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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 depends on several factors such as regulatory compliance associated with workforce management, the increasing need to streamline HR functions and increased software budgets by organizations. High utilization of social media for recruitment is an emerging trend shaping the market growth. The extensive usage of social media in the human resource management (HRM) market is expanding suppliers' commercial options.
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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 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 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 the 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.
ActiveOps PLC - The company offers as ControliQ and WorkiQ. They manage and organize workforce, processes and productivity.
Automatic Data Processing Inc. - The company offers software such as ADP software. It can be used to improve time and attendance tracking, automate scheduling or simplify leave management.
ATOSS Software AG - The company offers Time recording and Workforce scheduling. They also offer self service and apps.
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 Workforce Management Industry is experiencing significant growth driven by the increasing demand for comprehensive solutions that address various components such as time and attendance management, workforce scheduling, and leave and absence management. Organizations across different deployment types and organization sizes are seeking workforce optimization strategies to meet the dynamic demands of their diversified and mixed workforce, including in-store employees and field service providers. Technological advancements, coupled with evolving customer needs, are reshaping the landscape, emphasizing the importance of mobile applications for enhanced visibility and control, particularly within the consumer goods and retail segment. Companies are leveraging AI and ML technologies to streamline core business processes, offering workforce analytics capabilities for forecasting and scheduling optimization. Leading vendors like Ultimate Software and WorkForce Software are driving the industry with innovative solutions such as Workforce Dimension Suite and Workforce Central Suite, while organic and inorganic growth strategies are shaping the vendor landscape. The players utilize market intelligence clouds and historical data for trend analysis and competitor insights, providing tailored solutions to meet the evolving needs of organizations.
The market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018-2028
Workforce Management Software Industry 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 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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