Home / ICT / Workforce Management Software Market By Mode Of Deployment (On-premise, Cloud-based), By End-Use Vertical (BFSI, Retail, Healthcare, Automotive, Industrial Manufacturing, Government, Others), By Functionality (Workforce Forecast & Scheduling, Time & Attendance Management, Absence Management, Workforce Analytics, Others) - Growth, Future Prospects & Competitive Analysis, 2020 – 2028

Workforce Management Software Market By Mode Of Deployment (On-premise, Cloud-based), By End-Use Vertical (BFSI, Retail, Healthcare, Automotive, Industrial Manufacturing, Government, Others), By Functionality (Workforce Forecast & Scheduling, Time & Attendance Management, Absence Management, Workforce Analytics, Others) - Growth, Future Prospects & Competitive Analysis, 2020 – 2028


Published: Oct 2020

Market Excerpt

The global workforce management software market was valued at US$ 4.99 Bn in 2019 and expected to expand at a CAGR of 9.5% during the forecast period from 2020 to 2028. Achieving on-budget workforce strategic planning is complex and difficult with conventional paper/spreadsheet-based methods given the voluminous amount and type of data inputs required. Thus, automation is requisite for smart, data-driven staff management. IT plays an important role in helping business organizations across industry verticals to optimize and streamline operations, including workforce management. With the advent of digitalization, workforce management software solutions are fast replacing conventional ways of manually maintaining workforce databases using spreadsheets, thereby leading to a change in the workforce management landscape. The use of these solutions has brought down the time required for maintaining a workforce database and discrepancies related to data. 

Workforce Management Software Market

Furthermore, cloud-based workforce management software has become increasingly important with the onset of the COVID-19 pandemic. With a large portion of the workforce operating remotely from their home, it has become imperative for organizations to manage their workforce effectively. Thereby, there has been a significant uptick in the demand for sophisticated workforce management software since 2nd quarter of 2020. 

"Cloud-based Solutions to Register Significant Growth during the Forecast Period"

In 2019, the value contribution from on-premise workforce management solutions was greater than cloud-based solutions. The value contribution of on-premise solutions in the global workforce management software market stood over  60% in the same year. Although on-premise solutions continue to dominate in the global workforce management software market, demand for cloud-based solutions is projected to grow at a superior growth rate during the forecast period from 2020 to 2028. Cloud-based workforce management solutions are gaining popularity among end-users on the back of their ability to offer greater ROI and savings given their low operating cost and minimal upfront investment. In addition, remote access to data, automated software updates, and unlimited storage capacity are other benefits driving demand for cloud-based solutions. 

"North America to Continue Dominance; the Asia Pacific to Register Fastest Growth"

In 2019, North America and Europe represent two major workforce management software market worldwide followed by the Asia Pacific. North America and Europe collectively accounted for over two-third of the total workforce management software market value in the same year. This supremacy is majorly on the back of factors including relatively greater acceptance of technological innovations and dedicated expenditure by enterprises on streamlining operations, including workforce management. On the other hand, Asia Pacific is projected to register stronger growth during the forecast period from 2020 to 2028. Economic development leading to an increase in the number of business enterprises, growing acceptance of digitalization, and related labor regulations are estimated to drive demand for workforce management solutions in the Asia Pacific during the forecast period from 2020 to 2028. 

"BFSI Sector to Witness Profound Adoption of Workforce Management Solutions during the Forecast Period"

In 2019, retail, automotive, and industrial manufacturing represented major end-use segments in the global workforce management software market. These segments collectively accounted for over 60% of the total workforce management software market value in the same year. Greater adoption of workforce management software solutions among these end-use segments is largely credited to the labor-intensive nature of these industry verticals. On the other hand, the demand for workforce management solutions among the BFSI segment is estimated to witness profound growth during the forecast period from 2020 to 2028. Until 2019, most of the large BFSI organizations relied on traditional workforce management systems since a large proportion of their workforce was expected to work from the organization’s facility to ensure data security and confidentiality. However, with the onset of COVID-19, an increasing number of employees in the BFSI segment are expected to work from home thereby, tracking and reporting over traditional workforce management systems is no longer viable. Thereby, since the 2nd quarter of 2020, there has been an increase in demand for cloud-based workforce management software from the BFSI segment. 

Key companies profiled in the research study include SAP SE, Kronos Incorporated, Oracle Corporation, Workforce Software Group Inc., Reflexis Systems Inc., Active Operations Management International LLP, SISQUAL, Nice Systems Inc., and Infor among others. 

Historical & Forecast Period

This research study provides qualitative as well as quantitative insights for each segment and sub-segment from 2018 to 2028, considering 2019 as the base year for the research. CAGR (Compounded Annual Growth Rate) for each segment and sub-segment is calculated for the forecast period from 2020 to 2028.

Report Scope by Segments

Key segments covered in the report are as follows:

ATTRIBUTE DETAILS
Research Period  2018-2028
Base Year 2019
Forecast Period  2020-2028
Historical Year  2018
Unit  US$ Billion
Segmentation

 Deployment Segment (2018-2028; US$ Bn)
 • On-premise
 • Cloud-based/On-demand

 Functionality Segment (2018-2028; US$ Bn)
 • Workforce Forecast & Scheduling
 • Time & Attendance Management
 • Absence Management
 • Workforce Analytics
 • Others (Fatigue Management, Task Management, etc.)

 End-use Segment (2018-2028; US$ Bn)
 • BFSI
 • Retail
 • Healthcare
 • Automotive
 • Industrial Manufacturing
 • Government
 • Others (Education, etc.)

 Geography Segment (2018-2028; US$ Bn)
 • North America (U.S. and Rest of North America)
 • Europe (U.K., Germany, France, and Rest of Europe)
 • Asia Pacific (Japan, China, India, and Rest of Asia Pacific)
 • Rest of World (Middle East & Africa (MEA), Latin America)

Key questions answered in this report

  • Global market size for workforce management software solutions in 2018 and 2019
  • Projected forecast and market estimations up to 2028
  • Which is the largest regional market for workforce management software solutions?
  • Which mode of deployment is preferred worldwide?
  • Which end-use segment enjoys the highest penetration of workforce management software solutions worldwide?
  • Which are the key factors driving the global workforce management software market growth?
  • Who are the leading vendors in the global workforce management software market?
  • What are the key strategies adopted by the leading vendors in the global workforce management software market?

TABLE 1 Market Snapshot: Global Workforce Management Software (WMS) Market
TABLE 2 Key Trends in Workforce Management Software Industry
TABLE 3 Impact Indicators
TABLE 4 Impact Analysis of Drivers and Restraints
TABLE 5 North America WMS Market Value, by Mode of Deployment, 2018 - 2028 (US$ Bn)
TABLE 6 North America WMS Market Value, by End-use Vertical, 2018 - 2028 (US$ Bn)
TABLE 7 North America WMS Market Value, by Functionality, 2018 - 2028 (US$ Bn)
TABLE 8 North America WMS Market Value, by Country, 2018 - 2028 (US$ Bn)
TABLE 9 U.S. WMS Market Value, by Mode of Deployment, 2018 - 2028 (US$ Bn)
TABLE 10 U.S. WMS Market Value, by End-use Vertical, 2018 - 2028 (US$ Bn)
TABLE 11 U.S. WMS Market Value, by Functionality, 2018 - 2028 (US$ Bn)
TABLE 12 Rest of North America WMS Market Value, by Mode of Deployment, 2018 - 2028 (US$ Bn)
TABLE 13 Rest of North America WMS Market Value, by End-use Vertical, 2018 - 2028 (US$ Bn)
TABLE 14 Rest of North America WMS Market Value, by Functionality, 2018 - 2028 (US$ Bn)
TABLE 15 Europe WMS Market Value, by Mode of Deployment, 2018 - 2028 (US$ Bn)
TABLE 16 Europe WMS Market Value, by End-use Vertical, 2018 - 2028 (US$ Bn)
TABLE 17 Europe WMS Market Value, by Functionality, 2018 - 2028 (US$ Bn)
TABLE 18 Europe WMS Market Value, by Country, 2018 - 2028 (US$ Bn)
TABLE 19 U.K. WMS Market Value, by Mode of Deployment, 2018 - 2028 (US$ Bn)
TABLE 20 U.K. WMS Market Value, by End-use Vertical, 2018 - 2028 (US$ Bn)
TABLE 21 U.K. WMS Market Value, by Functionality, 2018 - 2028 (US$ Bn)
TABLE 22 France WMS Market Value, by Mode of Deployment, 2018 - 2028 (US$ Bn)
TABLE 23 France WMS Market Value, by End-use Vertical, 2018 - 2028 (US$ Bn)
TABLE 24 France WMS Market Value, by Functionality, 2018 - 2028 (US$ Bn)
TABLE 25 Germany WMS Market Value, by Mode of Deployment, 2018 - 2028 (US$ Bn)
TABLE 26 Germany WMS Market Value, by End-use Vertical, 2018 - 2028 (US$ Bn)
TABLE 27 Germany WMS Market Value, by Functionality, 2018 - 2028 (US$ Bn)
TABLE 28 Rest of Europe WMS Market Value, by Mode of Deployment, 2018 - 2028 (US$ Bn)
TABLE 29 Rest of Europe WMS Market Value, by End-use Vertical, 2018 - 2028 (US$ Bn)
TABLE 30 Rest of Europe WMS Market Value, by Functionality, 2018 - 2028 (US$ Bn)
TABLE 31 Asia Pacific WMS Market Value, by Mode of Deployment, 2018 - 2028 (US$ Bn)
TABLE 32 Asia Pacific WMS Market Value, by End-use Vertical, 2018 - 2028 (US$ Bn)
TABLE 33 Asia Pacific WMS Market Value, by Functionality, 2018 - 2028 (US$ Bn)
TABLE 34 Asia Pacific WMS Market Value, by Country, 2018 - 2028 (US$ Bn)
TABLE 35 China WMS Market Value, by Mode of Deployment, 2015- 2025 (US$ Bn)
TABLE 36 China WMS Market Value, by End-use Vertical, 2018 - 2028 (US$ Bn)
TABLE 37 China WMS Market Value, by Functionality, 2018 - 2028 (US$ Bn)
TABLE 38 Japan WMS Market Value, by Mode of Deployment, 2018 - 2028 (US$ Bn)
TABLE 39 Japan WMS Market Value, by End-use Vertical, 2018 - 2028 (US$ Bn)
TABLE 40 Japan WMS Market Value, by Functionality, 2018 - 2028 (US$ Bn)
TABLE 41 India WMS Market Value, by Mode of Deployment, 2018 - 2028 (US$ Bn)
TABLE 42 India WMS Market Value, by End-use Vertical, 2018 - 2028 (US$ Bn)
TABLE 43 India WMS Market Value, by Functionality, 2018 - 2028 (US$ Bn)
TABLE 44 Rest of Asia Pacific WMS Market Value, by Mode of Deployment, 2018 - 2028 (US$ Bn)
TABLE 45 Rest of Asia Pacifc WMS Market Value, by End-use Vertical, 2018 - 2028 (US$ Bn)
TABLE 46 Rest of Asia Pacifc WMS Market Value, by Functionality, 2018 - 2028 (US$ Bn)
TABLE 47 Rest of World WMS Market Value, by Mode of Deployment, 2018 - 2028 (US$ Bn)
TABLE 48 Rest of World WMS Market Value, by End-use Vertical, 2018 - 2028 (US$ Bn)
TABLE 49 Rest of World WMS Market Value, by Functionality, 2018 - 2028 (US$ Bn)
TABLE 50 Rest of World WMS Market Value, by Region, 2018 - 2028 (US$ Bn)
TABLE 51 Latin America WMS Market Value, by Mode of Deployment, 2018 - 2028 (US$ Bn)
TABLE 52 Latin America WMS Market Value, by End-use Vertical, 2018 - 2028 (US$ Bn)
TABLE 53 Latin America WMS Market Value, by Functionality, 2018 - 2028 (US$ Bn)
TABLE 54 Middle-East and Africa WMS Market Value, by Mode of Deployment, 2018 - 2028 (US$ Bn)
TABLE 55 Middle-East WMS Market Value, by End-use Vertical, 2018 - 2028 (US$ Bn)
TABLE 56 Middle-East and Africa WMS Market Value, by Functionality, 2018 - 2028 (US$ Bn)

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