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(Wireless-NewsWire.Com, January 10, 2020 ) According to research report "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", published by MarketsandMarkets, global Workforce Management Market size is estimated 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%.
The increased focus on workforce optimization and mobile applications is driving the WFM market.
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The workforce analytics solution is expected to grow at the highest CAGR during the forecast period
The increasing use of workforce analytics to drive workforce productivity and develop strategies for WFM in organizations is driving the workforce analytics market. Companies have been giving high importance to optimize workforce outcome, thereby increasing the demand for performance management and workforce analytics solution.
The Small and Medium Enterprises (SMEs) segment is expected to grow at the highest CAGR during the forecast period
The workforce management market is undergoing significant technological transition through collaborations with social media, real-time solutions, and the usage of mobile devices. All these advancements are favorably welcomed and highly adopted by large organizations, thereby increasing the popularity of WFM. The adoption of WFM will helpSMEs and enterprises to focus more on their core business processes, thereby ensuring better time utilization for improved business results.
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Europe is expected to hold the largest market share in 2021, due to its well established economy
The European region comprises developed countries, thus favoring the huge demand for WFM solution to streamline and schedule workforce efficiently in the organization. The deployment of cloud is also a driving factor in Europe for the rapid adoption of workforce analytics. North America is expected to hold the second largest market share owing to its openness for the adoption of new and emerging technologies. The top contributing countries in North America include the U.S. and Canada.
The major vendors in the WFM ecosystem comprises solutions and service providers such as IBM (U.S.), Oracle (U.S.), SAP AG (Europe), KRONOS (U.S.), Workforce Software (U.S.), ADP LLC (U.S.), and WORKDAY (U.S.) among others.
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