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Workforce Management Market to Exhibit 9.7% CAGR till 2030 | Trend—

Workforce Management Market

According to the most recent Emergen Research analysis, the global workforce management market was worth USD 6.66 billion in 2021 and is expected to grow at a 9.7% CAGR during the forecast period. Rising demand for workforce optimization and mobile applications is a major contributor to market revenue growth. Workforce management software allows for the creation of an optimised schedule in order to avoid excessive overtime. Furthermore, industries that employ a mix of full-time employees, freelancers, and contract workers across multiple shifts and locations require accurate and efficient payroll management, which is driving demand for workforce management solutions.

Workforce management solutions are rapidly evolving as traditional solutions are transformed into IT and technological solutions. The workforce management market offers a variety of solutions to help employees in organisations simplify their work and focus on more important business aspects. The market solutions not only help to simplify employee work but also to better streamline the workforce. Workforce management solutions include time and attendance, leave and absence management, workforce scheduling, workforce analytics, and others, such as fatigue management and task management, that aid in the management of various Human Resources (HR) activities and data analysis for core business processes.

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Some Key Highlights From the Report

In 2021, the cloud segment had the highest revenue share. Rapid adoption of cloud-based technology, increased implementation of AI and Internet of Things (IoT), and a growing need for automation with a centralised system are some of the key factors driving revenue growth in this segment. Cloud workforce management allows for the well-structured collection and merging of a company’s data onto a single central platform, as well as easy access for employees to handle self-service processes, closing the gap between departments and saving time.

In 2021, the large enterprises segment accounted for a sizable revenue share. Some of the key factors driving segment revenue growth include cost-effectiveness, reduced risks, and quality issues associated with workforce performance, as well as the provision of consistent operations. Most workforce-driven industries are experiencing a labour shortage, as well as low employee retention and high turnover rates, which is increasing demand for workforce management solutions in this segment.

Due to having the largest workforce, the telecom and IT segment accounted for a significant revenue share in 2021. Because of the high demand for process optimization, cost optimization, and productivity, telecom businesses are focusing on the utilisation of effective labour based on a skill set, which is one of the key factors driving revenue growth in this segment.

Oracle, UKG Inc., SAP, Workforce Software, LLC., Workday, Inc., ADP, Inc., Ceridian HCM, Inc., ATOSS Software AG, Paylocity, and Visier, Inc. are among the major companies profiled in the global market report.

Emergen Research has segmented the global workforce management market based on component, deployment, organization size, application, end-use, and region:

  • Component Outlook (Revenue, USD Billion; 2019-2030)

    • Services
    • Software
  • Deployment Outlook (Revenue, USD Billion; 2019-2030)

    • On-premise
    • Cloud
  • Organization Size Outlook (Revenue, USD Billion; 2019-2030)

    • Large Enterprises
    • Small and Medium Enterprises
  • Application Outlook (Revenue, USD Billion; 2019-2030)

    • Workforce Scheduling
    • Workforce Analytics
    • Time and attendance management
    • Others
  • End-use Outlook (Revenue, USD Billion; 2019-2030)

    • Banking, Financial Services and Insurance (BFSI)
    • Retail
    • Government
    • Education
    • Telecom and IT
    • Manufacturing
    • Others
  • Regional Outlook (Revenue, USD Billion; 2019-2030)

    • North America
      1. U.S.
      2. Canada
      3. Mexico
    • Europe
      1. Germany
      2. France
      3. UK
      4. Italy
      5. Spain
      6. Benelux
      7. Rest of Europe
    • Asia Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • Middle East & Africa
      1. Saudi Arabia
      2. UAE
      3. South Africa
      4. Turkey
      5. Rest of Middle East & Africa

To get leading market solutions, visit the link below: https://www.emergenresearch.com/industry-report/workforce-management-market

About Emergen Research

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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