Workday Acknowledged as a Key HR Software Provider by APPS RUN THE WORLD in the HCM Top 500 Market Report

6110 Stoneridge Mall Road

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https://www.workday.com/

1 Workday

Workday Strengths, Domain Expertise, and Key Differentiators

Workday's lead in the HCM applications market is formidable and there are signs that its nascent AI agents are gaining traction with rising number of users and effective monetization being put in place to attract cross-selling and upselling. All these translate into uninterrupted double-digit increases in its subscription revenues. Its product suite is distinguished by its unified, cloud‑native architecture that seamlessly brings together core HCM and Financial Management on a single data model. Its comprehensive HCM modules, from global payroll and recruiting to learning and succession planning, share real‑time analytics and an open skills framework, giving organizations granular visibility into talent and development. On the finance side, Workday’s general ledger, procurement, projects, and adaptive planning tools operate in concert with HR data, enabling cross‑functional insights and eliminating the silos typical of legacy ERP systems.

Workday’s vertical strategy, bolstered by industry accelerators for sectors like higher education, healthcare, and financial services, enables rapid, tailored deployments that reduce implementation timelines by 20–25%. In the first quarter of FY26, technology/media and manufacturing each contributed over $1 billion in annual recurring revenue, marking a major milestone for its vertical strategy. Meanwhile, a growing international footprint and partnerships for local payroll and compliance help the company expand beyond its North American stronghold.

Reference customers include high‑profile names across industries, Comcast, Netflix, Capital One, FedEx, and dozens of universities, illustrating Workday’s ability to scale from global enterprises to educational institutions and public‑sector agencies.

Workday Recent Developments

The February 2025 introduction of the Agent System of Record provides a unified governance layer for both Workday and third‑party AI agents, addressing emerging enterprise needs in compliance, cost controls, and deployment visibility. Complementing this control plane, Workday expanded its Illuminate agent suite at Workday Rising 2024, rolling out role‑specific AI assistants for recruiting, expenses, succession planning, and process optimization to automate workflows and elevate strategic decision‑making

Financially, these innovations coincide with strong fiscal Q4 FY2025 results, subscription revenue rose 16% to $2.04 billion, and total revenue hit $2.21 billion, fueling a 9% stock bump post‑earnings and validating market confidence in its AI roadmap. To support these investments, Workday announced a targeted workforce reduction of 1,750 roles (8.5% headcount) in February 2025, redirecting resources toward AI and international expansion.

Workday Mergers and acquisitions (M&A) Activities

Workday’s back‑to‑back acquisitions of HiredScore in February 2024 and Evisort in September 2024 represent a calculated push to embed AI at the heart of its HCM and financial suites. HiredScore’s candidate‑matching and talent‑orchestration capabilities instantly elevate Workday Recruiting’s competitiveness, adding a “staffing copilot”. Meanwhile, Evisort’s document‑intelligence engine unlocks unstructured data trapped in contracts and invoices. Collectively, these moves forge a deeper AI moat, create new recurring‑revenue streams.

In March 2021, it added Peakon’s employee‑engagement analytics to drive continuous listening and sentiment insights; that September it acquired Zimit, a CPQ and document‑automation specialist; in November 2021, it closed its $510 M purchase of VNDLY to unify external workforce and vendor management.

Workday Customers in ARTW Customer Database

Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Workday applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Workday and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified Workday Financial Management, Workday Human Capital Management, Workday Prism Analytics, Workday Professional Services Automation, Workday Student, customers.

Workday Key Cloud and HCM Applications

Workday Financial Management, Workday Human Capital Management, Workday Prism Analytics, Workday Professional Services Automation, Workday Student,

Workday HCM and Cloud HCM Applications Revenues, $M:

Type/Year20232024YoY Growth, %
Total Revenues, $M Subscribe Subscribe Subscribe
HCM Applications Revenues, $M Subscribe Subscribe Subscribe

* HCM Applications Revenues = License + Support & Maintenance + SaaS ( Hardware and Prof. Services are Excluded )
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.

Workday Revenue Breakdown by Type:

TypeLicenseServicesHardwareS&MSaaSPaaSIaaSOtherTotal
% of Total Revenues Subscribe Subscribe Subscribe Subscribe Subscribe Subscribe Subscribe Subscribe 100%
Revenues, $M Subscribe Subscribe Subscribe Subscribe Subscribe Subscribe Subscribe Subscribe Subscribe

Workday Total and HCM Applications Revenues by Region:

Region% of Total Revenues2024 Total Revenues, $M2024 HCM Applications Revenues, $M
Americas Subscribe Subscribe Subscribe
EMEA Subscribe Subscribe Subscribe
APAC Subscribe Subscribe Subscribe
Total Subscribe Subscribe Subscribe

Workday Direct vs Indirect sales

TypeDirect SalesIndirect SalesTotal
Type % Subscribe Subscribe Subscribe
Revenues, $M Subscribe Subscribe Subscribe

Workday Customers - Breakdown by Geo, Size, Vertical and Product

List of Verified Workday Customers


No. of Workday Customers: 11000

No. of Workday HCM Applications Customers: x

No. of Workday Cloud HCM Customers: 11000

No. of Workday Cloud HCM Subscribers: 70 million


Workday’s customer footprint is both broad and deep, today the platform is deployed by over 11,000 organizations in 175+ countries, serving more than 70 million cloud subscribers and end‑users. Workday is emerging as a player in higher education, with dozens of universities adopting Workday HCM and Student systems. For example, in 2024 at least 28 colleges went live on Workday Student.

Over 5,525 organizations are using its HCM as of 2024, from mid-size firms to global enterprises. Around 35% of new customers adopt its finance suite, underscoring its growth beyond HR. Large organizations in diverse sectors use Workday Finance, for example: Comcast, Progressive Insurance, Netflix, and Capital One.

In only on quarter in 2024, Workday has secured three new state and local government contracts; Delaware County, San Joaquin County, and Santa Cruz County, and expanded its VNDLY contingent‑workforce offering with three marquee names; Cushman & Wakefield, Lowe’s, and Ryder.

Workday Market Opportunities, M&A and Geo Expansions

While Workday has strong penetration among Global 2000 and large enterprises, the mid‑market remains under‑served. By simplifying implementation (lighter “Workday Go” bundles) and offering more modular pricing, Workday can capture companies with 500–3,000 employees that seek cloud HCM/Finance without the heavy lift of a full enterprise deployment. Streamlined onboarding services, pre‑configured templates for common mid‑market processes, and tiered support models can unlock a multi‑billion‑dollar revenue pool.

Workday Risks and Challenges

The latest challenge is on the legal front where Workday faces a class-action suit charging the vendor for discriminatory practices for anyone involved in applicant tracking with Workday Recruiting being used by employers to screen candidates. A judge in California has given the greenlight for the suit to proceed.

Workday Ecosystem, Partners, Resellers and SI

Workday’s installed base spans 175+ countries, but the business remains U.S. centric, only ~25% of revenue is international, so Workday is aggressively expanding abroad. It has opened new offices and forged exclusive partner relationships (e.g. exclusive SI partners in Asia/EU) to grow outside North America. CEO Carl Eschenbach has emphasized Asia, UK and Eastern Europe as high-growth targets. Through deep alliances with technology OEMs, such as Salesforce, ADP, AWS, Google Cloud, Equifax, and Korn Ferry, Workday extends core payroll, CRM, data‑analytics, and talent‑management capabilities directly into its platform. Joint customers see up to 30% faster integration build times, real‑time data feeds, and workflows across HR, finance, and service delivery.

Workday relies on a robust network of over 400 system‑integrator and consulting partners, including Accenture, Deloitte, KPMG, PwC, and Cognizant, who have collectively driven more than 1,200 global go‑lives. Meanwhile, the Workday Solutions Marketplace hosts over 300 partner‑certified “Built on Workday” apps, enabling customers to discover and adopt complementary tools up to 25% faster than traditional procurement cycles.

Workday’s public APIs and Workday AI Gateway further enable custom integrations. Recent high-profile platform initiatives include a Workday AI Marketplace and AI Gateway ( announced in late 2023) to let any external AI/ML service tap into Workday data. Workday’s platform (formerly called Workday Extend or “Cloud Platform”) provides low-code/no-code tools and frameworks to build custom apps and workflows on top of Workday. Developers can use Workday Extend to create mobile or web apps that run within the Workday environment, reusing its security and data model. For example, Workday Assistant Studio (introduced 2024) lets customers and partners build AI agents for HR/Finance tasks.

Research Methodology

Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.


Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).


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