The global workforce management market size was USD 6.66 Billion in 2021 and is expected to register a revenue CAGR of 9.7% during the forecast period. Rising demand for workforce optimization and mobile applications is a key factor driving market revenue growth.
Workforce management software offers provision of optimized schedule to prevent excessive overtime. In addition, industries employing combination of full-time employees, freelancers, and contract workers across multiple shifts and locations require accurate and efficient payroll management, which is another factor driving demand for workforce management solutions. Moreover, enabling of proper tracking of data insights for performance metrics and identification of gaps training is driving growth of the market. According to a research, top performers are 25% more likely to standardize data capture across channels, products, and units.
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Growing competitiveness has resulted in better utilization of resources and planning for effective decision-making and increased production. Rapid adoption of automation and cloud-based tools for proper tracking and easy access of information, which enable reduced operational and labor costs, in addition to being time-effective, are some of the major factors driving growth of the market. Moreover, increased customer expectations with rapid growth of social media have led to implementation of workforce management solutions. According to a research, around 79% of contact leaders plan to invest in cloud-based Artificial Intelligence (AI) capabilities for.
The Global Workforce Management Report is a panoramic study of the overall Workforce Management market published by Emergen Research and covers a wide-ranging analysis of the technological advancements and product developments in the Workforce Management market. The report provides a detailed analysis of the key factors of the Workforce Management market that are expected to have a positive impact on the growth of the Workforce Management industry.
The Global Workforce Management Market is highly consolidated due to the presence of a large number of companies across this industry. The report discusses the current market standing of these companies, their past performances, demand and supply graph, production and consumption patterns, sales network, distribution channels, and growth opportunities in the market at length. The report scrutinizes the strategic approach of key market players towards expanding their product offerings and fortifying their market foothold.
Some major companies in the global market report include
Oracle, UKG Inc., SAP, Workforce Software, LLC., Workday, Inc., ADP, Inc., Ceridian HCM, Inc., ATOSS Software AG, Paylocity, and Visier, Inc.
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Key Highlights from the Report
The software segment accounted for a moderate revenue share in 2021. Increasing demand for better data management by various enterprises, in addition to tracking real-time data, comparison of revenue with a budget, and gaining insights regarding business performance, are some of the primary factors driving revenue growth of this segment. Time-effectiveness, streamlining of operations, minimization of costs, and enhanced productivity are a few benefits of implementation of workforce management software, which is increasing demand for this segment across various end-use industries.
The cloud segment accounted for largest revenue share in 2021. Rapid adoption of cloud-based technology, increasing implementation of AI and Internet of Things (IoT) as well rising need for automation with a central system are a few key factors driving revenue growth of this segment. Cloud workforce management enables well-structured collection and merging of company’s data onto a single central platform and allows easy access to employees for handling self-service processes, thereby closing gap between departments and saving time.
The large enterprises segment accounted for a significant revenue share in 2021. Cost-effectiveness, reduced risks, and quality issues associated with workforce performance, as well as provision of consistent operations are some of the key factors driving revenue growth of segment. Most workforce-driven industries are facing a shortage of labor along with low employee retention and high rates of turnover, which is increasing demand for workforce management solutions in this segment.
Emergen Research has segmented the global workforce management market based on component, deployment, organization size, application, end-use, and region:
Component Outlook (Revenue, USD Billion; 2019-2030)
Deployment Outlook (Revenue, USD Billion; 2019-2030)
Organization Size Outlook (Revenue, USD Billion; 2019-2030)
Small and Medium Enterprises
Application Outlook (Revenue, USD Billion; 2019-2030)
Time and attendance management
End-use Outlook (Revenue, USD Billion; 2019-2030)
Banking, Financial Services and Insurance (BFSI)
Telecom and IT
The report further examines the market in the key regions of the world with regard to production and consumption patterns, import/export, supply and demand ratio, revenue generation, market share and size, and presence of prominent players in the regions. The report also covers the expansion plans undertaken by companies in the regions under the regional analysis section.
Key regions in the market include:
Rest of EU
Rest of APAC
Rest of Latin America
Middle East & Africa
Rest of MEA
Valuable Market Insights:
The report highlights the latest trends observed in the consumption pattern of each regional segment.
Extensive market segmentation included in the report helps better understand the revenue and estimated growth of the individual regions.
The report throws light on the historical and current market scenarios and provides a concise year-on-year growth rate of the global Workforce Management market.
The report further entails the current market trends, technological advancements, revenue growth, and other aspects affecting market growth.
Table of Contents:
Chapter 1 includes an introduction of the global Workforce Management market, along with a comprehensive market overview, market scope, product offerings, and an investigation of the market drivers, growth opportunities, risks, restraints, and other vital factors.
Chapter 2 offers an in-depth analysis of the key manufacturers engaged in this business vertical, along with their sales and revenue estimations.
Chapter 3 elaborates on the highly competitive terrain of the market, highlighting the key manufacturers and vendors.
In Chapter 4, our team has fragmented the market on the basis of regions, underscoring the sales, revenue, and market share of each region over the forecast timeline.
Chapters 5 and 6 have laid emphasis on the market segmentation based on product type and application.
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