IDC Forecasts the Workforce Management Application Market Will Surpass $4 Billion by 2004
FRAMINGHAM, MA – MARCH 26, 2001 – The workforce management (WFM) application market will continue its fast-growing competitive pace within the business applications market. According to IDC, WFM application revenue will increase at a compound annual growth rate of 29%, from $1.5 billion in 2000 to over $4 billion in 2004.
"Workforce management application vendors are struggling to drive adoption," said Andrew Goloboy, research manager with IDC’s Enterprise Resource Management program. "With recent advances in Web-oriented functionality, these vendors now have the potential to cost-effectively extend application access to the workforce as a whole. Workforce management application adoption, more than ever, will depend on extensive pre- and post-sale education and knowledge transfer."
IDC believes the WFM applications market will consolidate in the near term, with enterprise resource planning (ERP) vendors delivering essential WFM functionality. Overall, WFM application opportunities lie with:
· Synchronizing employee and contractor skills inventories with actual work activity
· Extending WFM functionality to the Web for hiring, assigning/deploying, and retaining workers
· Adding collaborative, content, and analytical functionality to enable workforce-management-suite functionality
According to IDC, additional opportunities for focused offerings in the areas of candidate tracking, labor scheduling and timekeeping, and variable compensation management will continue to emerge for both WFM suite providers and single-function applications vendors.
IDC’s recently published bulletin, 2001: A Workforce Management Odyssey, Workforce Management Applications Market Forecast and Analysis, 2000-2004 (IDC #B24069), analyzes the important trends that will shape the workforce management application market through 2004. Specific areas of opportunity within the workforce management application market, including candidate tracking, labor scheduling, and variable compensation management, are also discussed.
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IDC delivers dependable, high-impact insights and advice on the future of ebusiness, the Internet, and technology to help organizations make sound business decisions. IDC forecasts worldwide markets and trends and analyzes business strategies, technologies, and vendors, using a combination of rigorous primary research and in-depth competitive analysis. IDC provides global research with local content through more than 700 analysts in 43 countries worldwide. IDC's customers comprise the world's leading IT suppliers, IT organizations, ebusiness companies, and the financial community. Additional information can be found at http://www.idc.com.
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