Market Highlights
Workforce management is a software tool used in managing the schedules of workers, labor requirements, and maintenance of schedules on a daily basis. The set of processes can improve the productivity of employees. The global workforce management market report by Market Research Future (MRFR) dives into the industry for latest upgrades in software, adherence to latest labor laws, and other niche trends for the period of forecast period. The COVID-19 outbreak and its impact have been included as a vital catalyst in the report.
Market Scope
Workforce Management Market Size will Hit USD 4.31 Billion by 2030.
The market is expected to thrive owing to the burgeoning manufacturing sector and the abundance of industrial parks. Management of the workforce and curbing expenditure costs on workers for training are prime factors of the market. Adoption of automated solutions by companies in India, South Africa, and Brazil are expected to be highly opportunistic for the market. The workforce management software can be used in scheduling employee duties, measurement of performance and efficiency, and marking absence on workdays.
The COVID-19 pandemic has brought to the fore the usefulness of remote work and collaboration of discrete teams. The workforce management market can thrive owing to the use of software to monitor the productivity and efficiency of employees. The software can see renewed interest among corporate behemoths looking to lean towards cloud-based solutions and forecast business outcomes based on client requirements.
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Workforce management consists of a group of automated tools and software programs that are designed to enhance worker productivity by making the workforce much more efficient and organized. These tools also consolidate data from a particular business and industry into one easily accessible database.
One reason why the workforce management market is growing and has become more popular in recent years is because of technological advances that made it more efficient and useful. Also, most workforce management software and tools are based and accessible in the cloud.
Segmentation:
The market has been segmented based on component, deployment, organization size, vertical, and region. Based on components, the workforce management market is segmented into services and solutions.
Segment overview
By components
- Services
- Others
By type
- Labor forecasting and scheduling
- HR Management
- Task management
- Workforce Analytics
- Attendance and time management
By deployment
- On-cloud
- On-premises
The cloud sub-segment should register the highest CAGR during the time period that this report covers. Its net worth should be USD 5,067.8 million in 2027. More companies are using SaaS technologies. These technologies are also being preferred by a variety of industries. Some of these are healthcare, retail, manufacturing, and others.
Cloud-based workforce management solutions are more popular because they offer many more benefits. Some of these include affordability, a greater ROI, and scalability.
By verticals
- Health
- Retail
- BFSI
- Manufacturing
- Government and defense
- Energy and utilities
- IT and Telecommunication
- Transportation and logistics
- Others
By organization size
- Large
- Medium and small
Regional analysis
The global workforce management market can be grouped into the following geographic regions:
- The Americas
- The European Union
- Asia-Pacific
- The Middle East and Africa
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Regional Analysis
North America is expected to be the largest workforce management market during the forecast period. In 2019, the US dominated the workforce management market, followed by Canada and Mexico. The setup of large industrial facilities and factories requiring manual labor is one of the biggest drivers of the market. Rapid advances in digital technologies and early adopters in the region are other drivers of the market. Moreover, increasing mobile penetration and adoption of cloud across organizations are also some of the factors responsible for the growth of the market.
APAC is expected to have the highest CAGR during the forecast period. The presence of various enterprises looking for automating their workforce management process and amplifying and scaling their production volume can invoke the market demand in the region. Deployment of healthcare workforce management solutions for hospital chains in India and China for measuring performance indexes can bode well for the market. New breakthroughs in technology such as telehealth and artificial intelligence owing to supporting the workforce with connected devices can drive the regional market demand.
Competitive Outlook
- Kronos Inc
- ADP LLC
- IBM Corporation
- Workday Inc.
- SAP SE
- Verint Systems Inc
- Workforce Software LLC
- Oracle Corporation
- Ultimate Software
- Reflexis Systems
Workforce Management Market Research Report: By Component (Services and Solutions), By Deployment (Cloud-Based and On-Premise), By Organization Size (Small and Medium Enterprises and Large Enterprises), By Vertical (BFSI, IT and Telecommunication, Energy and Utility, Manufacturing, Retail, Healthcare, Government and Defense and Others) and Region (North America, Europe, Asia-Pacific, Rest of the World) – Forecast till 2030.
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