Workforce management basically fall under the human resource management, which covers all the activities of needed to maintain and track workforce in any organization so as to attain a productive outcome. Most of the small-medium enterprise across developing region still use the conventional methods of keeping track and maintaining their workforce.
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Workforce management is used to reduce labour expenses, improve workforce utilization and business performances. Automating processes such as employee pay and time calculations reduces or eliminates errors and ensures various organisations policies are implemented and updated into the systems with precision and ease.
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Workforce management solution enables organisations to run complex analytics on workforce processes to spot problems and correct them, thus ensuring better use of existing resources.
Workforce Management is an integrated set of processes where, an institution or organization uses to optimize the productivity of its employees on the individual, departmental, and entity-wide levels. Workforce management is a solution to enhance the performance levels and competency of the organization.
Increasing adoption of mobile devices and growing the number of small and medium businesses in emerging economies contribute towards growth of the market. Increasing cloud based services in various industries is also a prominent factor for the growth of workforce management services and solutions offerings.
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Workforce Management market is expected to witness a healthy CAGR during the projected period due to increasing number of small-medium business and growing population among users across emerging markets. Currently, North America dominates the workforce management market followed by Western Europe.
APEJ is expected to reflect highest CAGR during the forecast period.
With growing number of population, small-medium enterprises across emerging countries such as India and China and changing work dynamics are expected to boost the growth of workforce management market.
Workforce management is a multi-faceted solution which has enabled prominent changes and generated significant paybacks, both in terms of revenue and ease of usage, and it continues to evolve even today. The increasing adoption of mobile devices is expected to play a vital role in the industry as numerous companies have cited a keen interest in enhancing their mobile capabilities in the near future
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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 Global Workforce Management market is estimated at $4.71 billion in 2016 and is expected to reach $9.01 billion by 2022 growing at a CAGR of 11.4% from 2016 to 2022. Rising demand for automation and increasing cloud based solution are the major factors influencing the market growth.
Whereas huge switching cost form traditional software to automation and lack of awareness among companies are some of the factors restraining the market growth.
In deployment type, Cloud-Based deployment is expected to move at highest CAGR during forecast period owing to huge organisation structure and large number of offices across the regions. However, On-Premise type commanded largest market share in 2016.
High rate of adoption in countries like Germany and United Kingdom is one of the key drivers for the European region to move with highest CAGR during forecast period.
Table of Content:-
1 Executive Summary
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
3 Market Trend Analysis
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