Global Workforce Management Market: Overview
Workforce management (WFM) is extensively engaged by entities, departments, and even individuals to improve their labor efficiency and productivity via an integrated set of processes. A WFM system is able to quantify the type and measure of labor required to complete specific tasks on an hourly or a daily basis and match the skills of employees with particular jobs over time.
Global Workforce Management Market: Key Trends
The world WFM market is prognosticated to achieve a robust growth with a high adoption of verticals such as telecommunications and IT, defense, banking, and healthcare. The advent of workforce analytics and digital technologies has augmented the usage of mobile applications. As a result, the world market could be significantly boosted, coupled with the surging need for workforce optimization. WFM services are anticipated to gain a strong impetus on account of a rising count of enterprises outsourcing their IT functioning to third-party firms.
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Lack of awareness and knowledge on the part of workforce analytics and its integration could work as a major deterrent in the global WFM market as conventional methods obtain preference in this regard. However, a dire need for WFM solutions and functionalities is predicted to take precedence as organizations display a swift increase in the implementation of initiatives pertaining to workforce optimization, automation, and digital transformation. In this respect, the on-premise deployment market could hold a larger share in the market.
The consumer goods and retail WFM market is prophesied to expand at a higher CAGR, owing to a continuous focus on creating a brand name, logistics, market expansion, customer relationship, and other key factors. More opportunities are envisaged to pamper market players in sectors such as healthcare and telecommunications and IT as they adopt WFM solutions for the retention of the best workforce and employee satisfaction.
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Global Workforce Management Market: Market Potential
Great Hill Partners is excited to announce its financial investment support to Reflexis, a market leader in workforce management solutions and real-time store execution for retails. The private equity firm based in Boston is pretty impressed with the reputation of Reflexis in its operating domain and confident about its future success. The current leadership team of Reflexis will engage the investment received from Great Hill Partners for cementing the company’s position in the WFM market and fortify its technological offerings portfolio.
Global Workforce Management Market: Regional Outlook
Out of all the other major regions of the international WFM market such as Asia Pacific, North America, Latin America, and the Middle East and Africa, Europe is envisioned to flaunt a vast share. There is a speedy adoption of workforce analytics foretold to be witnessed in Europe as cloud deployment inflates to a convincing degree.
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Besides this, the public as well as private companies are perpetually looking to the make the best use of their workforce efficiency, which could aggravate the demand for finer WFM solutions and software even more. Factors such as intense competition among European players and tight budgets are foreseen to increase the growth of the Europe WFM market. Unsurprisingly, countries such as Germany and the U.K. are taking to constant implementation and acceptance of important changes in their WFM.
Global Workforce Management Market: Competitive Landscape
The crucial advantages offered by WFM solutions, such as increase in operational efficiency, are looked upon as a decisive aspect that is anticipated to drive the interest of key players in the global market. Companies operating in the international WFM market could leverage the need to address concerns over express generation of big data. SMEs are predicted to offer a decent momentum to players on the back of the popularity of software-as-a-service (SaaS) platform and its cost-efficient features, which have made the adoption of WFM easier. ADP LLC, Kronos, Inc., SAP SE, Oracle Corporation, and IBM Corporation are some of the