Workforce Management Market

Report Scope & Overview:

The Workforce Management Market size was valued at USD 7.55 Bn in 2022 and is expected to reach USD 15.16 Bn by 2030, and grow at a CAGR of 9.2% over the forecast period 2023-2030.

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.

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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)

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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 View