DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Workforce Management Market by Component (Solutions and Services), Deployment (Cloud and On-premises), Organization Size (SMEs and Enterprises), Vertical, and Region - Global Forecast to 2021" report to their offering.
The workforce management (WFM) market is expected to grow from USD 4.49 Billion in 2016 to USD 7.37 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 10.4% during the forecast period.
Factors such as the increasing demand for workforce optimization and increase in mobile applications driven by the emergence of digital technologies and workforce analytics are driving the workforce management market. Adoption of these Verticals such as healthcare, banking, defense, and telecom & IT have boosted the WFM market.
The workforce management market is segmented by component (solutions and services), deployment type, organization size, industry vertical, and region. The services segment is expected to grow at the highest CAGR owing to an increasing number of organizations outsourcing their IT operations to third-party vendors.
Currently, the rapid increase in initiatives undertaken by organizations to undergo digital transformation, automation, and workforce optimization is creating a need for WFM practices and tools, as a result of which, cloud-based deployment is expected to grow significantly. However, due to reliability and other security issues of the cloud-based deployment, the on-premises deployment of WFM is expected to hold the largest market share in 2016.
There is always a strain on resources for Small and Medium Enterprises (SMEs). In such a scenario, the extent of flexibility and automation allowed for by workforce tools can be useful. Effective WFM implementation and policies can also be beneficial when partnering with larger organizations, as they might expect such practices to be in place while considering companies to partner with to reduce their overheads. As a result, the SMEs segment is expected to grow at the highest CAGR among organization sizes.
- Rise of Cloud-Based Solutions
- Increased Focus on Workforce Optimization and Mobile Applications
- Increased Adoption of Automation
- Less Intent to Adopt A Software Solution Switching From Traditional Methods in SMES
- Increasing Adoption of WFM By SMES
- Organizations' Inclination Towards Human Resource Analytics
- High Training Investments By the Organizations
- Implementing the Mobile Workforce Effectively
- Atoss Software AG
- Automatic Data Processing (ADP), LLC.
- Hot Schedules
- Huntington Business Systems (HBS), Inc.
- International Business Machines (IBM) Corporation
- Kronos, Inc.
- Oracle Coporation
- Reflexis Systems, Inc.
- SAP SE
- Ultimate Software Group, Inc.
- Verint Systems, Inc.
- Workday, Inc.
- Workforce Software, LLC.
For more information about this report visit http://www.researchandmarkets.com/research/m5s9x8/workforce