Top 10 Workforce Management Software Vendors, Market Forecast 2015-2020, and Customer Wins

In 2015, the top 10 Workforce Management (WFM) software vendors accounted for nearly 39% of the HCM applications market segment which grew 4% to approach $3.6 billion in license, maintenance and subscription revenues.

As a whole, Workforce Management (WFM) applications represented 24% of the overall HCM applications market.

Last year Kronos was No. 1 in Workforce Management with 18% market share and $658 million in HCM Workforce Management product revenues, achieving a 5% jump in license, maintenance and subscription revenues. ADP was No. 2 with 5% share, Ultimate Software was the third at 5% and Oracle and Verint were fourth and fifth with 3% and 2%, respectively.

UPDATE IS AVAILABLE:
TOP 10 WORKFORCE MANAGEMENT VENDORS,
MARKET FORECAST 2016-2021

Exhibit 1 – 2015 Workforce Management Market Shares Split By Top 10 WFM Software Vendors and Other, %

Through our forecast period, the Workforce Management applications market, which is comprised of six subsegments, is expected to reach $4.6 billion by 2020, compared with $3.6 billion in 2015 expanding at a compound annual growth rate of 5%. For Top 10 vendors in each of the six subsegments in addition to Time Clock Hardware, please check their own index page by following their link below.

Exhibit 2 – Worldwide Workforce Management Applications Market Forecast 2015-2020 By Subsegment, $M, and Compound Annual Growth Rate, %

Source: Apps Run The World, December 2016

Workforce Management Market Definitions and Forecast Assumptions

Human capital management includes such functions as eRecruiting (applicant tracking), Onboarding (employee profile), Performance Management (assessment, goal management, succession planning), Core HR (personnel administration, benefits, compensation management, payroll), Workforce Management (absence management, activity tracking, scheduling, time and attendance), and eLearning (learning management system). For complete definition, please see below or visit our Taxonomy page.

Drivers and inhibitors behind our Workforce Management applications market forecast assumptions include:

1. Digital transformation in response to new user demands, market forces
2. Restructuring of HR processes to accelerate for next decade
3. Anticipate, execute WFM measures to address human capital risks
4. Heavily modified WFM systems entail rising costs
5. Unbundling of work, requiring better measurement of tasks, risks as well as scheduling and time and attendance.

Inhibitors include hardware not in sync with software release cycles

1. Analytics fall short of expectations
2. Shifting regulatory and compliance demands prompt stopgap measures
3. Eroding trust in the workplace, lack of employee engagement
4. Bring Your Own Device trend engenders WFM system distrust as well

Top 10 Workforce Management Software Vendors

Here are the rankings of the top 10 Workforce Management (WFM) software vendors, their market shares in 2015 and recent developments.

Source: Apps Run The World, December 2016

Top 10 HR Software Vendors In 22 HCM Market Segments From HCM Top 500 Research

Check the Top 10 HR software vendors in 22 HCM market segment as part of our HCM Top 500 market research. These top 10 vendors are ranked by their latest annual product revenues attributable to that particular market segment. It also summarizes the market outlook and our forecast assumptions at the group level and for that segment, respectively.

HCM Win/Loss Analysis As Part Of Enterprise Applications Buyer Insight Customer Database

On the buyer side, customers are investing in HCM applications based on new features and capabilities that are expected to replace their existing legacy systems. In many cases, competitive upgrades and replacements that could have a profound impact on future market-share changes will become more widespread.

Since 2010, our global team of researchers have been studying the patterns of the latest HCM software purchases by customers around the world, aggregating massive amounts of data points that form the basis of our forecast assumptions and perhaps the rise and fall of certain vendors and their products on a quarterly basis.

What follows is a sample of our latest findings, which are being updated continuously. Each year our research team identifies tens of thousands of these HCM customer wins and losses from public and proprietary sources.

The research results are being incorporated into regular updates in our Enterprise Applications Buyer Insight Customer Database. You can access the Quarterly Win/Loss Analysis Scoreboard and our Enterprise Applications Buyer Insight Customer Database by becoming a subscriber.

Source: Apps Run the World, December 2016

Further Readings

The HCM Top 500 report series covers more than 3,000 pages of content, make sure that you don’t miss any of the 500+ profiles by becoming a subscriber. Or you can catch the highlights with the following links:

• Top 10 Core HR Vendors, Market Forecast 2015-2020, and Customer Wins
• Top 10 Talent Acquisition Vendors, Market Forecast 2015-2020, and Customer Wins
• Top 10 Workforce Management Vendors, Market Forecast 2015-2020, and Customer Wins
• Top 10 HCM Software Vendors and Market Forecast 2015-2020
• HCM Top 500 Vendors To Navigate 22 HR Software Markets In Bumpy Year
• HCM Top 500 Leaderboard Showcases Biggest HR Apps Vendors in 22 Markets
• HCM Top 500 Ranks the World’s 500 Largest HCM Software Vendors

Methodology

Similar to any of the hundreds of reports that we have published since 2010, HCM Top 500 is a labor of love. Since 2013, our team of researchers have been conducting rigorous research on thousands of HCM vendors, surveying them quarterly, reviewing their products at even shorter intervals because of the compressed Cloud release cycle, and discussing HR vision with their customers to better understand user needs as well as different paths to upgrade and replace their existing systems.

Each year we also attend many industry-wide and vendor-specific user conferences – HR Tech, Dreamforce, SAPPHIRENOW, Oracle Open World, just to name a few, to gauge what customers are looking for.

Throughout this process comes a rich database of more than 2,000 HCM vendors as well as over 50,000 HCM customers that have been touched one form or another through regular surveys, phone and in-person interviews, email exchanges, and social media interactions, etc.

On a proactively basis, we contact the vendors directly to tabulate their latest quarterly and annual revenues by HCM segment, vertical market, revenue type, region, country and customer size.

We supplement their written responses with our own primary research to determine quarterly and yearly growth rates in each of the 22 segments and 21 verticals, in addition to customer wins to ascertain whether these are net new purchases or expansions of existing implementations.

Another dimension of our quantitative research process is through continuous improvement of our customer database, which stores more than one million records on the enterprise software landscape of over 100,000 organizations around the world.

The database provides customer insight and contextual information on what types of HCM, enterprise software systems and other relevant technologies are they running and their propensity to invest further with their current or new suppliers as part of their overall HCM and IT transformation projects to stay competitive, fend off threats from disruptive forces, or comply with internal mandates to improve overall enterprise efficiency.

The result is a combination of supply-side data and demand-generation customer insight that allows our clients to better position themselves in anticipation of the next wave that will reshape the HCM marketplace for years to come.

HCM Market Taxonomy

Definition of Human Capital Management (HCM) Applications

Core HR and Performance Management

Talent Acquisition 

Workforce Management