New York,March22,2023(GLOBE NEWSWIRE) -- In2022,theGlobalWorkforceManagementMarketsize accountedfor USD 83billionandis registeringanincrementalrevenueofUSD 198billionbetween2023and2032; this marketis estimatedtoregister thehighestCAGR of93% Theprocess for employers tostrategically allocate employees andresources,monitor attendance,meettherules andregulations oftheworkplaceandother tasks comes under workforcemanagement
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Key Takeaway:
By ComponentType,theservices segmentleads themarketin2022
By Deployment,thecloudsegmentis anticipatedtoleadthemarketduringtheforecastperiodfrom 2023to 2032
By Solution,theworkforceanalytics segmentis expectedtoexhibitsignificantmarketgrowthduringtheforecast periodfrom 2023to2032
By End-User Industry,theITandtelecommunications industry is expectedtogrow favorably duringtheforecast periodfrom 2023to2032
In2022,NorthAmericadominatedthemarketwiththehighestrevenueshareof37.4%.
AsiaPacific is estimatedtobeasignificantmarketintheglobalworkforcemanagementmarketduringthe forecastperiodof2023to2032.
Workforcemanagementis aversatiletechnology thatallows bigshifts,andbiggains interms ofrevenueandutility, andcontinues toevolvewithtime Increaseduseofmobiledevices is expectedtohaveasignificantimpactonthis sector,as many businesses aredesperatetoimprovetheir mobilecapabilities Moreover,as businesses aroundthe worldrapidly movetowards digitalsurveillancethedemandfor absenceandleavemanagementsolutions is expected toincreaseduringtheforecastperiodof2023to2032
Factors affectingthegrowthoftheWorkforceManagementindustry?
Severalfactors canaffectthegrowthoftheworkforcemanagementindustry.Someofthesefactors include:
Increaseduseofadvancedtechnologies:Increasinguseofadvancedtechnologies suchas artificialintelligence is amajor marketgrowthdriver for workforcemanagement Thedemandfor workforcemanagementis expected toincreaseowingtothedemandfor theInternetofThings increases by smallbusinesses
Risingdemandfor efficientworkforcemanagement:Theprocess ofefficientworkforcemanagementis accomplishedby workforcemanagementsolutions Efficiently combiningpersonalmanagementandother sections ofbusiness managementis doneby workforcemanagement
Growingusageofmodernmethods:Managementtechnology alliedwithhumanresources for boostingthe usageofmodernmethods inworkforcemanagementsolutions
Increasingpopulation:Globalworkforcemanagementmarketis drivenby theincreasingpopulationworkingin smallandmedium-sizeenterprises whichneedworkforcemanagementsolutions tomanagetheemployees
Availability ofSaaS:Theavailability ofsoftwareas aservicehas easedthemanagementofworkforcefor the humanresources This is fuelingthegrowthoftheworkforcemanagementmarket
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TopTrends inGlobalWorkforceManagementMarket
Withtheintroductionofcloudcomputinginworkforcemanagementsoftware,users areexperiencingmany benefits, suchas flexibility,mobility,andsecurity Thesoftwaregives organizationadministrators access toalltheinformation they needtomonitor their employee’s productivity andtask updates atany time.
For thebettermentoforganizations,many major companies areintroducingcloudcomputingintheir systems with cloudaccess andother features
Many companies inthemarketareofferingvarious levels ofphysicalandlogicalsecurity features throughprivate cloudsoftwaresolutions This is increasingtherevenuegrowthoftheprivatecloudofferingcompanies
Cloudcomputingis introducedinworkforcemanagementfor theoptimizationoftimeandworkload.Cloudcomputingis creatinglucrativeopportunities inthemarketby offeringcloud-basedsoftwaresolutions thathelptooptimizethetime andworkloadinorganizations.
Themajor reasonfor companies tointroducecloudcomputinginworkforcemanagementis theneedofthe organizationtomanageallthetasks inoneservice.Services likesalesforceandmarketingautomationsoftwareare offeringservices toorganizations for workforcemanagementinorder tooptimizetheworkloadandtimeinthe companies.
Workforcemanagementcompanies arefocusingonproductinnovationandadvancementas they steadily move towardthebettermentofthecompany throughmergers andacquisitions,jointventures,andcooperativepartnerships. Suchtrends arecurrently goingoninthis marketwithincreasingthedemandfor workforcemanagement
MarketGrowth
Theintroductionofcloudcomputinginworkforcemanagementhas optimizedtimeandworkloadmanagementinthe organization Cloudcomputingis creatingmany opportunities inthemarketby offeringcloud-basedsoftwaresolutions Services likesalesforceandmarketingautomationsoftwareareprovidingsolutions toworkforcemanagement organizations,thataredrivingthegrowthoftheworkforcemanagementmarket
Theincreasingpopulationandagrowingnumber ofsmallandmedium enterprises arethemajor factors drivingthe growthoftheglobalworkforcemanagementmarket Other major drivers ofmarketgrowthareincreasinglabor consumption,changinglabor forcedynamics,increasinguseofmobilephones,andtheavailability ofsoftware managementsolutions as aserviceareimportantfactors inthedevelopmentoftheglobalmarket Themajor industry sectors wheretheglobalworkforcemanagementmarketis growingrapidly aremanufacturing,retail,BFSI,and healthcare Increasedmobility andglobalizationarehavingasevereimpactonthedemandfor workforcemanagement solutions.
RegionalAnalysis
NorthAmericadominatedtheglobalworkforcemanagementmarketby accountingfor amajor shareof374%ofthe globalmarket This growthoftheNorthAmericanregionis boostedby theacceptanceofworkforcemanagement solutions andservices across end-useindustries likeBFSIandIT Developedcountries inNorthAmericalikethe UnitedStates andCanadaadoptedworkforcemanagementservices longbeforetheother countries inthecompetition NorthAmericais anticipatedtocarry thedominationinthemarketthroughouttheforecastperiodby encouragingthe useofadvancedtechnologies likeML,AI,andcloudcomputingintheworkforcemanagementsector AsiaPacific regionis anticipatedtoshow significantgrowthduringtheforecastperiod ThegrowthoftheAsiaPacific regionis attributedtothepresenceofmany smallandlargeenterprises indevelopingcountries likeChinaandIndia Governments intheAsiaPacific regionhaveimposedcompulsory rules andregulations onlabor laws whichare fuelingthegrowthoftheworkforcemanagementmarketintheAsiaPacific region
CompetitiveLandscape
Thecompetitivelandscapeofthemarkethas alsobeenexaminedinthis report.Someofthemajor players include Kronos,Inc ,OracleCorporation,SAP SE,Automatic DataProcessing,Inc ,WorkForceSoftware,LLC ,Ultimate Software,CornerstoneOnDemandInc.,IBM Corporation,Verint,Infor,NetSuiteInc.,andOther Key Players
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MarketDrivers
Withincreasingdependenceonworkforceoptimization,organizations arewidely usingwork-from-homesolutions to optimizetimeandworkload Theincreasingdemandfor automationinvarious industries andtheadoptionofcloudbasedsolutions aredrivingthegrowthoftheworkforcemanagementmarket Workforcemanagementalsoreduces thetotalcostofownershipandincreases infrastructureadaptationby allowingaccess toawidevariety ofendpoints
Also,increasingsmartphoneacceptancealongwiththepopular bring-your-own-device(BYOD) trendis havinga positiveimpactonthemarketgrowth Offeringaworkforcemanagementsolutionallows employers totrack task updates atany timeandprovideemployees withsecureaccess toofficialfiles.Other factors affectingworkforce managementincluderapidurbanization,especially indevelopingcountries,andgrowingawareness ofthebenefits of workforcemanagement.Major companies arefocusingonresearchanddevelopment(R&D) activities tostrengthen their positioninthemarketandupgradetheir solutions andservices TheITsector is expectedtodrivethemarket growthoftheworkforcemanagementmarketduringtheforecastperiod.
MarketRestraints
Workforcemanagementsolutions andservices requireahighcostofinstallationandskilledemployees for management Thesefactors arehinderingthegrowthoftheworkforcemanagementmarket Thehighcostof installationfor workforcemanagementsolutions is restrictingsmallandmedium sizeenterprises toacceptWFM solutions andservices Also,theunavailability ofskilledemployees whocancontrolthemanagementinthe organizationis obstructingthegrowthofWFM solutions andservices.
MarketOpportunities
TheintroductionoftheInternetofThings (IoT) andArtificialIntelligence(AI)inworkforcemanagementhas easedthe process oftracking,analyzing,andmonitoringtherelevantemployeedata.Whichis helpingtomonitor employeework patterns andartificialintelligenceinworkforcemanagement TheuseofIoTandAIinWFM is anticipatedtopropelthe marketduringtheforecastperiod.
Theapplications ofworkforcemanagementindifferentsectors likehealthcareandITarefuelingmarketgrowth The rapidly increasinggeriatric population,risingper capitaincomes,highadoptionofmobiles,andspikingawareness amongvarious enterprises aredrivingtheneedfor supportinghealthcareindustries across theworld
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ReportSegmentationoftheWorkforceManagementMarket
ComponentTypeInsight
Workforcemanagementis classifiedonthebasis ofacomponenttypesuchas softwareandservices Theservices segmentleads themarketwithamajor revenueshareinthemarket.This segmentis anticipatedtoexperience significantgrowthduringtheforecastperiod Workforcemanagementservices areimplementedby employers to strategically allocateemployees andresources,track attendance,andcomply withtheever-changinglaws and regulations intheworkplace Workforcemanagementservices includestatisticalforecastingandhistoricalanalysis to identify theleadingworkforceandtrends intheorganizations.TheintroductionofHumanResources inworkforce managementis supportingthegrowthoftheworkforcemanagementmarket
DeploymentInsight
Basedondeploymentthemarketis dividedintoon-premises,on-cloudandhybridsegments Thecloudsegment controls themarketby coveringamajor shareinthedeploymentofworkforcemanagement Anditis anticipatedto grow significantly duringtheforecastperiod Thedominanceofthecloudsegmentintheworkforcemanagement marketis duetotheofferings from clouddeploymentlikelow-costandeasy-to-operatesolutions Also,theefforts from themajor companies offeringtheonclouddeploymenttopresentthesegmentas easy tooperateandlow-costare drivingthegrowthoftheoncloudsegmentintheworkforcemanagementsegment
TheOn-premisesegmentis expectedtoshow moderategrowthduringtheforecastperiodowingtoits slower approachby companies offeringon-premisedeploymenttowards technologicaladvancements adoption.
SolutionInsight
Workforcemanagementis classifiedintomany types basedonsolutions suchas workforceanalytics,workforce scheduling,timeandattendancemanagement,Performance,andgoalmanagement,leaveandabsencemanagement, task management,fatigueManagement,andother solutions.Amongallthesolutions workforceanalytics dominated thesegmentanditis expectedtodominatethroughouttheforecastperiod Thedominanceofworkforceanalytics is owingtovarious applications intheend-useindustries toanalyzeemployeebenefits,compensation,andother factors.
End-UseIndustry Insight:
Various industries areusingworkforcemanagementintheir organization Someofthem areITand Telecommunication,BFSI,Government,Healthcare,Education,Manufacturing,Retail,andother end-useindustries Outofalltheaboveindustries,theITandTelecommunications industry is anticipatedtogrow significantly duringthe forecastperiodof2023to2032 ITandTelecommunications sector has thelargestworkforcethanother industries As aresult,itbecomes acriticalfactor for companies toeffectively managetheir workforce
Also,thehealthcareindustry is anticipatedtoexperiencelucrativegrowthowingtoits constantly growingmarket. Managingtheemployees inthehealthcaresector has becomeanimportantpartofmanagementinthesector The challengingandcomplex tasks inthis sector demandtheproper managementofactivities withinthesector.
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MarketSegmentation
ComponentType Deployment GeographyTheUS
Canada
Mexico
WesternEurope
Germany
France
TheUK
Spain
Italy
Portugal
Ireland
Austria
Switzerland
Benelux
Nordic
RestofWesternEurope
EasternEurope
Russia
Poland
TheCzechRepublic
Greece
RestofEasternEurope
APAC
China
Japan
SouthKorea
India
Australia& New Zealand
Indonesia
Malaysia
Philippines
Singapore
Thailand
Vietnam
RestofAPAC
LatinAmerica
Brazil
Colombia
Chile
Argentina
CostaRica
RestofLatinAmerica
MiddleEast& Africa
Algeria
Egypt
Israel
Kuwait
Nigeria
SaudiArabia
SouthAfrica
Turkey
UnitedArabEmirates
RestofMEA
MarketKey Players:
WorkforceSoftwareLLC.
UltimateSoftware
CornerstoneOnDemandInc.
IBM Corporation
Kronos Inc.
OracleCorporation
SAP SE
Automatic DataProcessingInc
Verint
Infor
NetSuiteInc.
Other Key Players