Workforce management (WFM) enables enterprises to integrate processes to optimize the productivity of its employees on all levels. Organizations need to manage their workforce dynamically to improve efficiency of resources which results in the need for better workforce optimization. MarketsandMarkets forecasts the 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 diverse nature of applications, coupled with remote working employees, has resulted in the generation of huge enterprise data. Modern workforce tools such as workforce analytics can leverage this data to improve WFM. Workforce analytics helps in predicting employee and project needs during the planning phase of software development lifecycle. This helps organizations to save and allocate resources, according to the requirements of the project.

Europe is expected to grow at the highest CAGR in the  WFM market during the forecast period. Due to the rapid digital transformation in this region, the need for WFM is increasing. Moreover, the presence of big organizations in this region also drives the demand for these solutions as they help them in the effective management of their businesses and remain competitive in the market.  The rapid adoption of Bring Your Own Device (BYOD) and the increasing mobile workforce among organizations are the factors driving the growth of the workforce market in Europe.

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The workforce analytics segment is expected to grow at the highest CAGR in the workforce management market. The increasing need to understand the workforce productivity pattern over a time period has given rise to the demand for workforce analytics solutions. Workforce analytics solutions are used for predicting retention, boosting engagement, managing recruitment, measuring performance, and identifying skill gaps. Analytics plays an important role in seamless business operations, which helps in making decisions by analyzing the data.

The Banking, Financial Services, and Insurance (BFSI) vertical is expected to hold the largest market size during the forecast period in the  WFM market, as the vertical has witnessed rapid changes in consumer behavior as consumers now use bank applications across various platforms that makes the vertical highly resourceful. Advanced technologies and various software & solutions can help this sector to prioritize its actions and manage its workforce smoothly. Hence, the BFSI sector is a good contributor in the WFM market. The WFM market provides various solutions such as lead ticket management, location tracking, calendar management, workforce territory management, and attendance management

Deployment on cloud is expected to grow at the highest CAGR from 2016 to 2021. Cloud delivery ensures cost-effective and easy deployment of solutions with minimum IT investment. It takes care of the latest and greatest versions of the software each time and gets installed at the earliest. Security remains a critical issue that restricts  the adoption of WFM solution; however, this issue is gradually being eradicated through rigorous security tests with the highest standards by the third parties. Due to these advantages, most vendors are switching from on-premises deployment mode to Software as a Service (SaaS) based solutions.

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The Small and Medium Enterprises (SMEs) segment is expected to grow at the highest CAGR in the WFM market during the forecast period. More than larger enterprises, SMEs face a greater resource crunch and require better methods to solve the complexities for cost optimization on their assets and requirements. Therefore, these days, SMEs are majorly focusing on utilizing WFM solutions in order to work globally and manage multiple workers. Moreover, SMEs require these solutions to integrate the core Human Resource (HR), payroll, time, and labor data for better results and achieve cost saving.

Globally, the adoption of WFM is increasing owing to the strong need of understanding employee. The WFM  ecosystem comprises of 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; who offer their software, solution and services to end users to cater to their unique business requirements.

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