Workforce management is the practice of strategically optimizing employee productivity to ensure that all resources are in the right place at the right time.
The Workforce Management Market is expected to reach USD 12.5 Billion during the forecast period at a 6.5% CAGR.
Covid-19 Impact & Market Status
The effects of the epidemic are extensive, and the aftermath is severe, causing havoc on the global workforce management market. As a result of the sudden epidemic and its ramifications, travel bans, quarantines, and lockdowns have all been implemented.
These developments have resulted in supply chain breaches, stock market inefficiencies, and vendor instability. These are constantly interfering with the normal operations of the industry.
Workforce management approaches acquired a lot of momentum in the healthcare and medical fields during the pandemic. Workforce Management has improved performance in the medical field. In hospitals, Workforce Management may handle a huge number of contracts.
Since the commencement of the global crisis, the impact on the upstream, downstream, and midstream businesses has been disastrous. The report offers a ready-to-use method for coping with such crises as well as leading the global Workforce Management Market toward long-term growth and progress.
New dynamics have evolved in the global Workforce Management Market as a result of the pandemic, encouraging the creation of new business models and approaches to recover growth and income streams.
Inquisitive business players will discover ample business transformation proposals in this study, which are crucial to sustaining strong competition in the global Workforce Management market throughout the pandemic and post-pandemic period.
Solutions Segment to be dominant in the coming years
Due to the evolution of old solutions into IT and technical solutions, workforce management solutions are fast changing. The workforce management industry offers a variety of solutions to help employees in firms streamline their job and focus on more important business factors. The market's solutions aid in not just streamlining the workforce but also simplifying employee job. Workforce management solutions that aid in the management of various Human Resources (HR) activities and data analysis for core business processes include time and attendance, workforce scheduling, leave and absence management, workforce analytics, and others, such as fatigue task management and management.
The retail and E-Commerce segment is expected to show significant growth
Internally and internationally, the retail and e-commerce vertical wants to have better visibility and control over a diverse and mixed workforce of in-store staff, truckers, and field service providers. In terms of technical advances, client needs, and employment, the sector is fast evolving and predicted to increase. Employee training, time and attendance, labor analytics, forecasting, and scheduling optimization are all important in the retail sector because of the complexities. Workforce management solutions assist in resolving these issues by maximizing resource usage through the use of big data, as well as providing mobile solutions for planning, budgeting, and managing employee responsibilities.
North America to be the region of focus for Workforce Management Players
In the global workforce management market, North America is predicted to have the dominant market size, and the Asia Pacific is estimated to grow at the fastest rate during the forecast period. North America is expected to be the dominant market for workforce management solutions and services. The North American market is projected to be dominated by Canada and the United States. The region's businesses are the most forward-thinking in terms of AI, machine learning, and cloud adoption, propelling the market's growth. Large labor-management providers' presence in the region is also predicted to drive market growth. The Asia Pacific region is expected to be the fastest-growing region in the market due to the rising demand for intelligent workforce management solutions.
A labor-management plan often includes scheduling, forecasting, skills management, timekeeping and attendance, intraday management, and employee empowerment.
The requirement to guarantee that customer service supports multichannel consumer engagement adds to the complexity. Employees with the relevant abilities are accessible to meet job needs whenever they are needed, thanks to workforce management. Workforce management is a concept that is comparable to workforce optimization and workforce planning.
Workforce management tools are used to assist firms to develop effective schedules for their employees, tracking time and attendance, and managing employee absences and leave. Manufacturing companies have been quick to adopt workforce management software because it allows them to track employee productivity and manage and maintain a high-performing team. As a consequence, throughout the projected period, the workforce management market is predicted to grow.
Workforce management programmes have different characteristics depending on the industry. Human resources software, for example, is combined with workforce management solutions that integrate employee portals with biometric recognition services in the IT industry. Workforce management programmes are commonly used in the manufacturing business to track an employee's performance, including location tracking and scheduled day-to-day duties. As a result, the workforce management market is predicted to grow in the next years due to its capacity to meet the workforce needs of practically all industries.
Businesses may now easily optimize their operations and integrate intelligent solutions while boosting system performance and maximizing employee efficiency thanks to the emergence of cloud computing. This has opened up new options for industry participants to diversify their personnel management portfolios and integrate cloud capabilities. Furthermore, whether a company focuses on customer relationship management systems or human capital management, R&D for improving the product experience of both employees and customers is at an all-time high, causing cloud-based workforce management solutions to expand. In the workforce management market projection, cloud-based solutions are projected to gain a lot of traction.
Organizations can use workforce management solutions to centralize resource usage data and better anticipate future demand. It enables businesses to develop unique workflows in order to improve decision-making efficiency and data integrity. As a result, market software solutions for managing different aspects of the workforce in order to increase productivity include HR management, workforce forecasting, and scheduling, task management, time and attendance management, and other solutions, such as workforce analytics.
The global workforce management market is likely to grow at a healthy rate, owing to an increase in the use of current approaches for human resource management that are connected with technology. The benefits of corporate workforce management software include acting as a single solution for various HRM operations such as recruitment, documentation, performance management, and others. These benefits are building the platform for market expansion.
In order to gain insights related to operational, commercial, and financial aspects, a large number of leading organizations are leaning toward an integrated all-in-one workforce management suite that may include capabilities such as marketing automation, inbound marketing, workforce optimization, and business analytical tools. As a result, demand for integrated personnel management suites has increased significantly. The global workforce management market is expected to sustain a stable growth curve, registering an overall market value of USD 11.3 billion by 2028, at 7% CAGR.
The major players of the global Workforce Management Market are IBM Corporation, Oracle Corporation, ActivTrak, UKG, Inc., SAP SE, Verint, Workday, Inc., Paypro Workforce Management, Reflexis Systems, Infor, Blue Yonder, ADP, Inc., NICE Ltd. And Ceridian HCM, Inc., among others.
Key Developments in the Global Workforce Management Market: a Snapshot
• Authority Workforce Management was released by Authority Software in April 2021, and it includes features like quality records management, customer relationship management, and quick application development.
• In January 2021, Trax partnered with Blue Yonder to develop dynamic workforce management software for retailers and fulfillment centers, allowing them to track real-time demand visibility and deploy a flexible, trained workforce to quickly and at scale address storage needs.
• In April 2020, Ultimate Software and Kronos combined. The merger will result in one of the most advanced cloud workforce management platforms, capable of meeting the needs of organizations across sectors. The new company will have offices in Lowell, Massachusetts, and Weston, Florida, among other places throughout the world.
Workforce Management Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 11.3 billion|
|Growth Rate||CAGR of 7% during 2021-2028|
|Segment Covered||Offering Type, Solution Type, Deployment Type, Enterprise Size Type, Vertical Type, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||IBM Corporation, Oracle Corporation, ActivTrak, UKG, Inc., SAP SE, Verint, Workday, Inc., Paypro Workforce Management, Reflexis Systems, Infor, Blue Yonder, ADP, Inc., NICE Ltd. And Ceridian HCM, Inc., among others.|
Key Segments of the Global Workforce Management Market
Offering Type Overview, 2018-2028 (USD Billion)
Solution Type Overview, 2018-2028 (USD Billion)
- Time and Attendance Management
- Workforce Scheduling and Analytics
- Leave and Absence Management
- Performance Management
Deployment Type Overview, 2018-2028 (USD Billion)
Enterprise Size Type Overview, 2018-2028 (USD Billion)
- Medium and Small-sized Enterprises
- Large Enterprises
Vertical Type Overview, 2018-2028 (USD Billion)
- IT and Telecom
- Healthcare and Life Sciences
- Retail and eCommerce
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of APAC
- Rest of South America
Middle East and South Africa
- Saudi Arab
- Rest of MEA