Dublin, Sept. 26, 2023 (GLOBE NEWSWIRE) -- The "Workforce Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global workforce management market, which achieved a size of US$ 5.5 billion in 2022, is poised for significant growth. The market will surge to US$ 9.8 billion by 2028, reflecting a robust Compound Annual Growth Rate (CAGR) of 10.5% during the period from 2023 to 2028.
Transforming Workforce Management: Enhancing Efficiency and Productivity
Workforce management (WFM) encompasses a suite of tools and processes designed to centralize data related to human resource utilization within organizations. It offers performance-based software and tools that enhance the efficiency of various stakeholders, including front-line supervisors, corporate management, managers, and employees. WFM performs multiple functions, including workforce forecasting, scheduling, HR management, and workforce analysis.
It enables customized workflows, thereby improving overall productivity and decision-making efficiency. Due to these capabilities, WFM finds extensive applications across industries such as banking, financial services, and insurance (BFSI), healthcare, government and defense, transportation and logistics, retail, and information technology (IT).
Key Drivers
Several key factors are driving the expansion of the workforce management market:
- Automation Across Industries: The increasing need for automation across industries, coupled with a growing focus on workforce optimization, is driving the adoption of WFM solutions. Organizations are using these solutions to efficiently manage time, avoid task duplication, and optimize workforce utilization.
- Cloud-Based Solutions: The adoption of cloud-based WFM solutions is on the rise. Cloud solutions minimize the need for physical hardware, reduce operational costs, and enhance infrastructure scalability. They also provide secure access to official files and support the growing trend of Bring-Your-Own-Devices (BYOD) and remote work.
- Penetration of Smartphones and BYOD: The widespread use of smartphones and the BYOD trend have a positive impact on market growth. WFM solutions enable employers to track task progress in real-time while providing secure access to official documents, supporting flexible work arrangements.
- Rapid Urbanization and IT Development: Rapid urbanization, especially in developing economies, and extensive research and development (R&D) activities in the IT field are projected to contribute to market growth.
Key Market Segments
The report provides detailed insights into key market segments:
Solution:
- Absence Management
- Performance Management
- Workforce Scheduling
- Time and Attendance Management
- Workforce Analytics
- Others
Service:
- Implementation Services
- Support and Maintenance Services
- Training and Education Services
Deployment Type:
- Cloud-Based
- On-Premises
Organization Size:
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
Vertical:
- Government and Defense
- Banking, Financial Services, and Insurance (BFSI)
- Healthcare
- Transportation and Logistics
- Telecom and IT
- Consumer Goods and Retail
- Manufacturing
- Energy and Utilities
- Others
Regions:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
Competitive Landscape
The competitive landscape of the industry features key players such as:
ADP Atoss Software AG HotSchedules Inc. Huntington Business Systems IBM Kronos Inc. Oracle Corporation Reflexis Systems SAP SE Ultimate Software Group Inc. Verint Systems Workday Inc. WorkForce Software LLC [Add other relevant players]
Key Questions Addressed
The report answers critical questions about the global workforce management market:
- Market Size: What was the size of the global workforce management market in 2022?
- Growth Rate: What is the projected growth rate during 2023-2028?
- Key Factors: What factors are driving the global workforce management market?
- Impact of COVID-19: How has the COVID-19 pandemic affected the market?
- Market Segmentation: What is the market segmentation based on solution, deployment type, organization size, vertical, and region?
- Service Trends: How are implementation services, support and maintenance services, and training and education services influencing the market?
- Cloud Adoption: What role is the adoption of cloud-based solutions playing in market expansion?
- Vertical Analysis: Which industry verticals are contributing significantly to market growth?
- Regional Insights: Which regions play a pivotal role in the global workforce management market?
- Key Players: Who are the key players and companies operating in the market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 142 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $5.5 Billion |
| Forecasted Market Value (USD) by 2028 | $9.8 Billion |
| Compound Annual Growth Rate | 10.1% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/uwbpol
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