Workforce Management Software Market Research Study, Sales Revenue, Key Players, Growth factors, Trends and Forecast 2027
Workforce management can be defined as an integrated set of processes any particular institution uses to optimize the productivity of its employees on the individual, departmental, and entity-wide levels. In a company workforce management involves matching employee skills to specific tasks over time, quantifying the amount and types of labor needed to accomplish particular jobs on a day-to-day or hour-to-hour basis.
The global workflow management system market is poised to boom exponentially by striking a CAGR OF 11% during the forecast period 2016-2022. Whereas, the valuation is expected to achieve USD 9 billion due to the rapid changes being witnessed in the field of business and workflow.
Workforce management is a cohesive process in an institution to optimize the productivity of employees—individual wise, department or all levels. Workforce management involves monitoring of employee skills to match for tasks provided in a company, quantifying the labor investment day-to-day as well as on a time-to-time basis.
Various industries and businesses have started adopting and deploying workflow management techniques for improving their operational efficiency. Thus, the demand of the system has created a robust competitive landscape over technological innovations in product offerings. The positive competitiveness is likely to influence the growth of the global workflow management system market.
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Major Key players
- BM Corporation (U.S.)
- Oracle Corporation (U.S.)
- SAP AG (Europe)
- KRONOS (U.S.)
- Workforce Software (U.S.)
- ADP LLC (U.S.)
- WORKDAY (U.S.)
- Infor Global Solution (India)
- ClickSoftware (U.S.)
Based on the region, the global workflow management market share is seen accounted in Asia Pacific, North America, Europe and Rest of the World.
Out of these, North America holds the most significant position in the market share through the foreseen years. As IT services are increasing which is automating a business process, this is eventually fueling the demand. Including the factors such as technological advancements, heavy internet usages and more are equally favoring the expansion of the workflow management system market.
While Europe and the Asia Pacific are also considered as positive regions and are significant growth holders by resonating strong market opportunities for the foreseen years.
The global workflow management market has been segmented by component, deployment, organization, and end-user.
By component, the market has two events that fulfill the action. They are solutions and services. Workflow management provides both services with a solution cater to the needs of the business.
By deployment, the market has segments as on-premises and cloud-based.
By end-users, the market segments into BFSI, healthcare, retail & e-commerce, among others.
By organization, the market includes SMEs and enterprises. Of these, SMEs accounts for the largest market share due to the adoption of WFM solutions and technological transition. Also, the percentage is mainly due to companies are giving high importance to enhance the workflow outcome with performance management.
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