WFM Software Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 7.31 Billion |
| Market Size (2029) | USD 10.24 Billion |
| CAGR (2024 - 2029) | 6.98 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
WFM Software Market Analysis
The Workforce Management Software Market size is estimated at USD 7.31 billion in 2024, and is expected to reach USD 10.24 billion by 2029, growing at a CAGR of 6.98% during the forecast period (2024-2029).
The demand for adhesives and sealants is extensively driven by the growing demand from the construction industry and increasing healthcare infrastructure.
- However, the market growth is likely to be hindered by the rising environmental concerns regarding the usage of chemicals.
- In the studied market, the packaging end-user segment is expected to dominate the market. However, the aerospace end-user segment is expected to be the fastest-growing segment in the region during the forecast period.
- The innovation and development of bio-based adhesives and shifting focus toward adhesive bonding for composite materials are likely to offer opportunities for the adhesives and sealants market in the region.
- Saudi Arabia stands to be the largest market for adhesives and sealants in the region, where consumption is majorly driven by the end-user industries, such as construction, healthcare, and packaging.
WFM Software Market Trends
Cloud to Witness the Highest Growth
Users of work management software can enjoy several advantages, such as flexibility, mobility, and security, by implementing cloud computing. The software gives the organization's administrator access to all the data needed to evaluate a worker, a device, or a set of productivity measures at any time.
Additionally, regardless of the administrator's location, modifications may be made, or any duty relating to the workforce can be scheduled. As the business sets the necessary level of technical specification and storage, this contributes to the overall idea of remote working and saves significant time and money.
To help enterprises, businesses are introducing flexible cloud access and functionality. To promote employee success by fostering improved communication, listening, productivity, and engagement on the employee front, Oracle Corporation recently introduced a platform with Oracle Fusion Cloud Human Capital Management.
To provide multi-level physical and logical security features, businesses offer these software solutions through the private cloud; as a result, private cloud spending is rising. The growing preference for cloud-based software and industries supports the requirement for process transparency.
By automating routinely tedious tasks, cloud-based workforce management software aids firms in time optimization and expands the workforce management market. The desire to find an all-in-one solution that includes services like inbound marketing software, Salesforce, marketing automation software, business analytical tools, and workforce management software is one of the key factors driving many companies' growing preference for cloud-based workforce management. This facilitates the acquisition of commercial, financial, and operational insights only supported by cloud technology in the software.
North America Is Expected to hold a Dominant Market Share
Over the past few years, the North American workforce management software market has expanded. The main concerns of local firms are the rising efficiency and productivity of workers. This has significantly increased business leaders' awareness of the program.
The region held a sizeable market share and established itself as one of the leading traders in the retail venture industry due to multiple-fold increases in trade volumes. The situation can be linked to nations like the United States and Canada, which need effective and trustworthy workforce management software because they employ local and remote workers.
The estimated employment-to-population ratio for the preceding year was 55.8% globally, 58.8% in Northern America, 57.3% in Africa, 56.1% in Asia and the Pacific, and 57.3% in Africa. The high employment rates necessitate effective software to support their management.
However, following the global economic downturn, according to the International Organization, many industrialized nations saw modest but consistent expansion. The North American economic crisis presented a significant barrier to market expansion. Due to the region's adaptability and availability of work-from-home possibilities during COVID-19, many firms chose cloud-based workforce management software, increasing the demand in the area.
Additionally, enhancing the labor force's productivity has become a bigger priority. By making the current labor force more productive, workforce management software has significantly increased profitability for companies across almost all end-user industries. As a result, the region now occupies a sizable portion of the market.
WFM Software Industry Overview
The Workforce Management Software Market is highly fragmented. Workforce management software is becoming increasingly important for organizations to keep their workforce organized in the current competitive scenario, recording high competition among service providers. This ensures optimal productivity, which is important to stay abreast of the changing times. Companies are introducing various innovative workforce management solutions with advanced capabilities and cloud features addressing the traditional needs of contact centers, back offices, and branches.
June 2022: ActiveOps PLC announces the launch of CaseworkiQ. It is a workforce management solution to bolster operations with large caseloads and high compliance scenarios. The new solution, CaseworkiQ, builds and expands on existing ActiveOps workforce optimization solutions, supporting case environments. The product enables customers to plan resources in line with caseload demand and service level agreements (SLAs), delivering optimized performance, reduced risk, and costs.
March 2023: In collaboration with Google Cloud, UJET, Inc., the intelligent, modern contact center platform, introduced UJET WFM. UJET delivers new business intelligence solutions for the contact center market with the launch of its workforce management suite, which is also natively available within the Google Cloud Contact Center AI Platform. To enhance the performance, contentment, and general customer experience of remote contact center agents, UJET WFM provides highly precise forecasting, scheduling, and real-time adherence monitoring.
WFM Software Market Leaders
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Active Operations Management International LLP
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NICE Systems Ltd.
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Oracle Corporation
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Infor Group
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UKG Inc.
*Disclaimer: Major Players sorted in no particular order
WFM Software Market News
- May 2024: Cornerstone OnDemand Inc. unveiled Cornerstone Galaxy, an AI-driven platform designed to enhance workforce agility and address the growing workforce readiness gap. This gap arises when the rapid pace of innovation, market shifts, and other factors outpace a workforce's ability to adapt.
- April 2024: Alvaria has unveiled its inaugural dedicated workforce engagement management (WEM) innovation lab, named Alvaria Horizons. This initiative brings together experts focused on developing advanced tools and solutions to refine and elevate the collaboration between humans and technology.
WFM Software Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
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4.2 Industry Attractiveness - Porter's Five Forces Analysis
- 4.2.1 Threat of New Entrants
- 4.2.2 Bargaining Power of Buyers
- 4.2.3 Bargaining Power of Suppliers
- 4.2.4 Threat of Substitute Products
- 4.2.5 Intensity of Competitive Rivalry
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4.3 Market Drivers
- 4.3.1 Increasing Adoption of Internet of Things (IoT) and Cloud-based Solutions is Expanding the Market
- 4.3.2 Growing Adoption of Analytical Solutions and WFM by SMEs is Driving the Market Growth
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4.4 Market Restraints
- 4.4.1 Implementation and Integration Concerns Hindering the Market
- 4.5 Assessment of COVID-19 impact on the industry
5. MARKET SEGMENTATION
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5.1 Type
- 5.1.1 Workforce Scheduling and Workforce Analytics
- 5.1.2 Time and Attendance Management
- 5.1.3 Performance and Goal Management
- 5.1.4 Absence and Leave Management
- 5.1.5 Other Software (Fatigue Management, Task Management, etc.)
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5.2 Deployment Mode
- 5.2.1 On-premise
- 5.2.2 Cloud
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5.3 End-user Vertical
- 5.3.1 BFSI
- 5.3.2 Consumer Goods and Retail
- 5.3.3 Automotive
- 5.3.4 Energy and Utilities
- 5.3.5 Healthcare
- 5.3.6 Manufacturing
- 5.3.7 Other End-user Industries
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5.4 Geography***
- 5.4.1 North America
- 5.4.2 Europe
- 5.4.3 Asia
- 5.4.4 Australia and New Zealand
- 5.4.5 Latin America
- 5.4.6 Middle East and Africa
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 ActiveOps PLC
- 6.1.2 NICE Ltd.
- 6.1.3 Oracle Corporation
- 6.1.4 Infor Group
- 6.1.5 UKG Inc.
- 6.1.6 Reflexis Systems Inc.
- 6.1.7 SISQUAL Workforce Management, Lda
- 6.1.8 Workday Inc.
- 6.1.9 WorkForce Software LLC
- 6.1.10 Blue Yonder Group, Inc. (Panasonic Corporation)
- 6.1.11 ServiceMax Inc.
- 6.1.12 Advanced Computer Software Group Limited
- 6.1.13 7shifts Employee Scheduling Software Inc. (7shifts)
- 6.1.14 IBM Corporation
- 6.1.15 SAP SE
- 6.1.16 ADP LLC
- 6.1.17 Atoss Software AG
- 6.1.18 Mitrefinch Ltd (Advanced Computer Software Group Limited)
- 6.1.19 Sage Group plc
- 6.1.20 Roubler Australia Pty Ltd
- 6.1.21 tamigo ApS
- *List Not Exhaustive
7. INVESTMENT ANALYSIS
8. FUTURE OF THE MARKET
WFM Software Industry Segmentation
Workforce management software enables organizations to centralize resource usage data and better plan future utilization. It allows companies to create custom workflows to be more efficient in their decision-making processes and protect data integrity. Therefore, to manage several aspects of the workforce for better productivity, the market software solutions include workforce forecast and scheduling, time and attendance management, task management, HR management, and other solutions, including workforce analytics.
The workforce management software market is segmented by type (workforce scheduling and workforce analytics, time and attendance management, performance and goal management, absence and leave management), deployment mode (on-premise, cloud), end-user vertical (BFSI, consumer goods and retail, automotive, energy and utilities, healthcare, manufacturing), and geography (North America, Europe, Asia Pacific, Middle East & Africa and Latin America). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
The study tracks the key market parameters, underlying growth influencers, and major vendors operating in the industry. The study also tracks the impact of COVID-19 on the overall workforce management software market and its performance.
| Type | Workforce Scheduling and Workforce Analytics |
| Time and Attendance Management | |
| Performance and Goal Management | |
| Absence and Leave Management | |
| Other Software (Fatigue Management, Task Management, etc.) | |
| Deployment Mode | On-premise |
| Cloud | |
| End-user Vertical | BFSI |
| Consumer Goods and Retail | |
| Automotive | |
| Energy and Utilities | |
| Healthcare | |
| Manufacturing | |
| Other End-user Industries | |
| Geography*** | North America |
| Europe | |
| Asia | |
| Australia and New Zealand | |
| Latin America | |
| Middle East and Africa |
WFM Software Market Research FAQs
How big is the Workforce Management Software Market?
The Workforce Management Software Market size is expected to reach USD 7.31 billion in 2024 and grow at a CAGR of 6.98% to reach USD 10.24 billion by 2029.
What is the current Workforce Management Software Market size?
In 2024, the Workforce Management Software Market size is expected to reach USD 7.31 billion.
Who are the key players in Workforce Management Software Market?
Active Operations Management International LLP, NICE Systems Ltd., Oracle Corporation, Infor Group and UKG Inc. are the major companies operating in the Workforce Management Software Market.
Which is the fastest growing region in Workforce Management Software Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Workforce Management Software Market?
In 2024, the North America accounts for the largest market share in Workforce Management Software Market.
What years does this Workforce Management Software Market cover, and what was the market size in 2023?
In 2023, the Workforce Management Software Market size was estimated at USD 6.80 billion. The report covers the Workforce Management Software Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Workforce Management Software Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the ongoing costs associated with using WFM software?
The ongoing costs associated with using WFM software are a) Potential costs for training b) Ongoing subscriptions c) Customer support
WFM System Industry Report
The workforce management market is experiencing significant growth, driven by the need for optimized operations across various sectors, particularly in consumer goods and retail. These industries are rapidly adopting workforce management solutions to enhance control over diverse workforces, from in-store employees to field service providers. Key functions such as employee training, labor analytics, and scheduling optimization are streamlined, addressing retail complexities. The solutions segment, including time and attendance, leave management, and workforce analytics, reflects a shift from traditional practices to advanced technological solutions, contributing to the market's expansion. North America leads due to early adoption of technologies like Artificial Intelligence and cloud computing, while the Asia Pacific region is set to witness the fastest growth. Strategic activities from key players, such as product launches and partnerships, further bolster the global market presence. For detailed insights and a historical overview of the workforce management market size, download a free PDF sample report from Mordor Intelligence™ Industry Reports.
