Global Workforce Management (WFM) Software Market 2023-2030

Global Workforce Management (WFM) Software Market 2023-2030

Global Workforce Management (WFM) Software Market Size, Share & Trends Analysis Report by Type (Workforce Scheduling and Workforce Analytics, Time and Attendance Management, Performance and Goal Management, Absence and Leave Management, and Others), by Deployment Mode (On-Premise and Cloud), by Enterprise Size (Large Enterprises, and Small and Medium Enterprises (SMEs)), and by End-User (BFSI, Consumer Goods and Retail, Automotive, Energy and Utilities, Healthcare and Life Sciences, Manufacturing, and Others) Forecast Period (2024-2031)

The global WFM software market is anticipated to grow at a CAGR of 11.7 % during the forecast period (2024-2031). The market’s growth is attributed to the growing demand for omnichannel workforce management solutions across the globe. This indicates that Flow can manage workforces across several channels, ensuring a consistent and integrated approach to workforce management. This is essential in the current economic climate when organizations frequently communicate with customers across several channels, including online, mobile, and in-person. For instance, in September 2022, Intellicus Technologies launched Flow, an omnichannel Workforce Management Solution that arms traditional BPMs with AutoML, AI, and Cloud technologies for forecasting, planning, and optimizing workforces.

Segmental Outlook

The global WFM software market is segmented on the type, deployment mode, enterprise size, and end-user. Based on the type, the market is sub-segmented into workforce scheduling and workforce analytics, time and attendance management, performance and goal management, absence and leave management, and others (fatigue management, task management, and remote workforce management). Based on the deployment mode, the market is sub-segmented into on-premise and cloud. Based on the enterprise size, the market is sub-segmented into large enterprises and small and medium enterprises. Furthermore, based on end-user, the market is sub-segmented into BFSI

consumer goods and retail, automotive, energy and utilities, healthcare and life sciences, manufacturing, and others (transportation and logistics, education, travel and hospitality, and media and entertainment). The BFSI subcategory is expected to capture a significant portion of the market share within the end-user segment. The growth can be attributed to the growing demand for labor scheduling and budgeting solutions, particularly among the millennial population.

The Cloud Sub-Segment is Anticipated to Hold a Considerable Share of the global Workforce Management (WFM) Software Market

Among the motor types, the direct current (DC) motor sub-segment is expected to hold a considerable share of the global WFM software market. The segmental growth is attributed to the growing demand for cloud-based solutions. The global trend toward cloud-based solutions is a significant factor. Cloud systems provide flexibility, scalability, and accessibility, allowing enterprises to adapt to changing business needs and facilitate remote work. For instance, in January 2023, TCN, Inc., launched a new Workforce Engagement Suite for its advanced, cloud-based contact center platform, TCN operator. The new preserve combines workforce management (WFM) and workforce optimization (WFO) to optimize call center operations, reduce non-productive agent hours, and improve customer experience across all channels.

Regional Outlook

The global WFM software market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Europe is anticipated to hold a prominent share of the market across the globe, owing to the increased demand for labor automation to enhance compliance.

The Asia-Pacific Region is Expected to Grow at a Significant CAGR in the global Workforce Management (WFM) Software Market

Among all regions, the Asia-Pacific region is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to the increasing demand for specialized promotion efforts in China across the region. The emphasis on a special promotion effort demonstrates a planned and proactive strategy for promoting businesses during specific periods, such as the back-to-work season. Discounted pricing, additional features, or specialized assistance are all possible promotional initiatives. For instance, in May 2020, Infor launched a special promotion effort in China to help enterprises be operationally adaptable and ease the ""back-to-work"" phase as companies progressively reopen. The preconfigured Infor workforce management (WFM) solution simplifies staff management with intelligent scheduling, allowing companies to strategically reconnect their businesses.

Market Players Outlook

The major companies serving the global WFM software market include IBM Corp., Mitrefinch Ltd, Sage Group plc, UKG Inc., WorkForce Software, LLC., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in March 2023, UJET and Google Cloud partnered and launched the workforce management suite ‘UJET WFM’. The UJET WFM offers forecasting, scheduling, and real-time monitoring to help contact center operators work effectively. The contact center solutions are accessible through both UJET and Google Cloud Contact Center AI Platform.

The Report Covers

Market value data analysis of 2023 and forecast to 2031.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global WFM software market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies. Competitive strategies by identifying ‘who-stands-where’ in the market.