Workforce Management Market: Global Industry Analysis and Forecast (2023-2029)

Workforce Management Market size was valued at US$ 8.22 Bn. in 2022 and the total revenue is expected to grow at CAGR 9.12% through 2023 to 2029, the Workforce Management Market is reaching nearly US$ 15.15 Bn.
Workforce Management Market Overview:
Workforce management is a multifaceted technology that has enabled significant changes and generated significant paybacks in terms of revenue and convenience of use, and it is still evolving today. The growing use of mobile devices is expected to have a significant impact on the sector, as many businesses have expressed an interest in improving their mobile capabilities soon. Furthermore, as enterprises throughout the world embrace digital monitoring at a rapid rate, demand for absence and leave management solutions is expected to rise.To know about the Research Methodology :- Request Free Sample Report
Workforce Management Market Dynamics:
The general demand for workforce management solutions is increasing, resistance to change and training staff to adapt to new technology may operate as roadblocks for a few years. The focus of management solutions in HR is evolving from administration to planning and analysis, with data gathering and analytical tools being the primary development focus. As the business evolves, higher integration of big data and mobility into mainstream solutions is expected to influence the market.

Increased usage of advanced technologies such as artificial intelligence is a key market growth driver for workforce management. The demand for workforce management is expected to increase by the growing demand for the internet of things by small and medium-sized businesses, and the emergence of remote workforce solutions. The workforce management market is expected to show more lucrative growth opportunities as smartphone usage increases around the globe and organizations place a greater emphasis on human resource analytics.

However, a lack of awareness regarding workforce management is expected to act as a growth restraint for the market. The lack of advanced infrastructure in developing economies is expected to slow the market's growth rate during the forecast period.
Workforce Management Market Segment Analysis:
Based on the Organisation Size, the Workforce Management Market is segmented into SMEs and Large Enterprises. The SMEs segment held the largest market share of xx% and SMEs segment was valued at US$ 3.64 billion in 2022. The SMEs are increasing, thanks to the growing demand for lower costs in the employee performance management process, enhanced employee engagement and productivity, data-driven insights for organizational performance, and the future scalability potential of small and medium-sized enterprises (SMEs). These factors are expected to grow this segment during the forecast period.Based on the Deployment, the Workforce Management Market is segmented into Cloud and On-premise. The Cloud segment size valued at US $ 3.78 billion in 2022. Many business leaders are turning to Cloud-based workforce management and they want an all-in-one solution that includes services such as Salesforce, inbound marketing software, marketing automation software, workforce management software, and business analytical tools to gain insights into commercial, operational, and financial aspects. As a result, a workforce management market opportunity emerges in cloud-based workforce software management, which helps enterprises save time by automating traditionally labor-intensive operations.
Workforce Management Market Regional Insights:
North America region held the largest market share accounting for 41% in 2022. The fastest growth in this region is attributed to the growing adoption of workforce management software and solutions by various end-users such as retail, IT, BFSI, and other industries. North American countries like the United States and Canada are early adopters of new technology, and demand for cutting-edge technologies like AI, machine learning, and cloud computing has been encouraged the growth. Furthermore, global work management service providers are present in the region, which is expected to enhance the market in North America.

Asia Pacific region is expected to witness significant growth at a CAGR of 9.81% during the forecast period. The implementation of labor laws and regulations in countries like India and China is fueling the market growth in this region. Increased workforce employment as a result of increased industrialization, technological improvements, and rising demand for cloud-based solutions is expected to create numerous attractive opportunities for the Asia Pacific market.

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Workforce Management Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 8.22 Bn.


Forecast Period 2023 to 2029 CAGR:
9.12%
Market Size in 2029:
US $ 15.15 Bn.


 Segments Covered:
by Solutions
Time and Attendance Management
Leave and Absence Management
Performance Management
Workforce Scheduling
Workforce Analytics
Others


by Deployment
Cloud
On-premise


by Organisation Size
SMEs
Large Enterprises


by End-User
BFSI
IT and Telecom
Retail
Manufacturing
Healthcare
Transportation and Logistics
Others



Workforce Management Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Workforce Management Market Key Players are:
1. Oracle
2. Kronos
3. ADP
4. SAP
5. Ultimate Software
6. WorkForce Software
7. IBM
8. Workday
9. Ceridian
10.Verint
11.Reflexis Systems
12.ATOSS
13.NICE
14.SumTotal
15.Infor
16.Meta4
17.Ramco Systems
18.TimeClock Plus
19.Replicon
20.Mark Information
21.Automatic Data Processing LLC
22.Huntington Business Systems
23.Anaplan
24.Epicor
25.Sage
Frequently Asked Questions:
1] What segments are covered in the Workforce Management Market report?
Ans. The segments covered in the Workforce Management Market report are based on Solutions, Deployment, Organisation Size, and End-User.

2] Which region is expected to held the highest share in the Workforce Management Market?
Ans. The North America region is expected to held the highest share in the Workforce Management Market.

3] What is the market size of the Workforce Management Market by 2029?
Ans. The market size of the Workforce Management Market by 2029 is US $ 15.15 Bn.

4] What is the forecast period for the Workforce Management Market?
Ans. The Forecast period for the Workforce Management Market is 2023-2029.

5] What was the market size of the Workforce Management Market in 2022?
Ans. The market size of the Workforce Management Market in 2022 was US $ 8.22 Bn.