Top Global Vendors in the Workforce Management Software Market
As organizations streamline their HR operations and digitally transform themselves, the global workforce management software market is also expected to grow at 8% CAGR till 2021, according to a new report released by Technavio, titled “Global workforce management software market 2017-2021.” The major vendors in this market are ADP, Ceridian HCM, Kronos, Oracle, SAP, and Ultimate Software, who have a sizeable market share and address the entire workforce management requirements of an organization.
The growing demand for such software amongst large enterprises as well as SMEs has intensified the competition in the market. Of the many players in the market, some are multinational vendors that are consolidating their market share by partnering with other companies to form high-value partnerships. The other major vendors in this market are Ascentis, ATOSS Software, HR Bakery, iCIMS, BambooHR, Infor, JDA, NICE, Performly, PeopleFluent, Reflexis Systems, Workday, The Sage Group, and Zoho Corporation.
The workforce management software helps HR departments to become more productive and efficient in finding the right people, apart from managing attendance, enrolments, benefits, policies, and other related activities.
“The global workforce management software market is projected to grow to USD 7,520 million by 2021, at a CAGR of more than 8% over the forecast period. The growing need for the management of workforce diversity is a key factor boosting the adoption of the workforce management software market,” says Ishmeet Kaur, a lead analyst, enterprise application research, Technavio.
Social media is predicted to be a major source of applicant and employee-related information. As a result, the report predicts that workforce management software vendors will integrate their solutions with the various social media applications to offer a more consolidated solution.
In 2016, the cloud-based segment dominated over the on-premises segment, because cloud enables easy gathering, storing, and accessing of data. Due to these advantages, the cloud segment is expected to dominate the global workforce management software market till 2021.
Regionally, while the America dominates the global market, the future growth in this region will be influenced by the social media integration and cost-effectiveness of HR solutions. The growing employment rates in the Americas are also expected to drive the growth of this market in this region.