New York, USA, Sept. 20, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global workforce management market is anticipated to register a revenue of $9,580.3 million and grow at a healthy CAGR of 10.6% over the forecast period from 2019-2027. The extensive report provides a concise layout of the market’s current framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2019-2027. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Workforce Management Market
Drivers: The increasing implementation of modern human resource management practices for better recruitment, performance management, documentation, etc. along with the adoption of advanced technologies like artificial intelligence, cloud computing, and others are some factors to drive the global workforce management market during the analysis timeframe.
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Opportunities: Growing strategic alliances and innovative product launches by key market players along with the integration of technologies like IoT and artificial intelligence in the human resource management systems are some factors to offer abundant growth opportunities for the global workforce management market during the 2019-2027 analysis timeframe.
Restraints: Lack of awareness about the workforce management is the major hindering factor for the market growth.
Covid-19 Impact on the Workforce Management Market
The global workforce management market has been positively affected by the covid-19 catastrophe unlike most industries. This is mainly due to strict lockdowns and travel bans that led people to work remotely and organizations to heavily rely on effective workforce management systems to enhance productivity and work efficiency. Moreover, several companies during the pandemic stress integrated modern technologies like cloud computing, artificial intelligence, IoT, and others to their workforce management software to allocate work to their employees from anywhere. In addition, rising strategic product launches by some key market players also boosted the market growth during the covid-19 pandemic.
Segments of the Workforce Management Market
The report has fragmented the global workforce management market into multiple segments based on component, deployment mode, organization size, end-user, and regional analysis.
Component: Solution Sub-segment to be Most Dominant
The solution sub-segment is estimated to hold a dominant market share and gather a revenue of $4,962.7 million during the analysis years due to increasing deployment of various software in different industries like healthcare, e-commerce, retail, manufacturing, etc. for proper human resource management. Additionally, these human resource management solutions offer numerous advantages like better work efficiency, productivity, reduced employee operations cost, enhanced employee satisfaction, and much more that further uplifts the sub-segment’s growth by 2027.
Deployment Mode: Cloud Sub-segment to be Highly Profitable
The cloud sub-segment of the global workforce management market is expected to have the highest growth rate and garner a revenue of $5,067.8 million during the 2019-2027 forecast period due to the rising adoption of SaaS-based workforce management solutions in different industries like retail, healthcare, e-commerce, etc. Moreover, cloud-based workforce management systems offer many benefits like cost-effectiveness, require less storage data infrastructure, and more which further bolsters the sub-segment’s growth during the analysis years.
Organization Size: Small & Medium Enterprises Sub-segment to be Highly Lucrative
The small & medium enterprises sub-segment is predicted to have a noteworthy growth rate of 12.9% CAGR during the 2019-2027 forecast timeframe mainly due to growing requirement for reducing the cost for employee performance management process and improve employee engagement and productivity. Moreover, workforce management solutions also offer data-based insights for both small & medium-sized organizations and individuals, which is yet another propelling factor for the sub-segment’s growth.
End-user: IT & Telecom Sub-segment to be Highly Progressive
The IT & telecom sub-segment of the global workforce management market is projected to have a prominent growth rate and register a revenue of $1,784.7 million by 2027 due to the widespread utilization of software and communication based technology that increases the demand of services from telecommunication and IT industries. Additionally, the IT & telecom industry has one of the largest number of employees and the sector has increased the utilization of workforce management solutions for enhanced productivity and work efficiency. These factors are estimated to augment the sub-segment’s growth by 2027.
Region: Workforce Management Market in the Europe Region to be Highly Beneficial
The workforce management market in the Europe region is anticipated to witness immense growth opportunities and register a revenue of $2,958.6 million by 2027 due to increased promotion of workforce management solutions and the growing requirement for improved productivity to maintain viable advantage. Additionally, most of the European companies are small & medium sized that are major users of workforce management systems, thus further driving the market growth in the Europe region.
Key Workforce Management Market Players
Some key workforce management market players include
- NICE Ltd.
- Ceridian HCM, Inc.
- Oracle
- ADP, Inc.
- IBM
- Verint.
- UKG Inc.
- Workday, Inc.
- Infor.
- SAP SE, among others.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth. – Inquiry here before buying the full report
For example, in May 2021, Penn Highlands Healthcare (PHH), a renowned healthcare system in Northwestern Pennsylvania, announced its collaboration with Infor Cloverleaf Cloud and Infor CloudSuite Healthcare, which are healthcare software integrated to the cloud, to advance to a more modern cloud architecture and expand its operations.
The report also summarizes many important facets including financial performance of the key players of the global market, SWOT analysis, product portfolio, and the latest strategic developments.
More about Workforce Management Market:
- Workforce Management Market to Experience Accelerating Growth by 2027, Due to Increasing Need for Companies Around the World to Optimize Their Human Resource Management Activities
- An Overview of the Top 6 Workforce Management Tools
