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.

Reasons for Buying This Report:

It Provides A Forward-Looking Perspective on Different Factors Driving or Restraining Market Growth.
It Provides Five-Year Forecast Assessed based on How the Market Is Predicted to Grow.
It Helps in Understanding the Key Product Segments and Their Future.
It Provides Pinpoint Analysis of Changing Competition Dynamics and Keeps You Ahead of Competitors.
It Helps in Making Informed Business Decisions by Having Complete Insights of Market and By Making an In-Depth Analysis of Market Segments.
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