New York, March 22, 2023 (GLOBE NEWSWIRE) -- In 2022, the Global Workforce Management Market size accounted for USD 8.3 billion and is registering an incremental revenue of USD 19.8 billion between 2023 and 2032; this market is estimated to register the highest CAGR of 9.3%. The process for employers to strategically allocate employees and resources, monitor attendance, meet the rules and regulations of the workplace and other tasks comes under workforce management.
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Key Takeaway:
- By Component Type, the services segment leads the market in 2022.
- By Deployment, the cloud segment is anticipated to lead the market during the forecast period from 2023 to 2032.
- By Solution, the workforce analytics segment is expected to exhibit significant market growth during the forecast period from 2023 to 2032.
- By End-User Industry, the IT and telecommunications industry is expected to grow favorably during the forecast period from 2023 to 2032.
- In 2022, North America dominated the market with the highest revenue share of 37.4%.
- Asia Pacific is estimated to be a significant market in the global workforce management market during the forecast period of 2023 to 2032.
Workforce management is a versatile technology that allows big shifts, and big gains in terms of revenue and utility, and continues to evolve with time. Increased use of mobile devices is expected to have a significant impact on this sector, as many businesses are desperate to improve their mobile capabilities. Moreover, as businesses around the world rapidly move towards digital surveillance the demand for absence and leave management solutions is expected to increase during the forecast period of 2023 to 2032.
Factors affecting the growth of the Workforce Management industry?
Several factors can affect the growth of the workforce management industry. Some of these factors include:
- Increased use of advanced technologies: Increasing use of advanced technologies such as artificial intelligence is a major market growth driver for workforce management. The demand for workforce management is expected to increase owing to the demand for the Internet of Things increases by small businesses.
- Rising demand for efficient workforce management: The process of efficient workforce management is accomplished by workforce management solutions. Efficiently combining personal management and other sections of business management is done by workforce management.
- Growing usage of modern methods: Management technology allied with human resources for boosting the usage of modern methods in workforce management solutions.
- Increasing population: Global workforce management market is driven by the increasing population working in small and medium-size enterprises which need workforce management solutions to manage the employees.
- Availability of SaaS: The availability of software as a service has eased the management of workforce for the human resources. This is fueling the growth of the workforce management market.
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Top Trends in Global Workforce Management Market
With the introduction of cloud computing in workforce management software, users are experiencing many benefits, such as flexibility, mobility, and security. The software gives organization administrators access to all the information they need to monitor their employee’s productivity and task updates at any time.
For the betterment of organizations, many major companies are introducing cloud computing in their systems with cloud access and other features.
Many companies in the market are offering various levels of physical and logical security features through private cloud software solutions. This is increasing the revenue growth of the private cloud offering companies.
Cloud computing is introduced in workforce management for the optimization of time and workload. Cloud computing is creating lucrative opportunities in the market by offering cloud-based software solutions that help to optimize the time and workload in organizations.
The major reason for companies to introduce cloud computing in workforce management is the need of the organization to manage all the tasks in one service. Services like salesforce and marketing automation software are offering services to organizations for workforce management in order to optimize the workload and time in the companies.
Workforce management companies are focusing on product innovation and advancement as they steadily move toward the betterment of the company through mergers and acquisitions, joint ventures, and cooperative partnerships. Such trends are currently going on in this market with increasing the demand for workforce management.
Market Growth
The introduction of cloud computing in workforce management has optimized time and workload management in the organization. Cloud computing is creating many opportunities in the market by offering cloud-based software solutions. Services like salesforce and marketing automation software are providing solutions to workforce management organizations, that are driving the growth of the workforce management market.
The increasing population and a growing number of small and medium enterprises are the major factors driving the growth of the global workforce management market. Other major drivers of market growth are increasing labor consumption, changing labor force dynamics, increasing use of mobile phones, and the availability of software management solutions as a service are important factors in the development of the global market. The major industry sectors where the global workforce management market is growing rapidly are manufacturing, retail, BFSI, and healthcare. Increased mobility and globalization are having a severe impact on the demand for workforce management solutions.
Regional Analysis
North America dominated the global workforce management market by accounting for a major share of 37.4% of the global market. This growth of the North American region is boosted by the acceptance of workforce management solutions and services across end-use industries like BFSI and IT. Developed countries in North America like the United States and Canada adopted workforce management services long before the other countries in the competition. North America is anticipated to carry the domination in the market throughout the forecast period by encouraging the use of advanced technologies like ML, AI, and cloud computing in the workforce management sector.
Asia Pacific region is anticipated to show significant growth during the forecast period. The growth of the Asia Pacific region is attributed to the presence of many small and large enterprises in developing countries like China and India. Governments in the Asia Pacific region have imposed compulsory rules and regulations on labor laws which are fueling the growth of the workforce management market in the Asia Pacific region.
Competitive Landscape
The competitive landscape of the market has also been examined in this report. Some of the major players include Kronos, Inc., Oracle Corporation, SAP SE, Automatic Data Processing, Inc., WorkForce Software, LLC., Ultimate Software, Cornerstone OnDemand Inc., IBM Corporation, Verint, Infor, NetSuite Inc., and Other Key Players
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| Report Attribute | Details |
| Market Value (2022) | USD 8.3 billion |
| Market Size (2032) | USD 19.8 Billion |
| CAGR (from 2023 to 2032) | 9.3% |
| North America Revenue Share | 37.4% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
With increasing dependence on workforce optimization, organizations are widely using work-from-home solutions to optimize time and workload. The increasing demand for automation in various industries and the adoption of cloud-based solutions are driving the growth of the workforce management market. Workforce management also reduces the total cost of ownership and increases infrastructure adaptation by allowing access to a wide variety of endpoints.
Also, increasing smartphone acceptance along with the popular bring-your-own-device (BYOD) trend is having a positive impact on the market growth. Offering a workforce management solution allows employers to track task updates at any time and provide employees with secure access to official files. Other factors affecting workforce management include rapid urbanization, especially in developing countries, and growing awareness of the benefits of workforce management. Major companies are focusing on research and development (R&D) activities to strengthen their position in the market and upgrade their solutions and services. The IT sector is expected to drive the market growth of the workforce management market during the forecast period.
Market Restraints
Workforce management solutions and services require a high cost of installation and skilled employees for management. These factors are hindering the growth of the workforce management market. The high cost of installation for workforce management solutions is restricting small and medium size enterprises to accept WFM solutions and services. Also, the unavailability of skilled employees who can control the management in the organization is obstructing the growth of WFM solutions and services.
Market Opportunities
The introduction of the Internet of Things (IoT) and Artificial Intelligence (AI)in workforce management has eased the process of tracking, analyzing, and monitoring the relevant employee data. Which is helping to monitor employee work patterns and artificial intelligence in workforce management. The use of IoT and AI in WFM is anticipated to propel the market during the forecast period.
The applications of workforce management in different sectors like healthcare and IT are fueling market growth. The rapidly increasing geriatric population, rising per capita incomes, high adoption of mobiles, and spiking awareness among various enterprises are driving the need for supporting healthcare industries across the world.
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Report Segmentation of the Workforce Management Market
Component Type Insight
Workforce management is classified on the basis of a component type such as software and services. The services segment leads the market with a major revenue share in the market. This segment is anticipated to experience significant growth during the forecast period. Workforce management services are implemented by employers to strategically allocate employees and resources, track attendance, and comply with the ever-changing laws and regulations in the workplace. Workforce management services include statistical forecasting and historical analysis to identify the leading workforce and trends in the organizations. The introduction of Human Resources in workforce management is supporting the growth of the workforce management market.
Deployment Insight
Based on deployment the market is divided into on-premises, on-cloud and hybrid segments. The cloud segment controls the market by covering a major share in the deployment of workforce management. And it is anticipated to grow significantly during the forecast period. The dominance of the cloud segment in the workforce management market is due to the offerings from cloud deployment like low-cost and easy-to-operate solutions. Also, the efforts from the major companies offering the on cloud deployment to present the segment as easy to operate and low-cost are driving the growth of the on cloud segment in the workforce management segment.
The On-premise segment is expected to show moderate growth during the forecast period owing to its slower approach by companies offering on-premise deployment towards technological advancements adoption.
Solution Insight
Workforce management is classified into many types based on solutions such as workforce analytics, workforce scheduling, time and attendance management, Performance, and goal management, leave and absence management, task management, fatigue Management, and other solutions. Among all the solutions workforce analytics dominated the segment and it is expected to dominate throughout the forecast period. The dominance of workforce analytics is owing to various applications in the end-use industries to analyze employee benefits, compensation, and other factors.
End-Use Industry Insight:
Various industries are using workforce management in their organization. Some of them are IT and Telecommunication, BFSI, Government, Healthcare, Education, Manufacturing, Retail, and other end-use industries. Out of all the above industries, the IT and Telecommunications industry is anticipated to grow significantly during the forecast period of 2023 to 2032. IT and Telecommunications sector has the largest workforce than other industries. As a result, it becomes a critical factor for companies to effectively manage their workforce.
Also, the healthcare industry is anticipated to experience lucrative growth owing to its constantly growing market. Managing the employees in the healthcare sector has become an important part of management in the sector. The challenging and complex tasks in this sector demand the proper management of activities within the sector.
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Market Segmentation
By Component Type
- Software
- Service
By Deployment
- On-Premises
- Cloud
- Hybrid
By Solution
- Workforce Analytics
- Workforce Scheduling
- Time and Attendance Management
- Performance and Goal Management
- Leave and Absence Management
- Task Management
- Fatigue Management
- Other Solutions
By End-Use Industry
- IT and Telecommunication
- BFSI
- Government
- Healthcare
- Education
- Manufacturing
- Retail
- Other end-use industries
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Market Key Players:
- Workforce Software LLC.
- Ultimate Software
- Cornerstone OnDemand Inc.
- IBM Corporation
- Kronos Inc.
- Oracle Corporation
- SAP SE
- Automatic Data Processing Inc.
- Verint
- Infor
- NetSuite Inc.
- Other Key Players
Recent Development of the Workforce Management Market
- In December 2022, QGenda launched QGenda Nurse and Staff Workforce Management solution which helps to simplify the deployment and management of the healthcare workforce.
- In April 2020, Ultimate Software merged with Kronos to form a leading provider of cloud workforce management fulfilling the need of organizations across the world.
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