Asia-Pacific Workforce Management Software - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

Asia-Pacific Workforce Management Software - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

The Asia-Pacific Workforce Management Software Market size is estimated at USD 1.77 billion in 2024, and is expected to reach USD 2.78 billion by 2029, growing at a CAGR of 9.42% during the forecast period (2024-2029).

In the current competitive scenario, it is ncreasingly important for organizations to motivate and organize their workforce for optimal performance, which is critical to keep pace with the changing times.

Key Highlights

• The Asia-Pacific is one of the biggest producers of goods, and this is because it is one of the biggest exporters of goods as well. India, China, South Korea, Indonesia, Japan, and Australia manufacture different goods. This region is known for its skilled labor. It is known for its software, automobiles, production of food items, medicines, cosmetics, machinery, clothes, and many other items produced here. For production and advanced qualities, the workforce is very critical.
• In line with the growing adoption of automation-based practices, employees are now veering toward using self-service technologies, which can be accessed from anywhere without major hurdles. These technologies enable greater transparency and communication in the workplace without compromising the chain of command.
• The usage of artificial intelligence has also become increasingly popular concerning workforce management software. Multiple businesses are using AI to cut down on time-consuming tasks, including recruiting and hiring, scheduling, and time-tracking.
• This region possesses millions of medical practitioners, engineers, technicians, etc. A management system is required to convert this huge number of educated working people into a skilled workforce. For any organization, the key to success is its productivity. Enterprises and industries are trying to reduce costs, improve productivity, and enhance business process efficiency. They are adopting improved technologies to achieve the goal.
• The workforce management market aims to gain profitability and improve various supply chains. This is an era of technological advancements, so all the companies are looking forward to investing in a skilled workforce to gain more profit in less amount of time and inventory, with the help of new-age collaborative features, a huge variety of interactive features, as well as integration, are now possible in enterprise applications.
• The COVID-19 pandemic had an adverse effect on the workforce industry. Shortage of human resources, infrastructure, essential drugs, proper treatment, and disruption in manufacturing facilities and supply chains was experienced, which declined most industries' functioning. At this time, a loss of stability was seen in all potential sectors. During the pandemic, medical-related sectors were considered essential. Pharmaceutical and medical-related industries benefitted from this; they experienced exponential and stable growth in revenue. The growth was mainly due to COVID-19-related vaccines and medications and hospital facilities.

Asia-Pacific Workforce Management Software Market Trends

Demand for Optimized and Cloud-Based Workforce to Drive the Market Growth

• The cloud-based technology for implementing and administrating workforce management solutions is becoming increasingly important for businesses under constant pressure to maximize workplace productivity and reduce expenditures.
• In the current economic scenario of uncertainty and instability, all the processes in an organization need to be managed and deployed seamlessly. Given the importance a workforce management system plays in ensuring the smooth operations of an organization, it has become crucial that it can function in an agile manner.
• Cloud-based adoption has been rising with the growing innovative economic and widely available mobile technology coupled with the increased demand for affordable technology solutions for small and mid-sized businesses. These cloud-type solutions are not only attractive to the SMEs that are looking for their first system but are also tempting to the enterprises that are ready to upgrade their existing methods.
• Cloud-based solutions also benefit from lower capital expenditure requirements, thus making the business much more compelling. Deploying a cloud-based solution can significantly reduce the Capex requirement as businesses need to refrain from investing in other components. Also, businesses that have fluctuating bandwidth demands primarily need to be able to scale up and down their capacity at short notice. Cloud technology allows organizations to increase and decrease their bandwidth with their operation needs.
• Concerns associated with data privacy, lack of professionals who can support cloud-based work, and remote locations with connectivity issues are some factors hindering the market's growth. In addition, AI-based solutions, increasing the number of data sources, high volume HR data, and trained individuals are helping get new opportunities and revenue growth for the market players.
• Big enterprises want to optimize the workforce and operate them globally. Manufacturing products, employees, customers, and IT services of the industry directly impact the revenue. Online or mobile applications are cutting extra system costs used previously to manage the workforce. New advanced features like scheduling tasks, real-time alerts, attendance tracking, and online discussions/meetings are to gain high traction. It is expected to boost the market growth further. Moreover, with the increase in medium and small businesses and population, the market is expected to register a high CAGR in the coming days.

Healthcare to hold the Largest Market Share

• The growing demand for healthcare professionals and benefits associated with workforce management systems like flexible scheduling and transparency are expected to raise the adoption of workforce management solutions in the healthcare sector.
• Hospitals must manage the activities of nurses, doctors, and other administrative staff. Hospitals facilitate workforce management software across all hospital departments, resulting in better overall organizational productivity. It helps administrators streamline all the operations related to human resources, such as staff scheduling, attendance, leaves, payroll, communications, and so forth.
• The healthcare industry is positively impacting the growth of the overall healthcare workforce management. The market is witnessing innovations and effective solutions that can be used to manage the workforce without compliance risks. The market is divided based on various types of services, software, end-users, geography, and mode of delivery. Further, the software market is segregated into integrated and standalone software.
• In the current scenario, the healthcare industry presents various staffing complexities that include larger teams, a mix of part-time, full-time, on-call, seasonal, remote, and on-site workers, and workers of multiple roles and specializations. A great deal of coordination and specificity is involved in the industry, making deploying a management solution crucial.
• Moreover, the increasing need to reduce labor costs in hospitals and other health facilities, coupled with the increase in operational efficiency and consolidation in the sector, are some of the primary factors driving the adoption of these solutions. Further, the growing demand for healthcare professionals and benefits associated with workforce management solutions, such as transparency and flexible scheduling of the workforce in the industry, is also expected to increase the adoption of these solutions in the healthcare sector during the forecast period.
• Furthermore, larger hospitals and medical facilities will benefit from work-from-home (WFM) systems as they can better manage their work and working hours while accommodating peak hours, emergencies, and other schedule changes. Organizations are free to use the WFM system, and it has proven its worth in various areas.
• Standalone software includes attendance, time, HR and payroll, scheduling, analytics, talent management, and others. Since the last decade, there has been a growing demand for workforce management solutions among healthcare workers and providers across the globe. The need to reduce the cost of labor in healthcare systems and hospitals, consolidate healthcare, and increase operational efficiency are among the factors driving the market.
• The increase in competition and demand for alternatives are expected to drive innovation in the market. Healthcare organizations are generally open 24*7 and need all-time service, so managing the healthcare workforce is complex. It needs proper tracking of time and scheduling of the workforce to deliver quality service to patients and maintain workflow.
• Moreover, in India, the healthcare sector has become one of the largest sectors in the country, both in terms of employment and revenue. According to IBEF, by FY22, healthcare infrastructure was expected to reach USD 349.1 billion, and the country's public expenditure on healthcare stood at 2.1% of GDP in 2021-22 against 1.8% in 2020-21.

Asia-Pacific Workforce Management Software Industry Overview

The Asia-Pacific workforce management market is highly fragmented due to the presence of players like IBM Corporation, Oracle, ADP, Krones Incorporated, and Workday Inc. They are upscaling the market with substantial R&D investments, driving toward the sustainability and digitization of the Asia-Pacific Workforce Management Market.

In April 2023, Oracle announced the updation to Oracle ME, the employee experience platform within Oracle Fusion Cloud Human Capital Management (HCM). Recent updates include new AI-powered apps that combine learning, skill development, and career mobility in a personalized experience, enabling self-directed learning, insight into career development opportunities, and skill development aligned with business objectives.

In October 2022, Orgvue, a corporate organizational design and planning platform, announced new workforce planning software that integrates the whole planning process, from strategic to operational planning, into a single solution. This implied that enterprises could analyze the composition of their present staff, forecast future demand using simulation modeling, and manage the complicated, dispersed workforce planning process - all from a single software platform.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support