Healthcare Workforce Management System Market Report 2024 - Healthcare Workforce Management System Market Trends, Growth And Insights

"The Business Research Company recently released a comprehensive report on the Global Healthcare Workforce Management System Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The healthcare workforce management system market size has grown rapidly in recent years. It will grow from $1.91 billion in 2023 to $2.13 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth in the historic period can be attributed to labor shortages, compliance requirements, focus on patient satisfaction, cost containment, population health management, demand for real-time data.

The healthcare workforce management system market size is expected to see rapid growth in the next few years. It will grow to $3.55 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%. The growth in the forecast period can be attributed to telehealth expansion, focus on work-life balance, interoperability needs, emphasis on continuing education, rise of healthcare consumerism, value-based payment models. Major trends in the forecast period include cloud-based workforce management solutions, patient-centered staffing models, mobile workforce solutions, predictive analytics for workforce planning, data-driven decision-making.

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Market Drivers and Trends:
The rising need to curtail healthcare costs of the healthcare workforce is contributing to the growth of the healthcare workforce management system market. Healthcare workforce management solutions help healthcare facilities to manage the workforce schedules, payrolls, time and attendance, recruiting, budgeting and reporting. Most of the time healthcare facilities face challenges in managing the hospital's staff due to a surge in the number of inpatients and outpatients. These tedious manual processes lead to errors in the scheduling of the staff, and payments of staff based on their shifts were also a big challenge for management. The workforce management system helps hospital management to manage the demand for services, and allocate labor and staff efficiently to increase productivity. Companies are developing such software for efficient workforce management. For instance, in March 2022, QGenda, a US-based provider of operations, and healthcare workforce management platform, launched Provider Cloud, a scheduling-centric provider operations platform for healthcare. Using these platforms, healthcare organizations of all sizes can gain holistic visibility into their entire workforce, along with the actionable data necessary to deliver quality patient care. So, the increasing need to curtail healthcare costs through effective management of the healthcare workforce is contributing to the growth of the market.

The development and integration of new technologies is a key trend in the healthcare workforce management system market. The advancement of technologies such as Cloud, IoT, and AI is enhancing the customer experience in various applications across the healthcare industry. Automation helps healthcare facilities to manage multi-care hospitals efficiently. Connected devices are helping hospital management to manage the workforce efficiently and increase the productivity of the hospital facility. Also, technologies are helping to reduce the operational cost of the facility. Many companies are also focusing on offering technology-based solutions. For instance, in January 2021, Zyter announced the launch of Zyter Smart Hospitals, an end-to-end intelligent solution. This solution connects hospitals' data systems, departments, people, and IoT devices on Zyter's robust digital communication and collaboration platform. The solution helps for efficient operation of the facility as well as helps to reduce costs with smart energy management.

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Major Key Players of the Market:
Mckesson Corporation, The International Business Machines Corporation, Oracle Corporation, GE Healthcare, ADP LLC, Cerner Corporation, Workday Inc., Epic Systems Corporation, Infor Inc., Nice Systems, Kronos Inc., Allscripts Healthcare Solutions Inc., Athenahealth Inc., eClinicalWorks, NextGen Healthcare Information Systems LLC, SYMPLR, Cornerstone Ondemand Inc., QGenda LLC, Greenway Health LLC, Atoss Software, AdvancedMD Inc., Allocate Software, Workforce Software Group Inc., OSP Labs, Strata Decision Technology LLC, Kareo Inc., DrChrono Inc., ActiveOps plc, Timeware, Ultimate Software Group Inc.

Healthcare Workforce Management System Market 2024 Key Insights:
• The healthcare workforce management system market size is expected to see rapid growth in the next few years. It will grow to $3.55 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%.
• Healthcare Cost Management Fuels Growth In Workforce Management Systems Market
• Technological Advancements Driving Transformation In Healthcare Workforce Management Systems
• North America was the largest region in the healthcare workforce management system market in 2023

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