Revolutionizing Workforce Management: How AI and Automation are Changing the Game

The workforce management market had a value of US$ 7,665.3 Mn in 2022, and by the end of 2033, it is anticipated to have increased to US$ 20,559.2 Mn. The management market is anticipated to reach US$ 8,270.9 Mn in 2023 and expand at a 9.5% CAGR between 2023 and 2033.

Applications for workforce management are used to create routines that are most effective for workers, help organisations track time and attendance, and manage employee leave and absence. Since they help them gauge staff productivity, manufacturing organisations have adopted workforce management solutions.

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Key Players:
The report has profiled some of the Important players prevalent in the global like - IBM Corporation, Oracle Corporation, UKG Inc., SAP, Blue Yonder, Infor, Paypro Workforce Management, Workday, Inc., ActivTrak, Reflexis Systems, ADP, and Verint and more.

Key Takeaways from Market Study

• In 2020, North America was the market with the highest value for labour management. Due to the growing demand for labour management solutions across numerous business verticals, East Asia is anticipated to be a crucial market for sustained income over the next years.
• Due to the rising demand for process automation and workforce management, the retail and CPG industries are anticipated to present greater incremental opportunity during the projection period.
• Due to growing demand for automated processes and cloud-based workforce management solutions, there has been an increase in demand for these solutions across the retail, BFSI, IT, and telecom verticals.
• Countries in the Asia Pacific, including India, China, and Japan, are anticipated to see potential growth possibilities due to the increased usage of workforce management solutions and services.
• Through 2031, the market is anticipated to grow at a CAGR of over 9% in the United States. Through 2031, China and India are predicted to grow at a CAGR of more than 10% each.

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Factors Fuelling Growth in Workforce Management Market

The workforce management market has seen significant growth in recent years, and there are several factors driving this trend. One of the main factors is the increasing adoption of cloud-based solutions, which offer greater flexibility, scalability, and cost-effectiveness than traditional on-premise solutions. Another important factor is the growing emphasis on workforce optimization and productivity, as businesses seek to maximize their efficiency and reduce labor costs.

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Key Segments of Workforce Management Market Industry Research

By Solution:
• Software
o Integrated Workforce Management (WFM) Suite
o Standalone Software
 Workforce Analytics
 Time and Attendance Management
 Workforce Performance Management
 Workforce Compliance Management
 Others
• Services
o Professional Services
 Consulting & Advisory
 Integration & Implementation
 Support & Maintenance
o Managed Services
By Deployment:
• Cloud Workforce Management
• On-Premise Workforce Management
By Enterprise Size:
• Workforce Management for Small and Medium Enterprises (SMEs)
• Workforce Management for Large Enterprises
By Industry:
• IT & Telecom
• Government
• Transportation & Logistics
• Retail & CPG
• Manufacturing
• BFSI
• Education
• Others
By Region:
• North America
• Latin America
• Europe
• East Asia
• South Asia Pacific
• Middle East and Africa

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This release was published on openPR.