Workforce management software market 2023-2027: A descriptive analysis of five forces model, market dynamics, and segmentation - Technavio
NEW YORK, Feb. 7, 2023 /PRNewswire/ -- According to Technavio, the global workforce management software market size is estimated to grow by USD 2,307.38 million from 2022 to 2027. The market is estimated to grow at a CAGR of 6.82%. Moreover, the growth momentum will accelerate. North America will account for 36% of the market's growth during the forecast period. The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market. For more insights on the market, request a sample report
Workforce management software market - Five forces The global workforce management software market is fragmented, and the five forces analysis covers?
Bargaining power of buyers
The threat of new entrants
Threat of rivalry
Bargaining power of suppliers
Threat of substitutes
For an interpretation of Porter's five forces model ? buy the report!
The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Segment overview Technavio has segmented the market based on deployment (cloud based and on-premise) and end-user (IT and telecom, BFSI, healthcare, manufacturing, and others).
The cloud-based segment will account for a significant share of the market growth during the forecast period. Cloud-based workforce management solutions gather, store, and provide global information from a unified point of access, which is driving the growth of this segment. Cloud-based applications help enterprises to ensure reliability, gain visibility, and accommodate unique HR business requirements across the world.
Geography overview Based on geography, the global workforce management software market is segmented into North America, Europe, APAC, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global workforce management software market.
North Americais estimated to account for 36% of the growth of the global market during the forecast period. This growth is attributed to factors such as improved penetration of social media and high demand for cost-efficient HR solutions. Organizations use workforce management software to manage their workforce and help them drive innovation, growth, and profit. Moreover, the use of mobile applications for workforce management is increasing in the US. Such solutions enhance the performance of organizations.
The need for regulatory compliance is driving the market growth.
Large organizations need to comply with the regulations enacted in the countries where they operate as well as international regulations.
According to the FDA and ISO, companies have to implement and document employee activities.
Most vendors, such as ADP, offer compliance management feature that is integrated with workforce management software. It is easy to use, which helps companies attain and sustain compliance every year.
Therefore, regulatory compliance is expected to fuel the growth of the global workforce management software market during the forecast period.
Leading trends influencing the market
The rising adoption of digital HR technology is a key trend in the market.
Organizations are digitalizing HR processes and systems with the help of new digital platforms.
Mobile apps, social media, analytics, and the cloud are some of the key digital technologies.
Integrated apps provide HRM features such as time and attendance management, appointment and meeting reminders, and on-demand video learning.
The workforce management software also includes features required for the digital transformation of HR processes.
Thus, organizations are adopting workforce management software in their HR operations to improve the employee experience.
Major challenges hindering the market growth
High implementation and maintenance costs are challenging the market growth.
The price of workforce management software includes the software licensing price, system designing and customization cost, implementation cost, training cost, and maintenance cost.
Organizations also need to hire IT staff for the implementation of the software.
In addition, they need to train their employees on the use of the application.
Continuous upgrades are also required to keep pace with the current market trends.
The API management marketsize is expected to increase by USD 6.70 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 20.56 %. Furthermore, this report extensively covers market segmentation by deployment (cloud and on-premise) and Geography (North America, APAC, Europe, South America, and the Middle East and Africa).
The property management market is estimated to grow at a CAGR of 2.73% between 2022 and 2027. The size of the market is forecasted to increase by USD 49.45 billion. This report extensively covers market segmentation by application (construction and real estate, government, retail, hospitality, and others), deployment (cloud-based and on-premise), and geography (North America, Europe, APAC, South America, and the Middle East and Africa).
Workforce Management Software Market Scope
Report Coverage
Details
Page number
179
Base year
2022
Historic period
2017-2021
Forecast period
2023-2027
Growth momentum & CAGR
Accelerate at a CAGR of 6.82%
Market growth 2023-2027
USD 2,307.38 million
Market structure
Fragmented
YoY growth 2022-2023 (%)
5.9
Regional analysis
North America, Europe, APAC, Middle East and Africa, and South America
Performing market contribution
North America at 36%
Key countries
US, Canada, China, UK, and Germany
Competitive landscape
Leading vendors, market positioning of vendors, competitive strategies, and industry risks
Key companies profiled
ATOSS Software AG, Automatic Data Processing Inc., Bamboo HR LLC, Blue Yonder Group Inc., Ceridian HCM Holding Inc., International Business Machines Corp., Koch Industries Inc., Kronos Inc., NICE Ltd., Oracle Corp., Paycor Inc., Performly International Inc., Reflexis Systems Inc., Rippling People Center Inc., Sage Group Plc, SAP SE, UKG Inc., Verint Systems Inc., Workday Inc., and Zoho Corp. Pvt. Ltd.
Market dynamics
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Exhibit 23: Five forces analysis - Comparison between 2022 and 2027
5.2 Bargaining power of buyers
Exhibit 24: Chart on Bargaining power of buyers ? Impact of key factors 2022 and 2027
5.3 Bargaining power of suppliers
Exhibit 25: Bargaining power of suppliers ? Impact of key factors in 2022 and 2027
5.4 Threat of new entrants
Exhibit 26: Threat of new entrants ? Impact of key factors in 2022 and 2027
5.5 Threat of substitutes
Exhibit 27: Threat of substitutes ? Impact of key factors in 2022 and 2027
5.6 Threat of rivalry
Exhibit 28: Threat of rivalry ? Impact of key factors in 2022 and 2027
5.7 Market condition
Exhibit 29: Chart on Market condition - Five forces 2022 and 2027
6 Market Segmentation by Deployment
6.1 Market segments
Exhibit 30: Chart on Deployment - Market share 2022-2027 (%)
Exhibit 31: Data Table on Deployment - Market share 2022-2027 (%)
6.2 Comparison by Deployment
Exhibit 32: Chart on Comparison by Deployment
Exhibit 33: Data Table on Comparison by Deployment
6.3 Cloud based - Market size and forecast 2022-2027
Exhibit 34: Chart on Cloud based - Market size and forecast 2022-2027 ($ million)
Exhibit 35: Data Table on Cloud based - Market size and forecast 2022-2027 ($ million)
Exhibit 36: Chart on Cloud based - Year-over-year growth 2022-2027 (%)
Exhibit 37: Data Table on Cloud based - Year-over-year growth 2022-2027 (%)
6.4 On-premise - Market size and forecast 2022-2027
Exhibit 38: Chart on On-premise - Market size and forecast 2022-2027 ($ million)
Exhibit 39: Data Table on On-premise - Market size and forecast 2022-2027 ($ million)
Exhibit 40: Chart on On-premise - Year-over-year growth 2022-2027 (%)
Exhibit 41: Data Table on On-premise - Year-over-year growth 2022-2027 (%)
6.5 Market opportunity by Deployment
Exhibit 42: Market opportunity by Deployment ($ million)
7 Market Segmentation by End-user
7.1 Market segments
Exhibit 43: Chart on End-user - Market share 2022-2027 (%)
Exhibit 44: Data Table on End-user - Market share 2022-2027 (%)
7.2 Comparison by End-user
Exhibit 45: Chart on Comparison by End-user
Exhibit 46: Data Table on Comparison by End-user
7.3 IT and telecom - Market size and forecast 2022-2027
Exhibit 47: Chart on IT and telecom - Market size and forecast 2022-2027 ($ million)
Exhibit 48: Data Table on IT and telecom - Market size and forecast 2022-2027 ($ million)
Exhibit 49: Chart on IT and telecom - Year-over-year growth 2022-2027 (%)
Exhibit 50: Data Table on IT and telecom - Year-over-year growth 2022-2027 (%)
7.4 BFSI - Market size and forecast 2022-2027
Exhibit 51: Chart on BFSI - Market size and forecast 2022-2027 ($ million)
Exhibit 52: Data Table on BFSI - Market size and forecast 2022-2027 ($ million)
Exhibit 53: Chart on BFSI - Year-over-year growth 2022-2027 (%)
Exhibit 54: Data Table on BFSI - Year-over-year growth 2022-2027 (%)
7.5 Healthcare - Market size and forecast 2022-2027
Exhibit 55: Chart on Healthcare - Market size and forecast 2022-2027 ($ million)
Exhibit 56: Data Table on Healthcare - Market size and forecast 2022-2027 ($ million)
Exhibit 57: Chart on Healthcare - Year-over-year growth 2022-2027 (%)
Exhibit 58: Data Table on Healthcare - Year-over-year growth 2022-2027 (%)
7.6 Manufacturing - Market size and forecast 2022-2027
Exhibit 59: Chart on Manufacturing - Market size and forecast 2022-2027 ($ million)
Exhibit 60: Data Table on Manufacturing - Market size and forecast 2022-2027 ($ million)
Exhibit 61: Chart on Manufacturing - Year-over-year growth 2022-2027 (%)
Exhibit 62: Data Table on Manufacturing - Year-over-year growth 2022-2027 (%)
7.7 Others - Market size and forecast 2022-2027
Exhibit 63: Chart on Others - Market size and forecast 2022-2027 ($ million)
Exhibit 64: Data Table on Others - Market size and forecast 2022-2027 ($ million)
Exhibit 65: Chart on Others - Year-over-year growth 2022-2027 (%)
Exhibit 66: Data Table on Others - Year-over-year growth 2022-2027 (%)
7.8 Market opportunity by End-user
Exhibit 67: Market opportunity by End-user ($ million)
8 Customer Landscape
8.1 Customer landscape overview
Exhibit 68: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
9 Geographic Landscape
9.1 Geographic segmentation
Exhibit 69: Chart on Market share by geography 2022-2027 (%)
Exhibit 70: Data Table on Market share by geography 2022-2027 (%)
9.2 Geographic comparison
Exhibit 71: Chart on Geographic comparison
Exhibit 72: Data Table on Geographic comparison
9.3 North America - Market size and forecast 2022-2027
Exhibit 73: Chart on North America - Market size and forecast 2022-2027 ($ million)
Exhibit 74: Data Table on North America - Market size and forecast 2022-2027 ($ million)
Exhibit 75: Chart on North America - Year-over-year growth 2022-2027 (%)
Exhibit 76: Data Table on North America - Year-over-year growth 2022-2027 (%)
9.4 Europe - Market size and forecast 2022-2027
Exhibit 77: Chart on Europe - Market size and forecast 2022-2027 ($ million)
Exhibit 78: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
Exhibit 79: Chart on Europe - Year-over-year growth 2022-2027 (%)
Exhibit 80: Data Table on Europe - Year-over-year growth 2022-2027 (%)
9.5 APAC - Market size and forecast 2022-2027
Exhibit 81: Chart on APAC - Market size and forecast 2022-2027 ($ million)
Exhibit 82: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
Exhibit 83: Chart on APAC - Year-over-year growth 2022-2027 (%)
Exhibit 84: Data Table on APAC - Year-over-year growth 2022-2027 (%)
9.6 Middle East and Africa - Market size and forecast 2022-2027
Exhibit 85: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
Exhibit 86: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
Exhibit 87: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
Exhibit 88: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)
9.7 South America - Market size and forecast 2022-2027
Exhibit 89: Chart on South America - Market size and forecast 2022-2027 ($ million)
Exhibit 90: Data Table on South America - Market size and forecast 2022-2027 ($ million)
Exhibit 91: Chart on South America - Year-over-year growth 2022-2027 (%)
Exhibit 92: Data Table on South America - Year-over-year growth 2022-2027 (%)
9.8 US - Market size and forecast 2022-2027
Exhibit 93: Chart on US - Market size and forecast 2022-2027 ($ million)
Exhibit 94: Data Table on US - Market size and forecast 2022-2027 ($ million)
Exhibit 95: Chart on US - Year-over-year growth 2022-2027 (%)
Exhibit 96: Data Table on US - Year-over-year growth 2022-2027 (%)
9.9 China - Market size and forecast 2022-2027
Exhibit 97: Chart on China - Market size and forecast 2022-2027 ($ million)
Exhibit 98: Data Table on China - Market size and forecast 2022-2027 ($ million)
Exhibit 99: Chart on China - Year-over-year growth 2022-2027 (%)
Exhibit 100: Data Table on China - Year-over-year growth 2022-2027 (%)
9.10 UK - Market size and forecast 2022-2027
Exhibit 101: Chart on UK - Market size and forecast 2022-2027 ($ million)
Exhibit 102: Data Table on UK - Market size and forecast 2022-2027 ($ million)
Exhibit 103: Chart on UK - Year-over-year growth 2022-2027 (%)
Exhibit 104: Data Table on UK - Year-over-year growth 2022-2027 (%)
9.11 Canada - Market size and forecast 2022-2027
Exhibit 105: Chart on Canada - Market size and forecast 2022-2027 ($ million)
Exhibit 106: Data Table on Canada - Market size and forecast 2022-2027 ($ million)
Exhibit 107: Chart on Canada - Year-over-year growth 2022-2027 (%)
Exhibit 108: Data Table on Canada - Year-over-year growth 2022-2027 (%)
9.12 Germany - Market size and forecast 2022-2027
Exhibit 109: Chart on Germany - Market size and forecast 2022-2027 ($ million)
Exhibit 110: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
Exhibit 111: Chart on Germany - Year-over-year growth 2022-2027 (%)
Exhibit 112: Data Table on Germany - Year-over-year growth 2022-2027 (%)
9.13 Market opportunity by geography
Exhibit 113: Market opportunity by geography ($ million)
10 Drivers, Challenges, and Trends
10.1 Market drivers
10.2 Market challenges
10.3 Impact of drivers and challenges
Exhibit 114: Impact of drivers and challenges in 2022 and 2027
10.4 Market trends
11 Vendor Landscape
11.1 Overview
11.2 Vendor landscape
Exhibit 115: Overview on Criticality of inputs and Factors of differentiation
11.3 Landscape disruption
Exhibit 116: Overview on factors of disruption
11.4 Industry risks
Exhibit 117: Impact of key risks on business
12 Vendor Analysis
12.1 Vendors covered
Exhibit 118: Vendors covered
12.2 Market positioning of vendors
Exhibit 119: Matrix on vendor position and classification
12.3 Automatic Data Processing Inc.
Exhibit 120: Automatic Data Processing Inc. - Overview
Exhibit 121: Automatic Data Processing Inc. - Business segments
Exhibit 122: Automatic Data Processing Inc. - Key news
Exhibit 123: Automatic Data Processing Inc. - Key offerings
Exhibit 124: Automatic Data Processing Inc. - Segment focus
12.4 Bamboo HR LLC
Exhibit 125: Bamboo HR LLC - Overview
Exhibit 126: Bamboo HR LLC - Product / Service
Exhibit 127: Bamboo HR LLC - Key offerings
12.5 Blue Yonder Group Inc.
Exhibit 128: Blue Yonder Group Inc. - Overview
Exhibit 129: Blue Yonder Group Inc. - Product / Service
Exhibit 130: Blue Yonder Group Inc. - Key offerings
12.6 Ceridian HCM Holding Inc.
Exhibit 131: Ceridian HCM Holding Inc. - Overview
Exhibit 132: Ceridian HCM Holding Inc. - Product / Service
Exhibit 133: Ceridian HCM Holding Inc. - Key news
Exhibit 134: Ceridian HCM Holding Inc. - Key offerings
12.7 International Business Machines Corp.
Exhibit 135: International Business Machines Corp. - Overview
Exhibit 136: International Business Machines Corp. - Business segments
Exhibit 137: International Business Machines Corp. - Key news
Exhibit 138: International Business Machines Corp. - Key offerings
Exhibit 139: International Business Machines Corp. - Segment focus
12.8 Koch Industries Inc.
Exhibit 140: Koch Industries Inc. - Overview
Exhibit 141: Koch Industries Inc. - Product / Service
Exhibit 142: Koch Industries Inc. - Key news
Exhibit 143: Koch Industries Inc. - Key offerings
12.9 NICE Ltd.
Exhibit 144: NICE Ltd. - Overview
Exhibit 145: NICE Ltd. - Business segments
Exhibit 146: NICE Ltd. - Key news
Exhibit 147: NICE Ltd. - Key offerings
Exhibit 148: NICE Ltd. - Segment focus
12.10 Oracle Corp.
Exhibit 149: Oracle Corp. - Overview
Exhibit 150: Oracle Corp. - Business segments
Exhibit 151: Oracle Corp. - Key news
Exhibit 152: Oracle Corp. - Key offerings
Exhibit 153: Oracle Corp. - Segment focus
12.11 Paycor Inc.
Exhibit 154: Paycor Inc. - Overview
Exhibit 155: Paycor Inc. - Product / Service
Exhibit 156: Paycor Inc. - Key offerings
12.12 Performly International Inc.
Exhibit 157: Performly International Inc. - Overview
Exhibit 158: Performly International Inc. - Product / Service
Exhibit 159: Performly International Inc. - Key offerings
12.13 Reflexis Systems Inc.
Exhibit 160: Reflexis Systems Inc. - Overview
Exhibit 161: Reflexis Systems Inc. - Product / Service
Exhibit 162: Reflexis Systems Inc. - Key offerings
12.14 Sage Group Plc
Exhibit 163: Sage Group Plc - Overview
Exhibit 164: Sage Group Plc - Business segments
Exhibit 165: Sage Group Plc - Key news
Exhibit 166: Sage Group Plc - Key offerings
Exhibit 167: Sage Group Plc - Segment focus
12.15 SAP SE
Exhibit 168: SAP SE - Overview
Exhibit 169: SAP SE - Business segments
Exhibit 170: SAP SE - Key news
Exhibit 171: SAP SE - Key offerings
Exhibit 172: SAP SE - Segment focus
12.16 Workday Inc.
Exhibit 173: Workday Inc. - Overview
Exhibit 174: Workday Inc. - Product / Service
Exhibit 175: Workday Inc. - Key offerings
12.17 Zoho Corp. Pvt. Ltd.
Exhibit 176: Zoho Corp. Pvt. Ltd. - Overview
Exhibit 177: Zoho Corp. Pvt. Ltd. - Product / Service
Exhibit 178: Zoho Corp. Pvt. Ltd. - Key offerings
13 Appendix
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
Exhibit 179: Inclusions checklist
Exhibit 180: Exclusions checklist
13.3 Currency conversion rates for US$
Exhibit 181: Currency conversion rates for US$
13.4 Research methodology
Exhibit 182: Research methodology
Exhibit 183: Validation techniques employed for market sizing
Exhibit 184: Information sources
13.5 List of abbreviations
Exhibit 185: List of abbreviations
About Us Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
The "Highly Potent API Market - A Global and Regional Analysis: Focus on Type, Type of Synthesis, Therapeutic Area, Type of Manufacturing, End User, and Country - Analysis and Forecast, 2023-2033" report has been added to ResearchAndMarkets.com's...
Entrepreneurship is booming, and online microbusinesses ? those with 10 or fewer employees, a domain and an active website ? create jobs and lower unemployment rates across the U.S., according to new research from GoDaddy and UCLA Anderson Forecast....
Lowell Farms Inc. (the "Company") , a California cannabis company with advanced distribution and production capabilities including extraction, manufacturing, sales and brand management, announces audited revenue and operating results for the fourth...
According to a recently published report from Dell'Oro Group, the trusted source for market information about the telecommunications, security, networks, and data center industries, telecom operators are now scaling back their investments in 5G....
Labcorp , a global leader of innovative and comprehensive laboratory services, and OPKO Health, Inc. , a multinational biopharmaceutical and diagnostics company, announced today that they have entered into an agreement for Labcorp to acquire select...
STLLR Gold Inc. ("STLLR" or the "Company") announces the remaining assay results from the infill and confirmatory drilling program at the Jonpol Deposit at the Garrison (Eastern) area of the Tower Gold Project in Timmins, Ontario, Canada.
Table...