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The workforce management software market size is forecast to increase by USD 2.30 billion between 2022 and 2027, accelerating at a CAGR of 6.82%. In 2017, the US held the largest market share, projecting an annual revenue of USD 1.45 billion. The research report on the Workforce Management Software Market offers industry forecasts and segmentation based on Deployment including Cloud-based and On-premise. It also segments the market by End-user, which comprises IT and telecom, BFSI, Healthcare, Manufacturing, and Others. Geographically, the report covers North America, Europe, APAC, the Middle East and Africa, and South America. The market size, historical data (2017-2021), and future forecasts are presented in terms of value (in USD billion) for all these mentioned segments.
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The need for regulatory compliance is notably driving the WFM software market growth. Large organizations with a global presence need to comply with all the regulations enacted in their operating countries in addition to international regulations. Supporting regulatory compliance is vital for the long-term success of global companies that are regulated by the FDA and ISO. Therefore, with the implementation of workforce management software, end-users will be complying with industry and corporate quality and compliance standards.
In the FDA and ISO environment, companies are required to implement and document employee activities to ensure that their performance is according to the industry and company best practices standards. Most of the vendors, such as ADP, offer compliance management feature that is integrated with workforce management software and easy to use, helping companies attain and sustain compliance every year. Therefore, regulatory compliance is expected to drive the growth of the global WFM software market during the forecast period.
The Cloud Based segment was the largest segment and was valued at USD 2.77 billion in 2017. The cloud-based workforce management software involves regular payments instead of big one-time investments and periodic expenses for maintenance and updates, as in the case of on-premise software. Some hosted solution options may involve a larger portion of upfront costs, with smaller annual support payments to follow. In both cases, there are still advantages to using a hosted solution rather than a locally installed solution. Cloud-based workforce management software is more popular with small businesses because of its cost-effectiveness.
North America is estimated to contribute 36% to the growth of the global market during the forecast period.Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Factors such as improved penetration of social media analytics and high demand for cost-efficient HR solutions are driving the market in North America. Organizations are adopting workforce management software 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 workforce management software solutions in the region. With the advent of digital technologies, HR functions have transformed to execute HR processes quickly without any interruptions. Workforce management through mobile applications is increasing in US staffing systems. Workforce management solutions are implemented to enhance the performance of organizations.
The competition in the US staffing market has gradually increased to hire the best talent. As the economy of the US will gain 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.
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The Workforce Management Software Market is fragmented in nature. Some significant players include ATOSS Software AG, Automatic Data Processing Inc., Bamboo HR LLC, Blue Yonder Group Inc., Ceridian HCM Holding Inc., International Business Machines Corp..
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Koch Industries Inc., Kronos Inc., NICE Ltd., Oracle Corp., Paycor Inc., Performly International Inc., Reflexis Systems Inc., Rippling People Center Inc., Sage Group Plc, SAP SE, UKG Inc., Verint Systems Inc., Workday Inc., and Zoho Corp. Pvt. Ltd.
The workforce management software market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 - 2027.
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Workforce Management Software Market Scope |
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Report Coverage |
Details |
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Page number |
179 |
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Base year |
2022 |
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Historic period |
2017 - 2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.82% |
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Market growth 2023-2027 |
USD 2.30 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.9 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 36% |
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Key countries |
US, Canada, China, UK, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ATOSS Software AG, Automatic Data Processing Inc., Bamboo HR LLC, Blue Yonder Group Inc., Ceridian HCM Holding Inc., International Business Machines Corp., Koch Industries Inc., Kronos Inc., NICE Ltd., Oracle Corp., Paycor Inc., Performly International Inc., Reflexis Systems Inc., Rippling People Center Inc., Sage Group Plc, SAP SE, UKG Inc., Verint Systems Inc., Workday Inc., and Zoho Corp. Pvt. Ltd. |
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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, Market condition analysis for forecast period |
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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 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
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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