Workforce management Market by Solution (Workforce Scheduling, Attendance Management, Analytics, Absence Management), By Deployment (On Cloud and On-Premises, By Application (Retail, healthcare, banking financial service and insurance (BFSI)); and Region -Analysis of Market Size, Share & Trends for 2016 - 2019 and Forecasts to 2030
Workforce management market to surpass USD 11.9 billion by 2030, which is valued at 5.6 billion in 2021 at a compound annual growth rate of 8.80%.
Workforce management is a process that maximizes an organization's level of competency and performance. Processes include tasks to support efficient workers such as management of human resources, field service management, collection of data, budgeting, forecasts, analytics, and scheduling. Workforce management is a combined process that an organization uses to maximize its employees ' productivity at various levels. It provides group-level applications and services for helping front-line supervisors, corporate management, store managers, and employees across production, manufacturing, retail, and transport activities.
Workforce management market is expected to project a CAGR of 8.80% during the forecast period, 2021-2030
The market is anticipated to grow on the back of opportunities of the growing need for factors such as optimization of employees’ work power, increased cloud deployment, and the need to comply with regulatory requirements. There is an increase in demand for linked and unified organizations as well as for an integrated workplace management system distributed across different locations.
The Time and attendance segment is anticipated to register XX% of the market share
Workforce Scheduling, Attendance Management, Analytics, Absence Management. Time & attendance have been used in a workplace with a large labor force such as healthcare, retail, and manufacturing.
The cloud segment dominated the market and is expected to grow at a CAGR of 12.9%.
For the industry’s employee solutions, the cloud is mainly the preferred option because it makes it easy to operate, saves costs, and facilitates flexibility. In addition, marketing initiatives from leading solutions providers have helped create the cloud as a viable and seamless deployment alternative amongst traditionally viewed industries.
The retail application segment dominated the market with a 23.1% market volume share
The global workforce management market is segmented by application into Retail, healthcare, banking financial service, and insurance (BFSI). A significant factor in the implementation of workforce management strategies in the retail sector was the labor-intensive nature of this field. In these application industries too, solutions like time & attendance and absence management are highly demanded.
The growing need for workforce management
The market is primarily driven by the changing work dynamics and increasing population managed by SMSEs in developing economies such that of India and China. Moreover, an increase in practices like the adoption of cloud applications and smartphone penetration across various markets is anticipated to fuel market growth.
Other key benefits
The benefits provided by workforce management like certifying a streamlined flow of tracking and maintaining the workforce in an organization.
Lack of awareness
This growth is hampered by the lack of awareness in certain developing regions. Most small and medium-sized businesses, in particular, are not expected to adopt the program and follow the same conventional methods. They are not aware of the benefits of the automated workforce management system in an enterprise and thus feel reluctant to use them.
The European region was the largest market accounting for XX% of the total market volume share in 2021
Asia-Pacific regional growth is driven by the growing number of labor regulations and legislation in developing countries like India and China. With the maturation of these environments, strict enforcement of policies would likely have a profound impact on the compliance of leave management solutions. As technology inclusion in the U.S. is more likely, solutions like embedded analytics and labor cost predictions are becoming increasingly important in the region
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global workforce Management Market size was estimated at USD 11.9 billion by 2030 and is expected to reach USD 5.6 billion in 2021.
Oracle (US), ADP (US), Ultimate Software (US), IBM (US), Ceridian (US), Reflexis Systems (US), NICE (US), Infor (US), Ramco Systems (India), Replicon (US), Other prominent players
The Time and attendance segment and The cloud segment are anticipated to hold the workforce Management Market
Drivers The growing need for workforce management
Workforce management is a process that maximizes an organization's level of competency and performance. Processes include tasks to support efficient workers such as management of human resources, field service management, collection of data, budgeting, forecasts, analytics, and scheduling.
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