Workforce Management Market Worth $11.09 Billion By 2025 Owing To Growing Use Of Digitalization In Day-To-Day Operations Of Organizations: Grand View Research Inc.

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According to the report published by Grand View Research, Inc., factors such as increasing cloud deployment, growing adherence to stringent regulations, rising demands for integrated workforce management and the need for workforce optimization are some of the key reasons anticipated to fuel the market expansion in the forecasted period.

According to a report, “Workforce Management Market Size, Share & Trends Analysis Report By Solution (Workforce Scheduling, Attendance Management, Analytics, Absence Management), By Deployment, By Application, By Region, And Segment Forecasts, 2018 – 2025”, published by Grand View Research, Inc. The global workforce management market size is expected to reach USD 11.09 billion by 2025, according to a new study by Grand View Research, Inc. Globalization, a younger and more diverse workforce, and the growing use of digitalization in day-to-day operations of organizations are anticipated to aid the growth of the workforce management market in the coming years. The demand for interaction and integration in daily operations and the necessity to operate as a unified enterprise are further driving technological as well as social advancements in companies worldwide.

Growing awareness about multiple benefits of workforce management has been able to push the growth rate of the market positively. Also, multiple organizations have been benefited with prominent changes and workforce management solutions have been able to generate significant paybacks for these organizations, both in terms of revenue and ease of usage. In addition to this, increasing adoption of mobile devices is also expected to play a crucial role in the industry as numerous companies have cited a keen interest in enhancing their mobile capabilities in the near future.

Workforce management solutions are continuously evolving with the increasing investments in R&D and new product launches by major key players. The market includes Kronos Incorporated, SAP SE, Oracle Corporation, Workforce Software Group Inc., Nice Systems, Active Ops Limited, Nice Systems Inc., and Infor, among others, as the prominent players. High competition and restless focus on innovations by these key players will drive the market growth in the coming years.

Workforce Management Market Report Highlights

Merger & acquisitions form an important part of expansion strategies for the key players. For instance, in February 2020, Kronos Incorporated and Ultimate Software announced that they have completed their planned merger, creating the world’s most innovative human capital management (HCM) and workforce management company to help organizations across all industries manage their people more effectively with an unparalleled combination of cloud solutions.

In the market, collaboration between two major players works wonders in fueling market demands. For example, Kronos and SAP have announced that they have established a partnership for SAP to resell the Kronos Workforce Dimensions, the next-generation cloud-based workforce management solution.

On the basis of region, the North American region generates considerable revenue and will witness healthy growth over the forecast period. As the propensity for technological adoption is higher in the U.S., solutions such as embedded analytics and labor cost forecasting will gain traction in the region.

On the basis of application type, the retail application segment held the largest market share in 2016 at more than 23.1% of the overall revenue and was followed by the healthcare segment.

On the basis of deployment, cloud is the preferred deployment option for workforce solutions in the industry primarily because it facilitates flexibility, cost-saving, and ease of operations.

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Workforce Management Market Segmentation

Grand View Research has segmented the global workforce management market based on solution, deployment, company size, application, and region:

Workforce Management Solution Scope (Revenue, USD Million; 2014 – 2025)

Workforce Scheduling

Time & Attendance Management

Embedded Analytics

Absence Management

Others

Workforce Management Deployment Scope (Revenue, USD Million; 2014 – 2025)

Cloud

On-premise

Workforce Management Company Size Scope (Revenue, USD Million; 2014 – 2025)

Large Enterprises

Small and Medium Enterprises (SMEs)

Workforce Management Application Scope (Revenue, USD Million; 2014 – 2025)

Academia

Automotive & Manufacturing

BFSI

Government

Healthcare

Retail

Others

Workforce Management Regional Outlook (Revenue, USD Million; 2014 – 2025)

North America

The U.S.

Canada

Europe

The U.K.

Germany

Asia Pacific

China

India

Japan

Latin America

Brazil

Middle East & Africa (MEA)

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About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

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Source: Workforce Management Market Worth $11.09 Billion By 2025 Owing To Growing Use Of Digitalization In Day-To-Day Operations Of Organizations: Grand View Research Inc.