Pune India, Dec. 22, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Workforce management market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the workforce management market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the component, deployment and applications. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global workforce management market are SAP SE, Mitrefinch Ltd., ServiceMax Inc., 7shifts, IBM Corporation, Workday Inc., Oracle Corporation, Reflexis System Inc., Clicksoftware Technologies Ltd., SISQUAL among others. To achieve a substantial market share in the worldwide workforce management market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Employers manage their workforces by keeping track of attendance, adhering to continually evolving workplace laws and regulations, and effectively allocating personnel and resources. Workforce management makes it possible to interact with clients through a variety of channels. It also automates numerous processes related to the employee-employer relationship, which improves communication and frees up time. Companies employ workforce management to design specialized workflows so they can gain from more effective decision-making processes and safeguard data integrity. Organizations are employing remote workforce management software as well as integrated workforce management software with capabilities like marketing automation, workforce optimization, and corporate analysis to effectively manage the workforce. Companies are making data-driven strategic decisions by analysing the vast amounts of data they collect using labour management systems to find trends and insights that help them develop plans and increase their competitiveness. Employees time and attendance management, task management, and other software options are available on the market that help firms manage their workforce more effectively. The COVID-19 epidemic contributed to the market's expansion in a good way. Businesses all across the world have started using remote workers and have put in place efficient work management systems in response to the pandemic.
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Scope of Workforce Management Market Report
| Report Metric | Information |
| Study Period | 2021-2029 |
| Base Year | 2021 |
| Forecast Period | 2022-2029 |
| Market Share Unit | USD Billion |
| Segments Covered | Component, Deployment, Applications and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | SAP SE, Mitrefinch Ltd., ServiceMax Inc., 7shifts, IBM Corporation, Workday Inc., Oracle Corporation, Reflexis System Inc., Clicksoftware Technologies Ltd., SISQUAL among others. |
Segmentation Analysis
The Software segment is expected to be the fastest-growing segment in 2021.
The component segment includes software and service. The software segment is expected to witness the highest growth rate during the forecast period. The demand for improved real-time data tracking, data management, and getting insights into business performance among other factors are propelling the growth of the software market. Software facilitates simple tracking, maintenance, and security.
Cloud is expected to be the fastest-growing segment in 2021.
The solution segment includes cloud and on-premise. The cloud segment is expected to witness the highest growth rate during the forecast period. Greater adaptability and mobile accessibility are benefits of cloud-based systems. Cloud-based workforce management, in contrast to other business technologies, enables businesses to streamline and enhance their resource management processes, which will have a substantial impact on market growth over the course of the forecast period.
Time and Attendance Management is expected to be the fastest-growing segment in 2021.
The applications segment includes time and attendance management, workforce analytics, workforce scheduling and others. The time and attendance management segment is expected to witness the highest growth rate during the forecast period. Companies can track and monitor their employees' working hours with the aid of online time and attendance software, providing a better understanding of potential productivity issues. As a result of this rising demand, workforce management will keep expanding over the course of the forecast period.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for workforce management include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
- The European region witnessed a major share. In order to maintain a competitive edge, firms in Europe are finding that workforce management solutions are becoming more and more crucial. Additionally, a growing number of enterprises in the area are creating more jobs, which raises the need for effective personnel management and will spur the expansion of the regional workforce management market.
Country Analysis
- Germany
Germany's workforce management market size was valued at USD 0.77 billion in 2021 and is expected to reach USD 1.62 billion by 2029, at a CAGR of 9.8% from 2022 to 2029. Businesses can increase efficiency and automate tasks by deploying workforce management software. As a result, a large number of businesses and sectors are implementing workforce management software, which will help the market for this type of software.
- China
China’s workforce management market size was valued at USD 0.18 billion in 2021 and is expected to reach USD 0.38 billion by 2029, at a CAGR of 9.9% from 2022 to 2029. The use of cloud-based workforce management solutions, the incorporation of artificial intelligence technology into workforce management systems, and the demand for workforce optimization all contribute to the market's expansion in the region.
- India
India's workforce management market size was valued at USD 0.13 billion in 2021 and is expected to reach USD 0.27 billion by 2029, at a CAGR of 10% from 2022 to 2029. India has adopted workforce management solutions in the private and governmental sectors to promote its workforce strategy and has become one of the South Asia Pacific region's fastest-emerging nations. Thanks to its quickly expanding digital economy.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the increasing demand to balance work balance and track the work efficiency of employees.
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