Workforce Management Market Anticipated to Gain a Strong Impetus by 2025

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

Telecommunications and IT to Boost Workforce Management Market

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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