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Workforce Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

September 2023 | 142 pages | ID: W29FAD02C31CEN
IMARC Group

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Market Overview:

The global workforce management market size reached US$ 5.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 9.8 Billion by 2028, exhibiting a growth rate (CAGR) of 10.5% during 2023-2028.

Workforce management (WFM) refers to a collection of tools and processes that enables an organization to monitor and centralize the data for their human resource utilization. It includes various performance-based software and tools to enhance the efficiencies of front-line supervisors, corporate management, managers and workers across the organization. It can perform multiple functions, such as workforce forecast and scheduling, HR management and workforce analysis. It can also create customized workflows that enhance overall productivity and make decision-making more efficient. Owing to this, it finds extensive applications across various industries, including banking, financial services, and insurance (BFSI), medical, government & defense, transportation & logistics, retail and information technology (IT).


The growing need for automation across industries, along with the increasing adoption of cloud-based solutions, is one of the key factors driving the growth of the market. With an increasing focus on workforce optimization, organizations are extensively employing WFM solutions to manage time and avoid duplication of tasks. Furthermore, cloud-based solutions minimize the requirements for physical hardware, which is also boosting the adoption of these solutions in organizations. The platform also reduces the overall operational costs and enhances the scalability of the infrastructure by providing access to various endpoints. Additionally, increasing penetration of smartphones, along with the prevailing trend of Bring-Your-Own-Devices (BYOD), is also creating a positive impact on the market growth. With the deployment of WFM solutions, the employer can track the progress on tasks at any point of time while providing the employees with secure access to official files. Other factors, including rapid urbanization, especially in developing economies, rising awareness about the benefits of WFM, and extensive research and development (R&D) activities in the field of IT, are projected to drive the market in the upcoming years.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global workforce management market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on solution, service, deployment type, organization size and vertical.

Breakup by Solution:

Absence Management
Performance Management
Workforce Scheduling
Time and Attendance Management
Workforce Analytics
Others

Breakup by Service:

Implementation Services
Support and Maintenance Services
Training and Education Services

Breakup by Deployment Type:

Cloud-based
On-premises

Breakup by Organization Size:

Small and Medium-sized Enterprises (SMEs)
Large Enterprises

Breakup by Vertical:

Government and Defense
Banking, Financial Services, and Insurance (BFSI)
Healthcare
Transportation and Logistics
Telecom and IT
Consumer Goods and Retail
Manufacturing
Energy and Utilities
Others

Breakup by Region:

North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined with some of the key players being ADP, Atoss Software AG, HotSchedules Inc., Huntington Business Systems, IBM, Kronos Inc., Oracle Corporation, Reflexis Systems, SAP SE, Ultimate Software Group Inc., Verint Systems, Workday Inc., WorkForce Software LLC, etc.

Key Questions Answered in This Report
1. What was the size of the global workforce management market in 2022?
2. What is the expected growth rate of the global workforce management market during 2023-2028?
3. What are the key factors driving the global workforce management market?
4. What has been the impact of COVID-19 on the global workforce management market?
5. What is the breakup of the global workforce management market based on the solution?
6. What is the breakup of the global workforce management market based on the deployment type?
7. What is the breakup of the global workforce management market based on organization size?
8. What is the breakup of the global workforce management market based on the vertical?
9. What are the key regions in the global workforce management market?
10. Who are the key players/companies in the global workforce management market?
1 PREFACE

2 SCOPE AND METHODOLOGY

2.1Objectives of the Study
2.2Stakeholders
2.3Data Sources
  2.3.1Primary Sources
  2.3.2Secondary Sources
2.4Market Estimation
  2.4.1Bottom-Up Approach
  2.4.2Top-Down Approach
2.5Forecasting Methodology

3 EXECUTIVE SUMMARY

4 INTRODUCTION

4.1Overview
4.2Key Industry Trends

5 GLOBAL WORKFORCE MANAGEMENT MARKET

5.1Market Overview
5.2Market Performance
5.3Impact of COVID-19
5.4Market Forecast

6 MARKET BREAKUP BY SOLUTION

6.1Absence Management
  6.1.1 Market Trends
  6.1.2 Market Forecast
6.2Performance Management
  6.2.1 Market Trends
  6.2.2 Market Forecast
6.3Workforce Scheduling
  6.3.1 Market Trends
  6.3.2 Market Forecast
6.4Time and Attendance Management
  6.4.1 Market Trends
  6.4.2 Market Forecast
6.5Workforce Analytics
  6.5.1 Market Trends
  6.5.2 Market Forecast
6.6Others
  6.6.1 Market Trends
  6.6.2 Market Forecast

7 MARKET BREAKUP BY SERVICE

7.1Implementation Services
  7.1.1 Market Trends
  7.1.2 Market Forecast
7.2Support and Maintenance Services
  7.2.1 Market Trends
  7.2.2 Market Forecast
7.3Training and Education Services
  7.3.1 Market Trends
  7.3.2 Market Forecast

8 MARKET BREAKUP BY DEPLOYMENT TYPE

8.1Cloud-based
  8.1.1 Market Trends
  8.1.2 Market Forecast
8.2On-premises
  8.2.1 Market Trends
  8.2.2 Market Forecast

9 MARKET BREAKUP BY ORGANIZATION SIZE

9.1Small and Medium-sized Enterprises (SMEs)
  9.1.1 Market Trends
  9.1.2 Market Forecast
9.2Large Enterprises
  9.2.1 Market Trends
  9.2.2 Market Forecast

10 MARKET BREAKUP BY VERTICAL

10.1Government and Defense
  10.1.1 Market Trends
  10.1.2 Market Forecast
10.2Banking, Financial Services, and Insurance (BFSI)
  10.2.1 Market Trends
  10.2.2 Market Forecast
10.3Healthcare
  10.3.1 Market Trends
  10.3.2 Market Forecast
10.4Transportation and Logistics
  10.4.1 Market Trends
  10.4.2 Market Forecast
10.5Telecom and IT
  10.5.1 Market Trends
  10.5.2 Market Forecast
10.6Consumer Goods and Retail
  10.6.1 Market Trends
  10.6.2 Market Forecast
10.7Manufacturing
  10.7.1 Market Trends
  10.7.2 Market Forecast
10.8Energy and Utilities
  10.8.1 Market Trends
  10.8.2 Market Forecast
10.9Others
  10.9.1 Market Trends
  10.9.2 Market Forecast

11 MARKET BREAKUP BY REGION

11.1North America
  11.1.1 United States
    11.1.1.1 Market Trends
    11.1.1.2 Market Forecast
  11.1.2 Canada
    11.1.2.1 Market Trends
    11.1.2.2 Market Forecast
11.2Asia Pacific
  11.2.1 China
    11.2.1.1 Market Trends
    11.2.1.2 Market Forecast
  11.2.2 Japan
    11.2.2.1 Market Trends
    11.2.2.2 Market Forecast
  11.2.3 India
    11.2.3.1 Market Trends
    11.2.3.2 Market Forecast
  11.2.4 South Korea
    11.2.4.1 Market Trends
    11.2.4.2 Market Forecast
  11.2.5 Australia
    11.2.5.1 Market Trends
    11.2.5.2 Market Forecast
  11.2.6 Indonesia
    11.2.6.1 Market Trends
    11.2.6.2 Market Forecast
  11.2.7 Others
    11.2.7.1 Market Trends
    11.2.7.2 Market Forecast
11.3Europe
  11.3.1 Germany
    11.3.1.1 Market Trends
    11.3.1.2 Market Forecast
  11.3.2 France
    11.3.2.1 Market Trends
    11.3.2.2 Market Forecast
  11.3.3 United Kingdom
    11.3.3.1 Market Trends
    11.3.3.2 Market Forecast
  11.3.4 Italy
    11.3.4.1 Market Trends
    11.3.4.2 Market Forecast
  11.3.5 Spain
    11.3.5.1 Market Trends
    11.3.5.2 Market Forecast
  11.3.6 Russia
    11.3.6.1 Market Trends
    11.3.6.2 Market Forecast
  11.3.7 Others
    11.3.7.1 Market Trends
    11.3.7.2 Market Forecast
11.4Latin America
  11.4.1 Brazil
    11.4.1.1 Market Trends
    11.4.1.2 Market Forecast
  11.4.2 Mexico
    11.4.2.1 Market Trends
    11.4.2.2 Market Forecast
  11.4.3 Others
    11.4.3.1 Market Trends
    11.4.3.2 Market Forecast
11.5Middle East and Africa
  11.5.1 Market Trends
  11.5.2 Market Breakup by Country
  11.5.3 Market Forecast

12 SWOT ANALYSIS

12.1Overview
12.2Strengths
12.3Weaknesses
12.4Opportunities
12.5Threats

13 VALUE CHAIN ANALYSIS

14 PORTERS FIVE FORCES ANALYSIS

14.1Overview
14.2Bargaining Power of Buyers
14.3Bargaining Power of Suppliers
14.4Degree of Competition
14.5Threat of New Entrants
14.6Threat of Substitutes

15 PRICE INDICATORS

16 COMPETITIVE LANDSCAPE

16.1Market Structure
16.2Key Players
16.3Profiles of Key Players
  16.3.1ADP
    16.3.1.1 Company Overview
    16.3.1.2 Product Portfolio
    16.3.1.3 Financials
    16.3.1.4 SWOT Analysis
  16.3.2Atoss Software AG
    16.3.2.1 Company Overview
    16.3.2.2 Product Portfolio
    16.3.2.3 Financials
  16.3.3HotSchedules Inc.
    16.3.3.1 Company Overview
    16.3.3.2 Product Portfolio
  16.3.4Huntington Business Systems
    16.3.4.1 Company Overview
    16.3.4.2 Product Portfolio
  16.3.5IBM
    16.3.5.1 Company Overview
    16.3.5.2 Product Portfolio
    16.3.5.3 Financials
    16.3.5.4 SWOT Analysis
  16.3.6Kronos Inc.
    16.3.6.1 Company Overview
    16.3.6.2 Product Portfolio
  16.3.7Oracle Corporation
    16.3.7.1 Company Overview
    16.3.7.2 Product Portfolio
    16.3.7.3 Financials
    16.3.7.4 SWOT Analysis
  16.3.8Reflexis Systems
    16.3.8.1 Company Overview
    16.3.8.2 Product Portfolio
  16.3.9SAP SE
    16.3.9.1 Company Overview
    16.3.9.2 Product Portfolio
    16.3.9.3 Financials
    16.3.9.4 SWOT Analysis
  16.3.10Ultimate Software Group Inc.
    16.3.10.1 Company Overview
    16.3.10.2 Product Portfolio
    16.3.10.3 SWOT Analysis
  16.3.11Verint Systems
    16.3.11.1 Company Overview
    16.3.11.2 Product Portfolio
    16.3.11.3 Financials
    16.3.11.4 SWOT Analysis
  16.3.12Workday Inc.
    16.3.12.1 Company Overview
    16.3.12.2 Product Portfolio
    16.3.12.3 Financials
    16.3.12.4 SWOT Analysis
  16.3.13WorkForce Software LLC
    16.3.13.1 Company Overview
    16.3.13.2 Product Portfolio

LIST OF TABLES

Table 1: Global: Workforce Management Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Workforce Management Market Forecast: Breakup by Solution (in Million US$), 2023-2028
Table 3: Global: Workforce Management Market Forecast: Breakup by Service (in Million US$), 2023-2028
Table 4: Global: Workforce Management Market Forecast: Breakup by Deployment Type (in Million US$), 2023-2028
Table 5: Global: Workforce Management Market Forecast: Breakup by Organization Size (in Million US$), 2023-2028
Table 6: Global: Workforce Management Market Forecast: Breakup by Vertical (in Million US$), 2023-2028
Table 7: Global: Workforce Management Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 8: Global: Workforce Management Market: Competitive Structure
Table 9: Global: Workforce Management Market: Key Players

LIST OF FIGURES

Figure 1: Global: Workforce Management Market: Major Drivers and Challenges
Figure 2: Global: Workforce Management Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Workforce Management Market: Breakup by Solution (in %), 2022
Figure 4: Global: Workforce Management Market: Breakup by Service (in %), 2022
Figure 5: Global: Workforce Management Market: Breakup by Deployment Type (in %), 2022
Figure 6: Global: Workforce Management Market: Breakup by Organization Size (in %), 2022
Figure 7: Global: Workforce Management Market: Breakup by Vertical (in %), 2022
Figure 8: Global: Workforce Management Market: Breakup by Region (in %), 2022
Figure 9: Global: Workforce Management Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 10: Global: Workforce Management (Absence Management) Market: Sales Value (in Million US$), 2017 & 2022
Figure 11: Global: Workforce Management (Absence Management) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 12: Global: Workforce Management (Performance Management) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Global: Workforce Management (Performance Management) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Global: Workforce Management (Workforce Scheduling) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: Workforce Management (Workforce Scheduling) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: Workforce Management (Time and Attendance Management) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: Workforce Management (Time and Attendance Management) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Global: Workforce Management (Workforce Analytics) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: Workforce Management (Workforce Analytics) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Global: Workforce Management (Others) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: Workforce Management (Others) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: Global: Workforce Management (Implementation Services) Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: Global: Workforce Management (Implementation Services) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: Global: Workforce Management (Support and Maintenance Services) Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: Global: Workforce Management (Support and Maintenance Services) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: Global: Workforce Management (Training and Education Services) Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: Global: Workforce Management (Training and Education Services) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: Global: Workforce Management (Cloud-based) Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: Global: Workforce Management (Cloud-based) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: Global: Workforce Management (On-premises) Market: Sales Value (in Million US$), 2017 & 2022
Figure 31: Global: Workforce Management (On-premises) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 32: Global: Workforce Management (Small and Medium-sized Enterprises) Market: Sales Value (in Million US$), 2017 & 2022
Figure 33: Global: Workforce Management (Small and Medium-sized Enterprises) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 34: Global: Workforce Management (Large Enterprises) Market: Sales Value (in Million US$), 2017 & 2022
Figure 35: Global: Workforce Management (Large Enterprises) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 36: Global: Workforce Management (Government and Defense) Market: Sales Value (in Million US$), 2017 & 2022
Figure 37: Global: Workforce Management (Government and Defense) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 38: Global: Workforce Management (Banking, Financial Services, and Insurance) Market: Sales Value (in Million US$), 2017 & 2022
Figure 39: Global: Workforce Management (Banking, Financial Services, and Insurance) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 40: Global: Workforce Management (Healthcare) Market: Sales Value (in Million US$), 2017 & 2022
Figure 41: Global: Workforce Management (Healthcare) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 42: Global: Workforce Management (Transportation and Logistics) Market: Sales Value (in Million US$), 2017 & 2022
Figure 43: Global: Workforce Management (Transportation and Logistics) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 44: Global: Workforce Management (Telecom and IT) Market: Sales Value (in Million US$), 2017 & 2022
Figure 45: Global: Workforce Management (Telecom and IT) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 46: Global: Workforce Management (Consumer Goods and Retail) Market: Sales Value (in Million US$), 2017 & 2022
Figure 47: Global: Workforce Management (Consumer Goods and Retail) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 48: Global: Workforce Management (Manufacturing) Market: Sales Value (in Million US$), 2017 & 2022
Figure 49: Global: Workforce Management (Manufacturing) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 50: Global: Workforce Management (Energy and Utilities) Market: Sales Value (in Million US$), 2017 & 2022
Figure 51: Global: Workforce Management (Energy and Utilities) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 52: Global: Workforce Management (Others) Market: Sales Value (in Million US$), 2017 & 2022
Figure 53: Global: Workforce Management (Others) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 54: North America: Workforce Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 55: North America: Workforce Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 56: United States: Workforce Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 57: United States: Workforce Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 58: Canada: Workforce Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 59: Canada: Workforce Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 60: Asia Pacific: Workforce Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 61: Asia Pacific: Workforce Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 62: China: Workforce Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 63: China: Workforce Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 64: Japan: Workforce Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 65: Japan: Workforce Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 66: India: Workforce Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 67: India: Workforce Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 68: South Korea: Workforce Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 69: South Korea: Workforce Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 70: Australia: Workforce Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 71: Australia: Workforce Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 72: Indonesia: Workforce Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 73: Indonesia: Workforce Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 74: Others: Workforce Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 75: Others: Workforce Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 76: Europe: Workforce Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 77: Europe: Workforce Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 78: Germany: Workforce Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 79: Germany: Workforce Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 80: France: Workforce Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 81: France: Workforce Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 82: United Kingdom: Workforce Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 83: United Kingdom: Workforce Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 84: Italy: Workforce Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 85: Italy: Workforce Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 86: Spain: Workforce Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 87: Spain: Workforce Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 88: Russia: Workforce Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 89: Russia: Workforce Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 90: Others: Workforce Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 91: Others: Workforce Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 92: Latin America: Workforce Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 93: Latin America: Workforce Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 94: Brazil: Workforce Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 95: Brazil: Workforce Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 96: Mexico: Workforce Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 97: Mexico: Workforce Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 98: Others: Workforce Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 99: Others: Workforce Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 100: Middle East and Africa: Workforce Management Market: Sales Value (in Million US$), 2017 & 2022
Figure 101: Middle East and Africa: Workforce Management Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 102: Global: Workforce Management Industry: SWOT Analysis
Figure 103: Global: Workforce Management Industry: Value Chain Analysis
Figure 104: Global: Workforce Management Industry: Porter’s Five Forces Analysis


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