Global Workforce Management Software Market - 2023-2030

Global Workforce Management Software Market - 2023-2030

Global workforce management software market reached US$ 7.8 billion in 2022 and is expected to reach US$ 12.5 billion by 2030, growing with a CAGR of 6.1% during the forecast period 2023-2030.

Workforce management (WFM) aims to increase productivity within an organisation by effectively allocating personnel and resources. Businesses are all too frequently exposed to unwanted risk as a result of events that may be beyond their control (such as production failures, and human or natural disasters). Businesses may move forward with confidence if they have a strong management strategy in place, which can reduce the danger of many possibly volatile situations.

Digital workforce management technologies assist businesses in streamlining processes at a lesser cost in a challenging business climate. According to Moka, a technology provider for digital human resources service, the demand for online job interviews and blue-collar recruitment is rising quickly in several industries, such as integrated circuits and new energy vehicles in China, due to the pandemic, slowing economic growth, and challenges with inflation.

According to a survey recently released in Shanghai, China's market for digitalized human resources services will reach 31.6 billion yuan in 2023, representing a 25.2 percent rise year over year, and it will reach 39.5 billion yuan in 2024. As a result, it is assisting in the expansion of the market for workforce management software in the Asia-Pacific. Hence, Asia-Pacific holds nearly 1/3rd of the global market share.

Market Dynamics

Adoption of Cloud Technology

The availability of mobile devices and the rising acceptance of remote work have made WFM solutions essential for effective personnel management. The best solutions will take into account the needs of the flexible worker by incorporating features like staff scheduling, analytics, reporting, and query resolution metrics. Although the cloud has this flexibility at its core, expanding its use requires better supporting its virtues and making the financial advantages visible.

Software for workforce management is not entirely new. It has historically offered a number of helpful services, such as tracking employees' working and overtime hours, shift planning, and leave scheduling, but these functions have typically been handled separately. The most recent versions of AI-driven, cloud-based workforce management software can give a comprehensive, real-time view of the workforce across all departments and locations, providing details about each employee's health status, availability, and current abilities and certifications.

Integrated Experience Management

It provides a collaborative scheduling strategy while keeping an eye on the business' needs as well as ensuring that internal and external policies are satisfied. Using executive dashboards, data visualisations, real-time data, and key performance indicators, it aids managers and executives in making decisions.

In May 2023, a mobile-first license verification platform integration with Helm CONNECT, the main fleet operations software from Canadian marine company Helm Operations, has been launched by California-based workforce management solutions supplier 10ure. With real-time verification safeguarding compliance and improving internal communication, the innovative credential management solution from 10ure is created to make it possible for employees and employers in the maritime industry to maintain their licenses and credentials while on the go.

Integration and Implementation Problems

The development of the global market for workforce management software can be hampered by integration and implementation issues. Delays in deployment may occur as a result of problems integrating workforce management software with current systems and procedures. Customers may become impatient by these delays, which may discourage other people from purchasing the product.

Companies looking to deploy workforce management software can incur additional costs as a result of integration problems. Unexpected costs for customization, data migration, and resolving compatibility problems may cause cost overruns and put a strain on customers' budgets.

COVID-19 Impact Analysis

Adopting software-based solutions will assist them in prioritising strengthening remote technology capabilities, evaluating the impact on global mobility and business continuity, and managing employee productivity by developing a remote working mode. COVID-19 has disrupted day-to-day operations in many industries.

Thus, the crucial duties of corporate leaders now include identifying important roles and creating temporary succession plans. Organizations are able to develop short- and long-term plans for scenario-building, succession plans, decision rights in the event of changing accountabilities, and escalation matrices for urgent choices with the use of workforce solutions.

Segment Analysis

The global workforce management software market is segmented based on type, deployment, end-user and region.

Cloud to Witness the Fastest Segment Growth

By integrating cloud computing, users of labour management software can benefit from a number of benefits, including flexibility, mobility, and security. The software provides the organization's administrator with 24/7 access to all the information required to assess any employee, device, or set of productivity metrics.

Businesses are introducing flexible cloud access and capabilities to aid corporations. Oracle Corporation recently unveiled a platform integrating Oracle Fusion Cloud Human Capital Management in an effort to foster enhanced communication, listening, productivity, and employee engagement. Therefore, the cloud deployment segment dominates the global market for WFM software with more then half of the segmental share.

Geographical Analysis

Navigating Economic Challenges and Embracing Productivity Solutions Drives the Regional Growth

According to the International Organisation, several industrialised countries saw slow but steady growth after the global economic downturn. The economic crisis in North America posed a serious obstacle to market growth. Many businesses picked cloud-based workforce management software during COVID-19 because to the region's adaptability and accessibility of work-from-home options, which increased the demand in the area.

Additionally, increasing labor force productivity has taken on greater importance. Workforce management software has greatly improved profitability for businesses in almost all end-user industries by increasing the productivity of the current workforce. As a result, North America currently controls a significant portion of the market.

Competitive Landscape

The major global players include ActiveOps PLC, NICE Ltd., Oracle Corporation, Infor Group, UKG Inc., Reflexis Systems Inc., SISQUAL Workforce Management, Lda, Workday Inc., WorkForce Software LLC and Blue Yonder Group, Inc. (Panasonic Corporation).

Why Purchase the Report?
• To visualize the global workforce management software market segmentation based on type, deployment, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of workforce management software market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global workforce management software market report would provide approximately 61 tables, 61 figures and 202 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies