Workforce Management Market Insights into Market Size and Regional Trends Forecast, 2023-2032

According to the report published by Allied Market Research, the global workforce management market was estimated at $4.35 billion in 2019 and is expected to hit $9.39 billion by 2027, registering a CAGR of 10.2% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and fluctuating market trends.

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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.

Workforce management offers wide range of solutions such as time and attendance management, task management, workforce scheduling, workforce analytics, budgeting and forecasting, and many others. Though the workforce management solution offers wide range of features, there are many advance/premium features that require extra cost. Thus, many companies opt for customized solutions package that includes features that are specific to their needs. This has created significant opportunity for workforce management market growth, owing to workforce customized solutions offerings.

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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.

Impact of COVID-19 on Workforce Management Market:

• With most of the organizations adopting the trend of work-from-home, workforce management solutions that come with the very potential to remotely track and administer employees have extensively been embraced by several commercial and manufacturing units across the world.

• This way, companies are most likely to find themselves in a good position as the technology helps in retaining the best talent and engaging employees most effectively.

Rise in demand for workforce optimization & mobile applications and increase in adoption of cloud-based workforce management fuel the growth of the global workforce management market. On the other hand, privacy and security concerns related to workforce data deployed on the cloud restrain the growth to some extent. Nevertheless, integration of advanced technologies in workforce management is anticipated to create multiple opportunities in the industry.

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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.

Key Findings Of The Study:

• By component, the solution segment dominated the workforce management market size in 2019. However, the services segment is expected to exhibit significant growth during the forecast period in the workforce management industry.

• As per deployment mode, in 2019, on-premise was the leading segment. However, the cloud segment is expected to display significant growth during the forecast period.

• On the basis of organization size, large enterprises segment was dominant in 2019 in terms of workforce management market share. However, the small & medium enterprises segment is expected to depict significant growth in terms of CAGR.

• According to industry vertical, the IT and telecom sector generated the highest revenue in 2019. However, the manufacturing sector is expected to witness considerable workforce management market growth soon.

• Region-wise, Asia-Pacific is expected to witness significant CAGR in the coming years. Moreover, North America dominated the workforce management market share in 2019.

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