Global Workforce Management Software Market 2017-2021
About Workforce Management Software
Workforce management is a set of processes that helps organizations to optimize the productivity of its employees on individual, departmental, and enterprise-wide levels. Workforce management matches employee skills to tasks and helps to estimate the number and type of workforce required to finish tasks on a daily or hourly basis. Workforce management software automates processes such as employee scheduling, time tracking, and attendance tracking. The software helps enterprises to streamline processes, enabling managers to spend more time to ensure that their operations run efficiently. Overstaffing or understaffing at any level can reduce the organization's profitability, overall productivity, frustrate its employees, and upset its clients and customers.
Technavio’s analysts forecast the global workforce management software market to grow at a CAGR of 8.49% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global workforce management software market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Workforce Management Software Market 2017-2021
Technavio recognizes the following companies as the key players in the global workforce management software market: ADP, Ceridian HCM, Kronos, Oracle, SAP, and Ultimate Software.
Other Prominent Vendors in the market are: Ascentis, ATOSS Software, BambooHR, HR Bakery, iCIMS, Infor, JDA Software Group, NICE, PeopleFluent, Performly, Reflexis Systems, The Sage Group, Workday, and Zoho Corporation.
Commenting on the report, an analyst from Technavio’s team said: “One trend in market is surging usage of social media. The widespread use of social media in the human resource management (HRM) industry is increasing business opportunities for the vendors. Job sharing via social media networks is contributing to the growth of the market. The social media boom resulted in companies altering their policies on the Internet usage, sales and marketing, recruitment, and employee retention to include the insights obtained.”
According to the report, one driver in market is increased HR software budgets. There is a significant increase in HR spending on technology in organizations of all verticals. It is because the labor market is continuing to grow and companies are shifting their focus toward recruitment, engagement, retention, and employee development. Businesses are finding it hard to recruit, retain, engage, and develop their people. These pressures on HR have forced organizations to invest in talent solutions. The HR teams that are well funded and closely aligned with their business leaders have delivered far greater value to the business with respect to the global economy and economic drivers across the world.
Further, the report states that one challenges in market is threat from open-source software. A number of organizations have developed open-source software solutions that are available to end-users free of cost. Open-source solutions enable users to make changes to the software as per their requirements. Therefore, organizations that have a low budget for workforce management software solutions prefer open-source software. This reduces the demand for paid workforce management software solutions. Certain workforce management software developers are offering their solutions for free to small businesses with certain restrictions. These open-source and free software are likely to adversely affect the sales of workforce management software and hinder its market growth.
ADP, Ceridian HCM, Kronos, Oracle, SAP, Ultimate Software, Ascentis, ATOSS Software, BambooHR, HR Bakery, iCIMS, Infor, JDA Software Group, NICE, PeopleFluent, Performly, Reflexis Systems, The Sage Group, Workday, and Zoho Corporation.
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