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The workforce management software market is estimated to grow at a CAGR of 6.89% between 2022 and 2027. The size of the market is forecast to increase by USD 737.35 million. The growth of the market depends on several factors, including increased HR software budgets, optimized and organized use of the workforce, and an increasing need to streamline HR functions.
This report extensively covers market segmentation by deployment (cloud based and on premises) and end-user (IT and telecom, BFSI, healthcare, manufacturing, and others). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing need to streamline HR functions is notably driving the market growth, although factors such as frequent changes in regulations may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Workforce Management Software Market Driver in Europe
The increasing need to streamline HR functions is notably driving the market growth. As the labor market continues to expand businesses across all industries are increasing their spending on HRM technology. It is because businesses are refocusing their attention on hiring, engagement, retention, and employee development. Companies are having trouble recruiting, retaining, engaging, and developing their employees. Organizations have been obliged to invest in talent solutions due to the burden on HR.
The workforce management software market is transforming because venture capitalists are investing in new HR software vendors that sell tools for employee engagement, recruitment, learning, and analytics. A company's HR department and employees will benefit from workforce management software's features, which include hiring, onboarding, talent management, workforce management, and predictive analytics.
Significant Workforce Management Software Market Trend in Europe
High utilization of social media is the key trend in the market. The use of social media is increasing business opportunities for vendors in the human resource management (HRM) industry. Social media networks that facilitate job sharing are helping the market expand. Using a variety of social networking sites to engage and encourage talent has helped managers and recruiters become more proactive in their approach since the introduction of social media in workforce management.
The growing popularity of social networks allows recruiters to extract information from multiple sources. This will provide them with a clear picture of their employees and potential candidates. Easy referrals, higher chances of identifying suitable candidates, optimum employee engagement, and mutually beneficial two-way communication are some of the major factors driving the social media-based workforce management process.
Major Workforce Management Software Market Challenge in Europe
Frequent changes in regulations is the major challenge impeding market growth. Cloud-based services are preferred by a majority of business enterprises because they are more affordable and accessible. So, the ideal alternative for enterprises with limited resources and knowledge is a cost-effective cloud-based solution with improved functionality and agility.
Organizations, however, would only move their data or information to the cloud if the services provided are dependable and safe. When organizations rely more on the cloud computing service provider, they have less control over data. Because cloud storage serves as a gateway for security threats and privacy concerns, many end users are also concerned about the data security regulations governing cloud-based solutions. This will hinder the market growth during the forecast period.
Key Workforce Management Software Market Customer Landscape in Europe
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Workforce Management Software Market Customer Landscape in Europe
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Workday inc. - The company offers cloud applications that include solutions for finance, HR, planning, and spending management. The company offers workforce management software for workforce planning to create effective talent plans, identify skills gaps, and optimize.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth of the cloud based segment will be significant during the forecast period. Cloud-based workforce management software is more popular with small businesses because of its cost-effectiveness. Major factors driving the growth of the cloud-based segment in small enterprises are enhanced security features, interactive dashboards, ease of flexibility, and better scalability, which are encouraging enterprises across the globe to choose cloud deployment.
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The cloud based segment was valued at USD 857.31 million in 2017 and continued to grow until 2021. The demand for cloud-based workforce management software is also increasing with deeper penetrations of smartphones and the internet. Employers are posting job listings in mobile apps to increase the scope of the job hunt. These mobile applicant-tracking apps can run on Android and iOS platforms and are generally cloud-based apps. Thus, the demand for cloud-based workforce management software is doubled by mobile and web usage.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The reports categorize the Europe workforce management software market as a part of the global application software market within the global IT software market. The parent global application software market covers companies that are engaged in developing and producing application and system software. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
Europe Workforce Management Software Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.89% |
Market growth 2023-2027 |
USD 737.35 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.97 |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and industry Risks |
Key companies profiled |
ATOSS Software AG, Automatic Data Processing inc., Bamboo HR LLC, BizMerlinHR inc., Ceridian HCM Holding inc., Hi bob inc., iCIMS inc., international Business Machines Corp., Journyx Acumen LLC, Koch industries inc., Learning Technologies Group Plc, NICE Ltd., Oracle Corp., Panasonic Holdings Corp., Sage Group Plc, SAP SE, Tempo ehf, Verint Systems inc., Workday inc., and Zebra Technologies Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Deployment
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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