Workforce Management Market Size, Share Analysis, Trends, Growth 2032

Workforce Management Market Size

Zion Market Research has published a report on the global Workforce Management Market, estimating its value at USD 7.64 Billion in 2023, with projections indicating that it will reach USD 17.81 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 9.86% over the forecast period 2024-2032.

The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Workforce Management Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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Workforce Management Market: Overview

Workforce management manages and maintains all major workforce functions in the organization. This component of workforce management falls under the category of HR management. Human resource management enables organizations to address existing problems and ensure the efficient use of resources.

In addition, some businesses that can be medium or small enterprises, there are different methods like traditional methods and convenient methods that are used to track the actual employees and workforce. This is done to overcome the drawbacks that the traditional methods human resource management faces. Hence, reducing labor costs, improving productivity, and utilizing employees to improve business performance are done. Automatically processes such as remuneration of employees and their calculation time increase accuracy and eliminate calculation errors.

COVID-19 Impact Analysis

Due to COVID-19, there have been disruptions all over the world. The working of many industries has been disrupted and now people are adopting solutions that are software-based and this will help them in growing their business and help in management of the productivity of employees. With the use of these effective workforce management tools the business can strategically plan their business goals. Due to the pandemic, the demand for a good workforce has increased so that they can create a good balance between technological use and employee performance.

Workforce Management Market: Growth Factors

The major factors influencing the growth of workforce management are the rising demand for a mobile-based workforce and optimization of the workforce.  Furthermore, people are now moving towards workforce management by adopting cloud-based management. This is helpful in the stabilization of the remote workforce and hence thereby helpful in the pandemic situation and this is boosting the global workforce management market.

In addition to this, the other factors that are responsible for growth in this market are that the dynamics of the workforce are continuously going through changes and the growing consumption of the workforce further adds up to the growth of the global workforce management market. Moreover, the use of mobile phones has drastically increased in the past few years and ease of software solutions availability. It has functions in different verticals like healthcare, retail, e-commerce, and government.  Hence, all these factors contribute to the growth of the overall workforce management market.

Workforce Management Market: Segmentation

Component Segment Analysis Preview

The solutions segment held a share of above 52% in 2020. This is attributable to the fact that these workforce management solutions are changing rapidly due to the transformation of traditional solutions into technology solutions and IT. Furthermore, the management give time to the employees to focus on the most important business aspects and it offers a variety of solutions to simplify the work of employees in organizations.

In addition, the solutions offered by the market not only help the better organization of employees but also helps to simplify employee performance. By component, the market is divided into services and solutions. These management solutions include staff planning, time and attendance, workforce scheduling, employee analytics, leave and absence management, and more including management of tasks and fatigue management which helps maintain a variety of human resource operations and analysis of data of key business processes. Hence, this contributes to the growth of the solutions segment thereby growing the overall Workforce management market.

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Verticals Segment Analysis Preview

The consumer goods and retail segment will grow at a CAGR of over 6.5% from 2021 to 2028. This is attributable to this emerging vertical and is expected to grow rapidly in terms of technological changes, customer needs, and employment. This vertical involves customer engagement and demands for employee productivity hence to achieve such competitive advantages workforce management is a must.

Furthermore, the Consumer goods and retail subsegment requires a lot of visibility and control of a variety of mixed and varied staff consisting of drivers, field service providers, and store staff, both internally and externally. These solutions solve these complexities with the efficient use of resources

The vertical segment includes many subsegments other than consumer goods and retail, some of the other subsegments include Government, Banking and Financial Services and Insurance (BFSI), Manufacturing, Healthcare, and Life Sciences, Energy and Utilities, Information Technology enabled Services, Transportation and Logistics Education, Travel and Hospitality, and Media and Entertainment and Telecom.

Workforce Management Market: Report Scope

Workforce Management Market: Regional Analysis

The Asia Pacific region held a share of 30% in 2020. This is attributable to These solutions for Workforce management helps to solve these complexities with the efficient use of resources and big data and provide mobile solutions for budgeting, forecasting, and human resource management. Moreover, the increasing demand for smart management solutions is expected to generate huge demand for the market in this region.

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The North American region is projected to grow at a CAGR of over 6.5% over the forecast period and will be a leading region in adopting workforce or human resource management solutions and services. This surge is due to the increasing adoption of workforce management solutions in the region. Businesses in the region are the most progressive in terms of ML or Machine Learning, Artificial Intelligence (AI) adoption, and cloud adoption, thereby enhancing market growth.  

Workforce Management Market: Key Players & Competitive Landscape

Some of the key players in the Workforce Management market are:

• Infor Global Solutions
• IBM Corporation
• Reflexis System Inc.
• Kronos
• Crown Workforce Management System
• Atoss Software AG
• Oracle Corporation
• Automatic Data Processing (ADP)
• Click Software Technologies Ltd.
• Workday
• Among Others

Customer engagement and increasing employee productivity are a must for human resource management hence in the different verticals like healthcare, retail, and e-commerce, the government there is a huge demand for workforce management. With difficulties in the business sector, it needs to focus on employee training, timing and availability, human analytics, forecasting, and performance planning.

The global Workforce Management market is segmented as follows:

By Component:

• Solutions
• Services

By Deployment Type:

• On-Premises
• Cloud

By Vertical:

• Telecom
• Government
• Consumer Goods and Retail
• Manufacturing
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of the Middle East & Africa