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Workforce Management Market Report Scope & Overview:

The Workforce Management Market size was valued at USD 9.0 Billion in 2023 and is expected to reach USD 22.1 Billion by 2031 and grow at a CAGR of 11.9% over the forecast period 2024-2031.

Workforce management is a collection of practices that assist a business in efficiently managing its engaged workforce. Workforce management software provides a variety of functions that vary based on the client's needs; for example, accurate timesheet processing, hassle-free compliance, end-to-end accounting, timely auto-generated invoicing, employee engagement solutions, financial tracking, and others. Many workforce management technologies are used by businesses to strategically maximize staff productivity, allowing them to guarantee that all resources are utilized to their full potential and are in the right place at the right time.

Workforce Management Market Revenue Analysis

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Workforce optimization may be accomplished through many methods such as performance monitoring, time and attendance tracking, scheduling, and demand projection. Furthermore, labor optimization may be done while simplifying remote working with the adoption of workforce management software and services.

MARKET DYNAMICS:

KEY DRIVERS:

  • There is an increasing demand for workforce efficiency and mobile apps.

  • Cloud-based workforce management systems are becoming more popular.

RESTRAINTS:

  • Concerns about the privacy and security of employee data distributed on the cloud.

OPPORTUNITY:

  • Enterprises are increasingly required to make educated judgments.

  • SME usage of personnel management systems is increasing.

CHALLENGES:

  • Implementing an efficient mobile workforce

  • Because of the integration of new technology, unstructured data formats have emerged.

IMPACT OF COVID-19:

The COVID-19 epidemic has raised the demand for agile workplace technology, and many businesses are attempting to achieve a compromise between high-performance and ease-of-use solutions. Labor mobile applications are rapidly being utilized because they reduce the expense of the additional system required for workforce management. With features such as real-time notifications, job scheduling, attendance monitoring, and many more, workforce management software is likely to gain momentum and promote market growth throughout the projection period.

Adopting software-based solutions will help them prioritize building remote technology capabilities, analyze the impact on global mobility and business continuity, and assist enterprises to manage staff productivity by establishing a remote working mode. As a result, identifying essential jobs and developing interim succession plans have become critical duties for corporate executives. Organizations may use workforce solutions to construct short- and long-term plans for scenario-building, succession plans, decision rights in the case of changing accountabilities, and an escalation matrix for critical choices.

MARKET ESTIMATION:

Time and attendance management systems, for example, have been used in a variety of sectors for quite some time and are projected to develop steadily in the future. These solutions are widely employed in labor-intensive industries such as manufacturing, healthcare, and retail, and they will continue to gain clients in the future years. While the embedded analytics category is projected to gain traction quickly, the absence management segment is expected to increase at a solid rate throughout the projection period. This expansion can be ascribed to the necessity for compliance with government regulatory rules, which change often and vary by area.

The cloud is the favored deployment choice for workforce solutions in the sector, owing to its flexibility, cost savings, and ease of operation. Furthermore, marketing efforts by prominent solution providers have been essential in establishing the cloud as a practical and simplified deployment choice among sectors with a conventional view. The on-premise deployment sector is likely to lose significant market share to cloud deployment over the next few years. The market is expected to continue its dominance in undeveloped nations where technology is implemented at a slower rate. As a substantial number of labor-management solution customers lag in technology adoption, the cloud deployment sector is predicted to rise in the latter half of the projection period.

In 2021, the retail application category held the highest market share, followed by the healthcare segment. The segment's labor-intensive character has been a key contributor in the development of workforce management solutions in these sectors. Time and attendance and absence management solutions are likewise in great demand in these application areas. Over the forecast period, the banks, financial services, and insurance (BFSI) category is expected to develop the quickest in the labor-management market. The industry's need for labor scheduling and labor budgeting solutions has been expanding, and this is a primary driver of the BFSI segment's growing revenue share.

KEY MARKET SEGMENTS:

By Components:

  • Solution

  • Services

By Solution:

  • Time and Attendance Management

  • Leave and Absence Management

  • Workforce Scheduling

  • Workforce Analytics

  • Others

By Service:

  • Consulting

  • Implementation

By Vertical:

  • BFSI

  • Retail, and Consumer Goods

  • Government and Public Sector

  • Healthcare and Life Sciences

  • IT and Telecom

  • Media and Entertainment

  • Travel and Hospitality

  • Others

By Organization Size:

  • Large Enterprises

  • Small and Medium-sized Enterprises (SMEs)

Workforce Management Market Segmentation Analysis

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REGIONAL ANALYSIS:

North America is predicted to have the largest global workforce management market size, while Asia Pacific is expected to develop at the fastest CAGR during the forecast period. North America is predicted to be the region that adopts the most workforce management solutions and services. The United States and Canada are dominating the North American market in the forecasting period. Enterprises in the area are the most forward-thinking in terms of AI, machine learning, and cloud use, propelling market growth. Because of the rising need for intelligent workforce management solutions, the Asia Pacific region is likely to be the market's fastest-growing area.

REGIONAL COVERAGE:

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

KEY PLAYERS:

The major key players are Adp, LLC., Infor, international business machines corporation, Kronos incorporated, Oracle Corporation, Sap Se, Sumtotal Systems, LLC, Verint systems inc., Workday, inc., Workforce Software, LLC & Other Players

Workday Inc-Company Financial Analysis

Company Landscape Analysis

 

Workforce Management Market Report Scope:
Report Attributes Details
 Market Size in 2023  US$ 9.0 Bn
 Market Size by 2031  US$ 22.1 Bn
 CAGR   CAGR of 11.9% From 2024 to 2031
 Base Year  2023
 Forecast Period  2024-2031
 Historical Data  2020-2022
 Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
 Key Segments
  • By Components (Solution, Services)
  • By Solution (Time and Attendance Management, Leave and Absence Management, Workforce Scheduling, Workforce Analytics, Others)
  • By Service (Consulting, Implementation)
  • By Vertical (BFSI, Retail, and Consumer Goods, Government and Public Sector, Healthcare and Life Sciences, IT and Telecom, Media and Entertainment, Travel and Hospitality, Others)
  • By Organization Size (Large Enterprises, Small and Medium-sized Enterprises (SMEs))
 Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
 Company Profiles Adp, LLC., Infor, international business machines corporation, Kronos incorporated, Oracle corporation, Sap Se, Sumtotal systems, LLC, Verint systems inc., Workday, inc., and Workforce Software, LLC
 Key Drivers
  • There is an increasing demand for workforce efficiency and mobile apps
  • Cloud-based workforce management systems are becoming more popular
 Challenges
  • Implementing an efficient mobile workforce

Frequently Asked Questions

Ans: - The Workforce Management Market size was valued at USD 7.55 Bn in 2022.

Ans: - There is an increasing demand for workforce efficiency and mobile apps and cloud-based workforce management systems are becoming more popular.

Ans: - Asia Pacific is expected to develop at the fastest CAGR during the forecast period.

Ans: - The major key players are Adp, LLC., Infor, international business machines corporation, Kronos incorporated, Oracle corporation, Sap Se, Sumtotal systems, LLC, Verint systems inc., Workday, inc., and Workforce Software, LLC.

Ans: - The study includes a comprehensive analysis of Workforce management Market trends, as well as present and future market forecasts. DROC analysis, as well as impact analysis for the projected period. Porter's five forces analysis aids in the study of buyer and supplier potential as well as the competitive landscape etc.

Table of Contents

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of the Ukraine- Russia war

5. Value Chain Analysis

 

6. Porter’s 5 forces model

 

7.  PEST Analysis

 

8. Workforce Management Market Segmentation, by Components

8.1 Solution

8.2 Services

9. Workforce Management Market Segmentation, by Solution

8.1 Time and Attendance Management

8.2 Leave and Absence Management

8.3 Workforce Scheduling

8.4 Workforce Analytics

8.5 Others

10. Workforce Management Market Segmentation, by Service

10.1 Consulting

10.2 Implementation

11. Workforce Management Market Segmentation, by Vertical

11.1 BFSI

11.2 Retail, and Consumer Goods

11.3 Government and Public Sector

11.4 Healthcare and Life Sciences

11.5 IT and Telecom

11.6 Media and Entertainment

11.7 Travel and Hospitality

11.8 Others

12. Workforce Management Market Segmentation, by Organization Size

12.1 Large Enterprises

12.2 Small and Medium-sized Enterprises (SMEs)

13. Regional Analysis

13.1 Introduction

13.2 North America

13.2.1 USA

13.2.2  Canada

13.2.3  Mexico

13.3     Europe

13.3.1  Germany

13.3.2  UK

13.3.3  France

13.3.4  Italy

13.3.5  Spain

13.3.6  The Netherlands

13.3.7  Rest of Europe

13.3.    Asia-Pacific

13.4.1  Japan

13.4.2  South Korea

13.4.3  China

13.4.4  India

13.4.5  Australia

13.4.6  Rest of Asia-Pacific

13.5     The Middle East & Africa

13.5.1  Israel

13.5.2  UAE

13.5.3  South Africa

13.5.4  Rest

13.6     Latin America

13.6.1  Brazil

13.6.2  Argentina

13.6.3  Rest of Latin America

14. Company Profiles

14.1 SAS Institute

14.1.1 Financial

14.1.2 Products/ Services Offered

14.1.3 SWOT Analysis

14.1.4 The SNS view

14.2 Salesforce.com 

14.3 GoodData

14.4 HootSuite Media

14.5 Tableau Software

14.6 IBM Corporation

14.7 Oracle Corporation

14.8 Adobe Systems

14.9 SAP SE

14.10 SAP SE

15. Competitive Landscape

15.1 Competitive Benchmarking

15.2 Market Share Analysis

15.3 Recent Developments

 

16. Conclusion

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Secondary Research

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Primary Research

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Data Bank Validation

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