Pune, May 08, 2023 (GLOBE NEWSWIRE) -- “The Workforce Management Market was valued at USD 7.55 billion in 2022, and it is projected to grow at a CAGR of 9.2% over the forecast period from 2023 to 2030, ultimately reaching a value of USD 15.16 billion. This information comes from SNS Insider.”
Market Overview
Workforce management refers to the set of processes and tools used by organizations to effectively manage their workforce. This includes everything from scheduling and tracking employee hours to forecasting labor needs and analyzing performance metrics. Today, workforce management software is used by businesses of all sizes and across a wide range of industries. These tools offer a range of benefits, including increased visibility into employee performance, improved scheduling and forecasting, and more efficient allocation of resources.
Market Analysis
The workforce management market is experiencing significant growth due to various factors, including workforce optimization, cloud deployment, and regulatory compliance. As companies strive to streamline their operations and improve productivity, they are increasingly turning to workforce management solutions to help them manage their employees more effectively. One key driver of this growth is the need for connected and unified enterprises. As companies expand and operate in diverse locations, it becomes increasingly challenging to manage their workforce effectively. A unified workforce management system can help companies overcome these challenges by providing a centralized platform for managing all aspects of their workforce.
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Key Company Profiles Listed in this Report are:
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. & More
Impact of Recession on Workforce Management Market Growth
Recessions can have a significant impact on the workforce management market, as businesses look to cut costs and streamline their operations in response to economic uncertainty. However, despite the challenges presented by economic downturns, workforce management remains an essential tool for businesses looking to survive and thrive in challenging times. In fact, some experts argue that the need for effective workforce management is even greater during times of recession, as companies must make tough decisions about which employees to retain and how to allocate resources most effectively.
Workforce Management Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 7.55 Bn |
| Market Size by 2030 | US$ 15.16 Bn |
| CAGR | CAGR of 9.2% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Market Segmentation |
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| Key Regional 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) |
Key Regional Developments
The workforce management market is witnessing significant growth globally, with Europe leading in terms of revenue. However, the Asia Pacific region is catching up fast due to the growing number of labor regulations and laws in developing countries such as India and China. The strict implementation of these policies is expected to have a profound impact on the compliance capabilities of leave management solutions, which are crucial for effective workforce management.
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Key Takeaway from Workforce Management Market Study
- The sales and marketing management segment is expected to dominate the market. This is due to the fact that businesses are recognizing the importance of effective sales and marketing strategies in order to remain competitive and achieve growth.
- The market is set to witness significant growth, with the predictive analytics segment expected to dominate this space. Predictive analytics is the use of data, statistical algorithms and machine learning techniques to identify the likelihood of future outcomes based on historical data.
Recent Developments Related to Workforce Management Market
- Atlassian, a leading software company, has recently announced the addition of generative AI technology to its cloud workforce management offerings. This move is set to enhance the company's ability to provide its clients with even more efficient and effective workforce management solutions.
- Ardent Health Services, one of the largest healthcare providers in the United States, has announced a partnership with Accenture and UKG to transform its workforce management system. The collaboration aims to improve the efficiency and effectiveness of Ardent's healthcare operations by implementing cutting-edge technologies and data-driven strategies.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
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
10. Workforce Management Market Segmentation, by Service
11. Workforce Management Market Segmentation, by Vertical
12. Workforce Management Market Segmentation, by Organization Size
13. Regional Analysis
14. Company Profiles
15. Competitive Landscape
16. Conclusion
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About Us:
SNS Insider is one of the leading market research and consulting agencies that dominate the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.
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