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.
To get more information on Workforce Management Market - Request Sample Report
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.
There is an increasing demand for workforce efficiency and mobile apps.
Cloud-based workforce management systems are becoming more popular.
Concerns about the privacy and security of employee data distributed on the cloud.
Enterprises are increasingly required to make educated judgments.
SME usage of personnel management systems is increasing.
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.
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:
Time and Attendance Management
Leave and Absence Management
Retail, and Consumer Goods
Government and Public Sector
Healthcare and Life Sciences
IT and Telecom
Media and Entertainment
Travel and Hospitality
By Organization Size:
Small and Medium-sized Enterprises (SMEs)
Do you need any customization research on Workforce Management Market - Enquiry Now
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.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
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
|Market Size in 2022||US$ 7.55 Bn|
|Market Size by 2030||US$ 15.16 Bn|
|CAGR||CAGR of 9.77% From 2023 to 2030|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|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|
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
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
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
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
10. Workforce Management Market Segmentation, by Service
11. Workforce Management Market Segmentation, by Vertical
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
12. Workforce Management Market Segmentation, by Organization Size
12.1 Large Enterprises
12.2 Small and Medium-sized Enterprises (SMEs)
13. Regional Analysis
13.2 North America
13.3.6 The Netherlands
13.3.7 Rest of Europe
13.4.2 South Korea
13.4.6 Rest of Asia-Pacific
13.5 The Middle East & Africa
13.5.3 South Africa
13.6 Latin America
13.6.3 Rest of Latin America
14. Company Profiles
14.1 SAS Institute
14.1.2 Products/ Services Offered
14.1.3 SWOT Analysis
14.1.4 The SNS view
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
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.
The Supply Chain Management Market was estimated to be worth USD 26.8 billion in 2022 and is projected to reach USD 62.20 billion by 2030, growing at a CAGR of 11.1% from 2023 to 2030.
The Enterprise Artificial Intelligence Market was valued at USD 14.76 billion in 2022 and is projected to grow to USD 153.2 billion by 2030 & It is expected to expand at a CAGR of 33.98% between 2023 and 2030.
The IT Operations Analytics Market size was USD 9.92 billion in 2022 and is expected to Reach USD 126.01 billion by 2030 and grow at a CAGR of 37.4 % over the forecast period of 2023-2030.
The AI Training Dataset Market was valued at USD 1.78 billion in 2022 and is expected to increase to USD 8.27 billion by 2030, expanding at a CAGR of 21.18% between 2023 and 2030.
The market for Graph databases is anticipated to develop at a CAGR of 22.7% from 2023 to 2030, from an estimated value of USD 2.25 billion in 2022 to USD 11.55 billion in 2030.
The Customer Intelligence Platform Market size was USD 1.9 billion in 2022 and is expected to Reach USD 15.4 billion by 2030 and grow at a CAGR of 30 % over the forecast period of 2023-2030
Hi! Click one of our member below to chat on Phone