Workforce management refers to the procedures and equipment that businesses use to raise employee effectiveness and productivity. The workforce management market encompasses software and solutions that help organizations efficiently manage their workforce. It involves various aspects such as employee scheduling, time and attendance tracking, labor forecasting, and performance management. The market has witnessed significant growth due to factors like increasing demand for optimizing workforce productivity, reducing labor costs, and ensuring compliance with labor regulations. Workforce management solutions offer automation, real-time insights, and streamlined processes, enabling businesses to effectively manage their workforce and improve operational efficiency.
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Data Bridge Market Research analyses that the Workforce Management Market is expected to reach USD 9,126,959.81 thousand by 2030 from USD 61,07,337.522 thousand in 2022, at a CAGR of 10.2% during the forecast period in 2023-2030. As organizations grow and diversify, managing a complex workforce becomes more challenging. Workforce management solutions help businesses handle diverse employee types, schedules, and skills, ensuring optimal utilization of resources and improved productivity.
Key Findings of the Study
Growing adoption of cloud-based solutions is expected to drive the market's growth rate
The growing adoption of cloud-based workforce management solutions is driven by their inherent advantages. These solutions offer scalability, allowing organizations to easily adjust their workforce management capabilities based on changing needs. They provide flexibility by enabling remote accessibility, enabling workforce management across multiple locations. Cloud solutions also offer real-time data synchronization, automatic updates, and enhanced data security measures, ensuring efficient and secure management of workforce-related information.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Thousand, Volumes in Units, Pricing in USD
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Segments Covered
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Offering (Solutions and Services), Organization Size (Large Enterprise and Small and Medium Enterprises), Operating Systems (Windows, Android, iOS, LINUX, and Others), Deployment Model (Cloud and On-Premises), End-User (Banking, Financial Services, and Insurance, Automotive, Telecom and IT, Manufacturing, Healthcare, Defense and Government, Transportatio,n and Logistics, Consumer Goods and Retail, Energy and Utilities Solutions, and Others)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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UKG Inc. (U.S.), Reflexis Systems Inc. (U.S.), SAP (Germany), Verint Systems Inc. (U.S.), ADP (U.S.), ATOSS Software AG (Germany), NICE (U.S.), Workday Inc. (U.S.), Visier Inc. (Canada), Ceridian HCM Inc. (U.S.), Paylocity (U.S.), Paycom Payroll LLC (U.S.), SumTotal Systems LLC (U.S.), Infor (U.S.), Cegid Meta4 (Spain), Ramco Systems (India), Replicon (U.S.), IBM (U.S.), INFORM Software (Germany), InVision AG (Germany), and Oracle (U.S.) among others
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Data Points Covered in the Report
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In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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Segment Analysis:
The workforce management market is segmented on the basis of offering, organization size, operating systems, deployment model, and end-user.
- On the basis of offering, the workforce management market is segmented into solutions and services. The solutions segment dominates the workforce management market due to the increasing demand for software solutions that automate and streamline workforce-related processes, such as scheduling, time tracking, and workforce analytics. These solutions offer efficiency, accuracy, and scalability, making them preferred choices for organizations seeking to optimize their workforce management practices with a CAGR of 9.5% in the forecast period of 2023 to 2030.
In 2023, the solutions segment dominates the offering segment of the workforce management market
In 2022, the solutions segment dominates the workforce management market due to the rising need for software programs that automate and simplify labor-related operations like scheduling, timekeeping, and workforce analytics. These solutions are the go-to options for businesses looking to improve their workforce management procedures because of their effectiveness, accuracy, and scalability with a CAGR of 9.5% in the forecast period of 2023 to 2030.
- On the basis of organization size, the workforce management market is segmented into large enterprises and small and medium enterprises. The large enterprise segment dominates the workforce management market due to its extensive workforce and complex operational requirements. These organizations often have larger budgets and resources to invest in comprehensive workforce management solutions, making them the primary adopters in the market with a CAGR of 8.9% in the forecast period of 2023 to 2030
- On the basis of operating systems, the workforce management market is segmented into windows, android, IOS, LINUX, and others. The windows segment is expected to dominate the global workforce management market with a market share of 36.56% owing to its long-standing presence, widespread compatibility, and user-friendly interface. It is widely adopted by businesses and individuals, offering a robust and versatile platform for various applications and software, contributing to its dominance in the market.
- On the basis of the deployment model, the workforce management market is segmented into cloud and on-premises. The cloud deployment model dominates the market due to its numerous advantages such as scalability, cost-effectiveness, and flexibility. Cloud-based workforce management solutions offer easy accessibility, real-time updates, and reduced infrastructure costs, making them preferred by organizations seeking modern and efficient deployment options with a CAGR of 9.6% in the forecast period of 2023 to 2030.
In 2023, the cloud deployment model dominates the deployment model of the market
In 2023, the cloud deployment model dominates the deployment model of the market owing to its many benefits, including flexibility, cost-effectiveness, and scalability. Organizations looking for modern and effective deployment options prefer cloud-based workforce management solutions because of their simple accessibility, real-time updates, and lower infrastructure costs with a CAGR of 9.6% in the forecast period of 2023 to 2030.
- On the basis of end-user, the workforce management market is segmented into banking, financial services and insurance, automotive, telecom and it, manufacturing, healthcare, defense and government, transportation and logistics, consumer goods and retail, energy and utilities solutions, and others. The healthcare segment is expected to dominate the global workforce management market with a CAGR of 9.5% due to the increase number of healthcare industries and the growing focus of government with high expenditure towards this has increased higher employment and hence workforce management is playing an important role. Telecom and IT sector is growing because of technological development as well as increasing employment directly and indirectly due to growth in IT sectors.
Major Players
Data Bridge Market Research recognizes the following companies as the major workforce management market players in workforce management market are ATOSS Software AG (Germany), NICE (U.S.), Workday Inc. (U.S.), Visier Inc. (Canada), Ceridian HCM Inc. (U.S.), Paylocity (U.S.), Paycom Payroll LLC (U.S.), SumTotal Systems LLC (U.S.), Infor (U.S.), Cegid Meta4 (Spain), Ramco Systems (India)
Market Development
- In 2022, Center Parcs UK & Ireland chose Dayforce to optimize its workforce, boost employee engagement, and bolster regulatory compliance, according to a report from Ceridian HCM Inc. Through this partnership, the business will be better able to hold its market positions across its six UK and Irish locations.
- In 2021, Alpine Visier, a new Platform as a Service (PaaS), has been developed, according to Visier, Inc. These new services assist the business in broadening its customer offerings and in offering a solid solution that draws in new clients and speeds up revenue growth.
- In 2020, Kronos and Ultimate Software merged. The merger aims to create one of the top cloud workforce management providers to serve businesses in all industries. The new business will have offices all over the world and a shared headquarters in Lowell, Massachusetts and Weston, Florida.
- In 2019, Workforce Dimensions, a company's cloud suite, will make operational execution for food, hospitality, and retail services more efficient. The Artificial Intelligence for Managers and Employees (AIMEE) AI engine will advance the workforce dimension's labor volume forecasting.
- In 2019, the debut of a new workforce management solution was announced by Verint. The Workforce Management solution has been updated with a modern, user-friendly design. It provides flexible scheduling, saves time and effort, supports multilingualism and user skills, accounts for time zone differences, identifies employment requirements, and implements Service Level Agreements (SLAs).
Regional Analysis
Geographically, the countries covered in the workforce management market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
North America is the dominant region in the workforce management market during the forecast period 2023-2030
North America dominates the global workforce management market due to several factors. The region benefits from a large and mature market, supported by numerous established enterprises and a highly skilled workforce. Additionally, North America has a culture of embracing technology and innovation, leading to high levels of technology adoption. Companies in the region are keen to invest in workforce management solutions to enhance their operational efficiency, and productivity, and gain a competitive edge in the market.
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