain the best employees and bring about employee satisfaction.
The small and medium enterprises are at the forefront of adoption of workforce management. With the cost benefits offered by software-as-a-service (SaaS) platform, SMEs have been increasingly opting for the software. The market for WFM is dynamic in nature on account of emerging trends such as collaborations with social media companies and leveraging of mobile devices for real-time solutions. The large organizations too are banking upon workforce management software (WFM) to greater operational efficiency and productivity of its employees.
Geographically, the key segments of the market for workforce management (WFM) are Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. Europe, of them, is projected to generate maximum opportunities for the market to grow with the uptake of cloud. Germany and the U.K. are at the forefront of driving demand in the global workforce management market. North America is projected to emerge as another key market.
Some of the prominent participants in the global workforce management (WFM) market are SAP SE, ADP LLC, Oracle Corporation, Kronos, Inc., and IBM Corporation. The report offers valuable information on their sales and revenues and respective market shares. It also banks upon popular analytical tools to understand the opportunities they can utilize and the pitfalls they need to avoid.
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