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The Workforce Management size was valued at $6,161.0 Million in 2021, and is growing at a CAGR of 9.10 % during the period 2022-2027. The global Workforce Management is majorly driven by the significant adoption of workforce management, and helps to gain insights related to operational, commercial, and financial aspects. A large number of leading organisations are leaning towards an integrated all-in-one workforce management suite that may include capabilities such as marketing automation, inbound marketing, workforce optimization, and business analytical tools by the persified industries such as aerospace & defence, IT & Telecom, Retail and other manufacturing units.
Among the Type segment, Solution dominated the Workforce Management Market with revenue of $4,391m by 2021 and is estimated to reach $6,970m by 2027 growing at a CAGR of 8.4% over the period 2022-2027. This is owing to its usage in majority of applications such as time and attendance, leave and absence management, workforce scheduling workforce analytics. However, Services segment is set to be the fastest growing over the forecast period 2022-2027 with growth rate of 10.5%. With the increasing popularity of workforce management, demand for these services is expected to rise, as they help organisations cut costs, increase revenue, and improve overall performance. Services help businesses develop effective customer relationships by offering continuing support throughout the lifecycle of their organisation.
South America Workforce Management Market is expected to be the fastest growing region and will grow at CAGR of 12.00 % during the forecast period 2022-2027. Owing to the growing popularity of SaaS, the region’s workforce management market is likely to develop moderately. The region's enterprises are adopting cloud computing in workforce management to assure speedier time to send real-time data, thanks to the region's ever-increasing competition to deliver efficient services. With the increased adoption of SaaS and IaaS, cloud computing is one of the fastest-growing technologies in Brazil. Owing to their large numbers of connected customers and because corporations are seeking for competitive advantages and ways to ensure the most efficient cost-management and data processing, countries like Brazil is leading the way in terms of cloud growth in the area. Further, the Brazilian government has built a system to enable planning, monitoring, and control of work carried out in that format after saving millions of dollars by allowing public officials to work remotely. The technology, which was developed in-house, is presently available to groups under the Ministry of Economy, but it is intended to be rolled out more generally across government. The system's deployment follows the Brazilian government's announcement of a framework for remote working in October 2020, which provides fundamental direction while also allowing Ministry organisations to design their own remote work management programmes. Hence, these factors emphasize strongly to boost the market growth.
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Workforce Management Market Drivers:
Continuous adoption of hybrid work culture to drive the Workforce Management Industry.
With the growing number of mid-size contact centres the demand for cost effective WFM solutions has increased rapidly. Even large organizations are looking for less complex and less time-demanding solutions. The newer WFM software applications are designed to be more effective in performing the jobs of traditional WFM solutions in less than half the time. The improved WFM solutions are less complex and therefore, minimize the time spent on training and managing the applications. Nowadays, companies provide office upgrade to make work from home more better. In order to efficiently integrate working from home, companies are using various tools such as TeamViewer, ZohoAssist, ChatBot, and many others which are basically cloud based and are used to provide custom support which empowering the IT help desk to resolve their problems. According to the Stanford Institute for Economic Policy Research, working from home improves productivity by 13% in 2019 as it provides a flexible environment where employees are free to work from home that allows businesses to tap into their workers’ full potential in order to maintain a competitive advantage and grow more quickly. Recently, companies are adopting virtual workforce where the entire business functions are working from home for full time. Some companies are entirely virtual with no physical office at all and other companies leverage a virtual workforce setup for functions like customer service (answering phones and emails). This entire system helps to support in productivity and comfort/skill of managers to coordinate remote work.
The rapid development of the pandemic and the events associated with the outbreak forced many businesses around the world to quickly switch to remote work and move their operations online. In these circumstances, remote working technology is expanded rapidly. Owing to this, companies are adopting different tools that enable telecommuting as well as other technological advances in the workplace that improve employee safety. With remote development on the rise, developers can now work in pairs using Tuple to support their projects that helps to work efficiently and produce good results. For Instance: Various organization such as Microsoft Teams, Zoom, Cisco WebEx, Slack, and others are adding features such as single sign-on, one-click provisioning, integration directory, and third-party application marketplace. Owing to their updated technology, companies adopting these tools in order to improve their remote working policy. With the help of their remote policy companies are able to improve productivity which in turn increases the demand of workforce management solutions. Such factors would aid the growth of the market.
The Major Players in this Market Include
Major players in the Workforce Management Market include Oracle, IBM, Workforce Software LLC, Authority Software, SAP SE, Infor Inc., KRONOS Incorporated, Nice Systems Ltd, Kirona Solutions, ADP LLC, Workday and others. In June 2021, the Workforce Software LLC launched its new the WorkForce Suite, a fully integrated collection of employee experience (EX) technologies designed to enable meaningful, in-the-moment interactions between managers and their deskless employees, is now available from the top corporate SaaS-based workforce management solutions provider. Managers may leverage two-way conversations and real-time workforce data among the primary features introduced in the latest update to engage employees, receive feedback, and act on employee mood.
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