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The Workforce Management (WFM) Software Market size is projected to increase by USD 3.08 billion, at a CAGR of 7.66% between 2023 and 2028. The growth rate of the market hinges on various factors, notably regulatory compliance in workforce management and the imperative to streamline HR functions. Organizations' heightened software budgets further propel market expansion. An emerging trend shaping this growth is the high utilization of social media for recruitment, revolutionizing traditional hiring practices. This trend not only enhances recruitment efficiency but also expands suppliers' commercial options in the human resource management (HRM) market. By leveraging social media platforms, businesses can tap into a vast pool of talent while optimizing their recruitment processes. As organizations embrace digital transformation, the integration of social media into HRM strategies becomes increasingly indispensable, driving the evolution of the workforce management software market.
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The market share growth by the IT and Telecom segment will be significant during the forecast period. The IT and telecom industry often operates with a diverse and specialized workforce, including technical teams, customer support, sales professionals, and engineers. Coordinating these various roles efficiently requires sophisticated scheduling, skill matching, and resource allocation, all of which WFM software can streamline. The IT and telecom companies are increasing their focus on attracting, hiring, developing, and retaining the right talent to meet organizational goals
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The IT and telecom segment was the largest and was valued at USD 1.06 billion in 2018. Further, the need to identify, hire, and retain the right technical experts is driving the adoption of workspace management in the telecom and IT industries. The adoption and further development of workspace management are expected to grow in telecom and IT companies for managing the potential workforce and achieving to manage the potential workforce and achieve long-term and short-term goals. These factors are expected to further drive the demand in the IT and telecom segment which in turn will fuel the growth of the global market in focus during the forecast period during the forecast period.
Cloud-based WFM enables employees to access the system from anywhere with an internet connection. This accessibility facilitates remote working time tracking, scheduling, and communication. The cloud-based software segment is expected to grow at a rapid rate during the forecast period. Cloud-based WFM software can be deployed more quickly compared to on-premises solutions. Updates and new features can also be seamlessly rolled out by the provider, ensuring users have access to the latest functionalities without additional effort from the client. The combination of these factors has led to a significant and growing demand for cloud-based WFM software as businesses increasingly recognize the advantages these solutions offer in managing their workforce efficiently, especially in dynamic and remote work settings, which is expected to fuel the growth of the segment as well as the global market during the forecast period.
The market is pivotal in enhancing business operations and optimizing workforce performance. From streamlining employee management to overseeing labor management and staff management, this software suite ensures efficient utilization of resources. Through advanced workforce prediction and time and attendance management, companies can accurately forecast staffing needs and monitor employee productivity. Task management tools facilitate seamless coordination, benefiting both in-store employees and field service providers. Additionally, comprehensive solutions offer features like employee training, labor analytics, and scheduling optimization, leveraging big data and predictive analytics for informed decision-making. Integrating with HR and payroll systems and utilizing AI capabilities, these platforms enhance customer service and IT resources allocation. As businesses adapt to hybrid workforces and comply with labor laws, workforce management software emerges as a cornerstone, driving efficiency and fostering growth.
The increasing need to streamline HR functions is notably driving market growth. The human resource (HR) division of a company typically manages functions such as staffing, compensation, training, benefits, and welfare. HR executives are often held up with various jobs that need to be handled manually, increasing the amount of paperwork and affecting overall productivity. This increases the productivity and efficiency of the HR personnel by finding the right person for the job in a short time. It also efficiently helps various coordinate functions and automates all activities.
Moreover, the scope of automation is constantly growing in industries. Therefore, organizations are increasingly adopting which helps automate and streamline their process and organizational efficiency. Such factors will drive the growth of the market during the forecast period.
Job sharing through social media networks is helping to drive the growth. Companies changed their policy on Internet usage, sales and marketing, recruiting, and staff retention as a result of the social media explosion. Further, the advantages of social media integration with software are forcing many vendors to provide a consolidated solution. Social recruiting is useful for hiring managers who use integrated software.
Additionally, the recruiting team can share job requirements and job details on social media so that it can reach potential candidates across the globe. Many major organizations and SMBs are upgrading their software to integrate social media to hire the best candidates. Therefore, high utilization of social media is expected to foster growth during the forecast period.
The high implementation and maintenance cost of WFM software is a significant challenge hindering market growth. The price includes the licensing software price, system designing and customization cost, implementation cost, training cost, and maintenance cost. After purchasing the software license, organizations need to hire IT staff for the proper implementation of the software. In addition, organizations need to train their employees on the efficient use of the application.
However, post-implementation, continuous upgradation is required to keep pace with the current market trends and analysis. Therefore, high implementation and maintenance costs will slow down the growth during the forecast period.
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North America is estimated to contribute 38% to the growth of the global industry during the forecast period. Technavio's analysts have provided extensive insight into the market forecast, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. Factors such as improved penetration of social media and high demand for cost-efficient HR solutions are driving in North America. Organizations are adopting to manage their workforce and help them drive innovation, growth, and profit at all levels of their business. This rise in the employment rate in North America, particularly the US, is driving the use of solutions in the region. With the advent of digital technologies, HR functions have transformed to execute HR processes quickly without any interruptions.
In addition, are implemented to enhance the performance of organizations. Mobile applications are increasing in US staffing systems The competition in the US staffing market has gradually increased to hire the best talent. As the economy of the US gains momentum in the upcoming years, the demand for talented candidates will also increase. Recruitment agencies are widely adopting social media channels, such as LinkedIn, Twitter, and Facebook, for sourcing the workforce. Such factors are expected to drive the regional market growth during the forecast period.
The market forecasting report includes the adoption lifecycle of the market research and growth, 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 market growth and trends strategies.
Market Customer Landscape
Companies 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.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
The industry analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key Industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
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The market stands as a catalyst for operational excellence across various industries. From employee management to HR management and staff management, these platforms streamline processes in diverse sectors like construction and packaging. By integrating employee scheduling software and optimizing work schedules, businesses ensure efficient resource utilization while fostering a culture of productivity through rewards systems. With a focus on industry-specific needs, such as the aerospace and packaging end-user segments, solutions like bio-based adhesives address sustainability concerns. Leveraging cloud computing and private cloud infrastructures, these platforms offer process transparency and scalability, essential for managing remote and distributed workforces. Powered by Artificial Intelligence and Machine Learning, workforce management vendors provide intelligent solutions for workforce optimization and compliance with labor regulations. As businesses embrace digital solutions to navigate evolving landscapes, the workforce management software market remains indispensable for driving efficiency and success.
Further, in today's dynamic business environment, the integration of Employee Management Software, Labor Management Software, and Staff Management Software is pivotal for operational excellence. These comprehensive solutions streamline various aspects of workforce management, from scheduling to performance tracking, ensuring optimal resource allocation and productivity. Additionally, Contact Center Platforms play a crucial role in enhancing customer service and engagement, facilitating seamless communication between businesses and their clients. Moreover, Business Intelligence Solutions provide valuable insights into workforce trends and performance metrics, empowering organizations to make data-driven decisions. Together, these technologies form the backbone of efficient workforce management, enabling businesses to adapt to changing demands and achieve their goals effectively.
Market Scope |
|
Report Coverage |
Details |
Page number |
175 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.66% |
Market Growth 2024-2028 |
USD 3.08 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.46 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 38% |
Key countries |
US, Canada, China, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
7shifts, ActiveOps PLC, Advanced Computer Software Group Ltd., ATOSS Software AG, Automatic Data Processing Inc., Bamboo HR LLC, International Business Machines Corp., Koch Industries Inc., NICE Ltd., Oracle Corp., Panasonic Holdings Corp., Paycor Inc., PTC Inc., Rippling People Center Inc., Sage Group Plc, SAP SE, UKG Inc., Verint Systems Inc., Workday Inc., Zoho Corp. Pvt. Ltd., and Ceridian HCM Holding Inc. |
Market dynamics |
Parent market growth analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, 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. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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