Global Workforce Management Market Size, Trends, and Growth Opportunity, By Offering (Solutions and Services), Organization Size (Large Enterprise and Small & Medium Enterprises), Operating Systems (iOS, LINUX, Windows, Android, and Others), Deployment Model (Cloud and On-Premises), End-User (Automotive, Telecom and IT, Manufacturing, Healthcare, Banking, Financial Services and Insurance, Defense and Government, Transportation and Logistics, Consumer Goods and Retail, Energy and Utilities Solutions, and Others) By Region and forecast till 2030.
Global Workforce Management Market
Global Workforce Management Market was valued at USD 9.10 billion in 2022 and is slated to reach USD 18.62 billion by 2030 at a CAGR of 9.36% from 2023-2030.
By ensuring that all resources are available at the appropriate time and location, workforce management maximizes employee productivity. The typical components of workforce management are forecasting, scheduling, skill management, intraday management, timekeeping, and attendance. Third-party HR apps and essential HR technologies that serve as important repositories for employment data are frequently integrated with workforce management software. This aids HR in effectively managing the workforce to raise business productivity. Workforce management (WFM) efficiently meets labor needs and creates and manages personnel schedules for carrying out a specified activity on a daily and hourly basis. To provide better solutions for human resource management, workforce management introduces IoT and AI technology. Due to benefits including limitless scalability, control, and a wide range of applications, the cloud sector is flourishing in the Asia-Pacific labor management market.
Market Drivers
One prospective technology that can offer contemporary solutions for contemporary workplaces to improve working culture and maximize resource utilization is the Internet of things. The use of IOT and cloud-based technologies in workforce management promotes smart working cultures by enabling better connectivity, decision-making abilities, and seamless interoperability. Software and technique are combined in workforce analytics, allowing businesses to optimize their human resources by applying statistical models to data relevant to the workplace. With the increase in market demand, such technologies, and analytics have developed throughout time and are always changing. In this intensely competitive market, businesses are working hard to increase earnings and grow their clientele, which puts ongoing pressure on them to reduce expenses and boost profitability. Increasing firm profitability mostly depends on reducing costs associated with human resources.
Market Restraints
The world is changing because of digital technology, and many industries are utilizing these developments for their growth and transformation. Every industry has benefited from technological innovation, which has simplified corporate processes. The use of modern technology and software across all sectors has also had an impact on productivity. Workforce management is a catch-all term for a variety of tools and arrangements that organizations use to manage their labor force, from creating lists, creating work schedules, and moving people for shift-based organizations to monitoring work hours and securing work documentation for field or remote workers. This type of programming usually combines accounting, finance, and other HR solutions to ensure more efficient personnel management. Numerous components and tools used in labor force board arrangements frequently overlap with HR programming.
Impact of COVID-19
COVID-19 has had significant effects on the workforce management sector, including the acceleration of the shift to remote employment. There has been an upsurge in demand for workforce management systems that can help manage remote teams as a result of the pandemic causing many businesses to implement remote work practices. As a result, technologies like online collaboration tools, personnel monitoring software, and cloud-based workforce management platforms have become more widely used.
The requirement for enterprises to enact social segregation policies and protect the safety of their employees has been another effect of COVID-19. As a result, there is now a greater need for products that can manage worker capacity and shift scheduling while simultaneously assuring adherence to health and safety laws. The significance of data analytics and predictive modeling in workforce management has also been emphasized by the pandemic. Companies have had to quickly adjust to changing situations and make data-driven decisions due to the pandemic's uncertainties. Due to this, there is now a higher need for products with real-time analytics and forecasting capabilities.
Recent Development
Ceridian HCM Inc. revealed in March 2022 that Centre Parcs UK & Ireland has chosen Dayforce to enhance regulatory compliance, optimize its workforce, and improve employee engagement. Through this partnership, the business will be better able to hold its market positions throughout its six UK and Irish locations.
Alpine Visier, a new Platform as a Service (PaaS), will be developed, according to a November 2021 announcement from Visier, Inc. These new services assist the business in broadening its customer offers and in offering a solid solution that draws in new clients and speeds up revenue growth.
Market Segmentation
Global Workforce Management Market is segmented into By Offering, Organization Size, Operating Systems, Deployment Model, and End-User. By Offering such Solutions and Services. By Organization Size such as Large Enterprises and Small & Medium Enterprises. By Operating Systems such as iOS, LINUX, Windows, Android, and Others. By Deployment Models such as Cloud and On-Premises. By End-User such as Automotive, Telecom and IT, Manufacturing, Healthcare, Banking, Financial Services and Insurance, Defense and Government, Transportation and Logistics, Consumer Goods and Retail, Energy and Utilities Solutions, and Others.
Regional Analysis
Global Workforce Management Market is segmented into five regions Americas, Europe, Asia-Pacific, and the Middle East & Africa. North America dominates the global region due to the existence of many large firms and a highly skilled workforce, as well as a huge and established market for workforce management solutions. North America also has a high degree of technological adoption, with many businesses eager to invest in innovative solutions to better their operations and gain a competitive advantage. The Asia Pacific area is expected to be the fastest-growing regional market. The increasing government initiatives and investments in digitalization, as well as an increasing number of automation projects aimed at enhancing organizational productivity, are driving the expansion of the Asia Pacific labor management market. Furthermore, the presence of a big trained workforce is likely to propel the regional market for talent management and recruitment software.
Key Players
This report includes a list of numerous Key Players, namely UKG Inc., Reflexis Systems, Inc., Verint Systems Inc., ATOSS Software AG, Visier, Inc., Ceridian HCM, Inc., Sumtotal Systems, LLC, Ramco Systems, Replicon, IBM, INFORM Software.
Market Taxonomy
By Offering
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