USD 8.07 billion
Workforce Management Market Size, Share, Growth Analysis, By Component(Solution, Service), By Deployment Mode(On-Premise, Cloud), By Organization Size(Large Enterprises, Small & Medium Enterprises), By Industry Vertical(BFSI, Manufacturing, Healthcare, Government), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15A2311 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
119
|Figures:
73
Workforce Management Market Insights
Global Workforce Management Market size was valued at USD 8.07 billion in 2022 and is poised to grow from USD 9.01 billion in 2023 to USD 21.85 billion by 2031, growing at a CAGR of 11.7% in the forecast period (2024-2031).
Workforce analytics is poised to emerge as a pivotal solution segment, paving the way for innovative developments in upcoming product suites.
Amidst vendors seeking to distinguish their offerings within seemingly comparable portfolios, analytics stands out as a potential cutting-edge differentiator.
Particularly in addressing the technologically mature markets of North America and Europe, this emphasis on analytics could serve as a crucial competitive edge for companies.
Moreover, factors such as regional labor law compliance, seamless integration with diverse HR applications, and industry-specific functionalities are anticipated to emerge as the primary drivers of demand in the predictable future.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
healthcare
Fastest Growth
Growth Rate
11.7% CAGR
Global Workforce Management Market ($ Bn)
Country Share for North America Region (%)
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Workforce Management Market Segmental Analysis
The global workforce management market is segmented into six major segments i.e. by component, application, deployment mode, vertical, organization size and region. Based on component the market is segmented as, solution, service. Based on deployment mode the market is segmented as, on-premise, cloud. Based on organization size the market is segmented as, large enterprises, small & medium enterprises. Based on industry vertical the market is segmented as, BFSI, manufacturing, healthcare, government, retail & ecommerce, IT & telecom, education, others. Based on region the market is segmented as, North America, Europe, Asia-Pacific, MEA, and Latin America.
Analysis by Application
In 2022, the BFSI (Banking, Financial Services, and Insurance) sector boasted the largest revenue share at 22.0%. This dominance is attributed to a rising need for labor scheduling and budgeting solutions, serving as a primary driver behind the segment's revenue growth. Moreover, the industry's workforce evolution, marked by an increasing population of millennials, is fueling a heightened demand for labor tracking tools and measures enhancing employee satisfaction within the BFSI segment.
The healthcare channel segment emerges as a pivotal growth area anticipated to exhibit the swiftest CAGR of 13.9% across the forecast period. This surge is driven by a notable transition towards value-based care models and a pronounced emphasis on cost optimization, both catalyzing the heightened demand for advanced workforce management solutions within the healthcare sector.
Analysis by Deployment
In 2022, the on-premise segment secured the lion's share of revenue at 50.7%. This dominance is projected to persist, particularly in developing nations where technology adoption tends to proceed at a slower pace. Notably, the prevalence of technological laggards among users of labor management solutions accounts for the expected dominance of on-premise deployments.
The cloud segment emerges as a frontrunner in the deployment landscape for workforce solutions within the industry foreseen to exhibit the most rapid CAGR of 14.3% throughout the forecast period. Its ascendancy is underpinned by several key advantages, notably its provision of flexibility, cost efficiency, and operational ease.
Global Workforce Management Market By Application
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Workforce Management Market Regional Insights
North America has experienced significant growth and expansion. A primary focus for local businesses in this region revolves around enhancing the efficiency and productivity of their workforce. This increased emphasis on improving worker performance has notably heightened the awareness and interest among business leaders regarding the capabilities and benefits of such software programs.
Asia Pacific stands as the region poised for the most accelerated expansion in the workforce management market foreseen to surge at a rapid CAGR of 16.1% throughout the forecast period. This trajectory owes its momentum to several key factors, notably the burgeoning government initiatives and substantial investments in digitization.
Global Workforce Management Market By Region
- Largest
- Fastest
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Workforce Management Market Dynamics
Drivers
Adoption of Workforce Analytics Approach by Organizations is an Emerging Market Trend
- Workforce analytics stands as a potent tool capable of identifying and addressing gaps within a company's workforce operations, offering refined solutions to drive enhanced business outcomes. As highlighted in a report by IBM Business Services, workforce analytics assumes a pivotal role in steering HR practices away from administrative tasks towards a more strategic approach. This transition significantly piques the interest of companies, spurring their inclination towards the adoption of workforce analytics.
Restraints
Lack of Understanding and Awareness about Associated Benefits is Likely to Hinder the Growth
- A notable impediment in the adoption of workforce management solutions is the evident lack of awareness and comprehensive understanding of these products. However, this obstacle presents opportunities for resolution through proactive government initiatives aimed at fostering digital adoption within organizations, particularly focusing on small and medium-sized enterprises (SMEs).
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Workforce Management Market Competitive Landscape
The competitive environment of the global workforce management market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry.
Top Player’s Company Profiles
- Kronos
- Ultimate Software
- WorkForce Software
- Workday
- Ceridian
- Verint
- Reflexis Systems
- ATOSS
- NICE
- SumTotal
- Infor
- Meta4
Recent Developments
- In June 2023, Strata Decision Technology unveiled its Real-Time Workforce Management (RTWM) solution tailored for nursing leaders' financial and operational goals. This innovative offering expands upon Strata's robust StrataJazz platform, empowering nursing leadership with precise data to improve communication with staff.
- November 2023 UKG, Inc. and Microsoft Corporation, a software development company, have extended their partnership. As part of this expanded partnership, Microsoft will make use of UKG Flex and Microsoft Power Platform to expedite the process of creating precise personnel assessments that are customized to specific companies for clients. Thanks to the integration of low-code/no-code plugins and templates, users who jointly utilize Microsoft Power Platform and UKG Pro Suite can create custom applications, solution extensions, and workflows with ease. By providing easy-to-use and personalized experiences without the need for IT support, this user-friendly strategy enables customers to autonomously satisfy the needs of their employees.
- Leading provider of enterprise cloud applications for finance and HR, Workday, Inc., said in 2024 that its retail and hospitality businesses generated over $1 billion in annual recurring revenue (ARR), indicating the company's sustained success in the sector.
- October 12, 2023 The industry cloud provider Infor®, which aims to help businesses run more swiftly, effectively, and dynamically than ever before, has announced a number of new platform technology breakthroughs and updates to its industry-specific CloudSuites.
Workforce Management Key Market Trends
- One of the key advantages of this software lies in its ability to deliver substantial cost-saving benefits to companies. By optimizing workforce operations, it allows organizations to significantly reduce operational costs in comparison to their overall expenditure on employees. For instance, according to the Cedar ROI study, systematic labor management can yield impressive savings. A small-sized enterprise with 5,000 employees and a payroll of around USD 300 million could save approximately USD 6.0 million annually.
Workforce Management Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global workforce management market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. The ongoing focus of HR departments across diverse industries centers on standardizing and streamlining labor-related operations. This overarching trend is poised to significantly influence the evolution of attributes and specifications in solutions provided by vendors. Amidst this landscape, end users prioritize integration capabilities paired with agility, marking it as the most sought-after functionality.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 8.07 billion |
| Market size value in 2031 | USD 21.85 billion |
| Growth Rate | 11.7% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Workforce Management Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Workforce Management Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Workforce Management Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Workforce Management Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Workforce Management Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Workforce Management Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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