Due to the presence of small and large players offering standalone or integrated workforce management software globally, the workforce management market is highly competitive. Major players are adopting acquisition and collaboration strategies for increasing their share in the workforce management market
NEWARK, Del: According to the workforce management industry analysis by Future Market Insights (FMI), the global demand is anticipated to grow at a CAGR of 9.2% during the forecast period from 2022 to 2032.
The report states that the market is set to reach the valuation of ~US$ 9.1 Bn by the end of 2022. As per FMI, the adoption of workforce management solutions in businesses for increasing efficiency and productivity among their employees is high. These solutions are providing automated resolutions to everyday tasks such as forecasting, staff scheduling, leave planning and others.
Small and large businesses are using cloud-based workforce management solution to merge the data onto a single platform and allowing their employees to handle self-service processes. The workforce management software comes with a web application and employees can access it from a computer, tablet, and smartphone.
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As large enterprises employ a large workforce, there is an increase in the adoption of IoT-based workforce management solutions for reducing costs, streamlining processes and increasing productivity through improved scheduling, management and tracking of labour resources. As a result, this will spur the adoption of workforce management solution over the forecast period.
“Growing need for simplifying the work of employees in large enterprises and better streamlining of the workforce are likely to bolster the demand for workforce management solution and services” says an FMI analyst.
Key Takeaways:
- By component, workforce management solutions segment is expected to grow at a CAGR of 10.3% in the global demand for workforce management during the forecast period 2022-2032.
- By deployment type, the cloud-based segment is anticipated to increase at a CAGR of 10.0% between 2022 & 2032.
- By organization size, the adoption of workforce management solution in large enterprises segment is anticipated to increase at a CAGR of 9.7% between 2022 & 2032.
- By vertical, the adoption of workforce management solution in Information Technology enabled Services (ITeS) is anticipated to increase at a CAGR of 12.4% between 2022 & 2032, while BFSI segment is currently dominating the market share.
- North America is expected to lead the market followed by Europe in 2021. South Asia & Pacific is anticipated to emerge as the fastest growing region between 2022 & 2032.
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Utilizing Workforce Management for Data-Driven Insights
After the COVID-19, companies are opting for hybrid work model and facing challenges to gain real-time insights on productivity of their employees. Workforce management solution makes it possible for companies to track employee’s productivity and streamline work performance. From completing a task to tracking lunch break, the solution can be used for creating and managing staff schedules.
Using workforce management solution, businesses are saving a good number of hours and spending it on human aspect of HR. In addition, workforce management tools are supreme for large businesses for managing a remote workforce. These tools help large businesses to stay in sync with employees, issues with payroll and others. Hence, adoption of workforce management for data-driven insights driving the global market.
Deployment of Workforce Management Solution in Healthcare for High Value Care
The workforce management software helps the healthcare industry in running various kinds of applications such as moving staff across branches, communicating more efficiently, reducing admin time and others. With workforce management solution, healthcare providers can reduce payroll and rely less on agency staff by optimizing their workforce.
Nursing staffs are the primary providers of care in hospitals and clinics and the schedule of this workforce must be well managed and planned. The authorities can use a workforce management system to successfully organize and schedule the hours and working shifts of the nurses. As a result, the need for proper workforce management systems in healthcare for seamless functionality is helping the market to grow in upcoming years.
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Workforce Management Market Outlook by Category
By Component:
- Solutions
- Time and Attendance Management
- Leave and Absence Management
- Workforce Scheduling
- Workforce Analytics
- Others
- Services
- Consulting
- Implementation
- Training, Support and Maintenance
By Deployment Type:
- On-Premises
- Cloud-Based
By Organization Size:
- Large Enterprises
- Small and Mid-Sized Enterprises (SMEs)
By Vertical:
- BFSI
- Telecom
- Government
- Consumer Goods and Retail
- Manufacturing
- Energy and Utilities
- Transportation and Logistics
- Healthcare and Life Sciences
- Information Technology enabled Services (ITeS)
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
Table of Content
- Executive Summary
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1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
- Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
- Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Solution Innovation / Development Trends
3.3. Average Pricing Analysis
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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