Workforce Management Market Size Surges as Businesses Prioritize Efficiency

The workforce management market size was valued at $4,350 million in 2019, and is projected to reach $9,391 million by 2027, growing at a CAGR of 10.2% from 2020 to 2027.

Workforce is the biggest asset of a business, where they play a critical role to perform day-to-day operations and offer biggest competitive advantage in the highly competitive market. Thus, many business leaders opt for workforce management solutions to help them optimize their workforce operations and schedule the task depending upon the task priority and skilled labor. This in turn is a factor that drives the workforce management market during the forecast period. Moreover, in this digital era, workforce mobile applications have gained high traction owing to their ability to track the employee location and gain task status instantaneously.

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The COVID-19 pandemic accelerated the adoption of remote work, and this trend continues to shape workforce management. Organizations are investing in technology to support remote and flexible work arrangements, including scheduling tools, communication platforms, and performance monitoring solutions.

Artificial intelligence (AI) and automation are becoming integral to workforce management. AI-powered algorithms are used for predictive scheduling, employee performance analysis, and chatbots for HR inquiries. Automation streamlines routine tasks like time tracking and payroll processing, reducing administrative burdens.

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Employee well-being is a growing focus for organizations. Workforce management solutions now include features like mental health support, wellness programs, and tools for monitoring and managing employee stress and burnout. Employers recognize that a healthy workforce is a productive one.

Data-Driven Decision-Making: Workforce management is increasingly data-driven. Organizations are leveraging analytics to make informed decisions about staffing, skill development, and employee engagement. Advanced analytics also play a crucial role in optimizing workforce costs while maintaining efficiency.

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Healthcare and retail industries leverage the mobile-based workforce applications as it offers then cost benefit and ease in handling business. Moreover, retail and manufacturing industries thrive to optimize their supply chain processes, among which workforce plays a major role. Human resource management plays an important role in all industries, insights on employees' accountability as well as performance evaluation can help industries to achieve high productivity. This in turn is a major factor expected to drive the growth of the global workforce management market in the forthcoming years.

To manage disruptions of productivity due to the COVID-19 outbreak is a major factor the drives the growth of the workforce management market in 2020. Many business leaders thrive in communicating information about contingency planning in a crisis, especially during a viral outbreak. This has created opportunities for adoption of workforce management solutions and services to help businesses to protect their employees and organizational productivity.

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Some of the key market players profiled in the workforce management market analysis include ADP, LLC, Infor, IBM Corporation, Kronos Incorporated, Oracle Corporation, SAP SE, SumTotal Systems, LLC, Verint Systems Inc., Workday, Inc., and WorkForce Software, LLC.

Major players operating in this market have witnessed significant adoption of strategies such as business expansion and partnership to reduce supply-demand gap. With increase in remote working and lockdown initiatives across the globe, major players have collaborated their product portfolio to provide differentiated and innovative cloud-based workforce management products.

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