DUBLIN, Sept. 25, 2023 /PRNewswire/ — The “Workforce Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global workforce management market, which achieved a size of US$ 5.5 billion in 2022, is poised for significant growth. The market will surge to US$ 9.8 billion by 2028, reflecting a robust Compound Annual Growth Rate (CAGR) of 10.5% during the period from 2023 to 2028.
Transforming Workforce Management: Enhancing Efficiency and Productivity
Workforce management (WFM) encompasses a suite of tools and processes designed to centralize data related to human resource utilization within organizations. It offers performance-based software and tools that enhance the efficiency of various stakeholders, including front-line supervisors, corporate management, managers, and employees. WFM performs multiple functions, including workforce forecasting, scheduling, HR management, and workforce analysis.
It enables customized workflows, thereby improving overall productivity and decision-making efficiency. Due to these capabilities, WFM finds extensive applications across industries such as banking, financial services, and insurance (BFSI), healthcare, government and defense, transportation and logistics, retail, and information technology (IT).
Key Drivers
Several key factors are driving the expansion of the workforce management market:
Automation Across Industries: The increasing need for automation across industries, coupled with a growing focus on workforce optimization, is driving the adoption of WFM solutions. Organizations are using these solutions to efficiently manage time, avoid task duplication, and optimize workforce utilization.Cloud-Based Solutions: The adoption of cloud-based WFM solutions is on the rise. Cloud solutions minimize the need for physical hardware, reduce operational costs, and enhance infrastructure scalability. They also provide secure access to official files and support the growing trend of Bring-Your-Own-Devices (BYOD) and remote work.Penetration of Smartphones and BYOD: The widespread use of smartphones and the BYOD trend have a positive impact on market growth. WFM solutions enable employers to track task progress in real-time while providing secure access to official documents, supporting flexible work arrangements.Rapid Urbanization and IT Development: Rapid urbanization, especially in developing economies, and extensive research and development (R&D) activities in the IT field are projected to contribute to market growth.Key Market Segments
The report provides detailed insights into key market segments:
Solution:
Absence ManagementPerformance ManagementWorkforce SchedulingTime and Attendance ManagementWorkforce AnalyticsOthersService:
Implementation ServicesSupport and Maintenance ServicesTraining and Education ServicesDeployment Type:
Cloud-BasedOn-PremisesOrganization Size:
Small and Medium-sized Enterprises (SMEs)Large EnterprisesVertical:
Government and DefenseBanking, Financial Services, and Insurance (BFSI)HealthcareTransportation and LogisticsTelecom and ITConsumer Goods and RetailManufacturingEnergy and UtilitiesOthersRegions:
North AmericaAsia-PacificEuropeLatin AmericaMiddle East and AfricaCompetitive Landscape
The competitive landscape of the industry features key players such as:
ADP Atoss Software AG HotSchedules Inc. Huntington Business Systems IBM Kronos Inc. Oracle Corporation Reflexis Systems SAP SE Ultimate Software Group Inc. Verint Systems Workday Inc. WorkForce Software LLC [Add other relevant players]
Key Questions Addressed
The report answers critical questions about the global workforce management market:
Market Size: What was the size of the global workforce management market in 2022?Growth Rate: What is the projected growth rate during 2023-2028?Key Factors: What factors are driving the global workforce management market?Impact of COVID-19: How has the COVID-19 pandemic affected the market?Market Segmentation: What is the market segmentation based on solution, deployment type, organization size, vertical, and region?Service Trends: How are implementation services, support and maintenance services, and training and education services influencing the market?Cloud Adoption: What role is the adoption of cloud-based solutions playing in market expansion?Vertical Analysis: Which industry verticals are contributing significantly to market growth?Regional Insights: Which regions play a pivotal role in the global workforce management market?Key Players: Who are the key players and companies operating in the market?Key Attributes:
Report Attribute
Details
No. of Pages
142
Forecast Period
2022 – 2028
Estimated Market Value (USD) in 2022
$5.5 Billion
Forecasted Market Value (USD) by 2028
$9.8 Billion
Compound Annual Growth Rate
10.1 %
Regions Covered
Global
For more information about this report visit https://www.researchandmarkets.com/r/ccdi8q
About ResearchAndMarkets.comResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Media Contact:
Research and MarketsLaura Wood, Senior Managerpress@researchandmarkets.com For E.S.T Office Hours Call +1-917-300-0470For U.S./CAN Toll Free Call +1-800-526-8630For GMT Office Hours Call +353-1-416-8900 U.S. Fax: 646-607-1907Fax (outside U.S.): +353-1-481-1716
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View original content:https://www.prnewswire.com/news-releases/cloud-based-workforce-management-solutions-drive-market-growth-amid-automation-surge-across-industries-301937726.html
SOURCE Research and Markets
DUBLIN, Sept. 25, 2023 /PRNewswire/ — The “Workforce Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global workforce management market, which achieved a size of US$ 5.5 billion in 2022, is poised for significant growth. The market will surge to US$ 9.8 billion by 2028, reflecting a robust Compound Annual Growth Rate (CAGR) of 10.5% during the period from 2023 to 2028.
Transforming Workforce Management: Enhancing Efficiency and Productivity
Workforce management (WFM) encompasses a suite of tools and processes designed to centralize data related to human resource utilization within organizations. It offers performance-based software and tools that enhance the efficiency of various stakeholders, including front-line supervisors, corporate management, managers, and employees. WFM performs multiple functions, including workforce forecasting, scheduling, HR management, and workforce analysis.
It enables customized workflows, thereby improving overall productivity and decision-making efficiency. Due to these capabilities, WFM finds extensive applications across industries such as banking, financial services, and insurance (BFSI), healthcare, government and defense, transportation and logistics, retail, and information technology (IT).
Key Drivers
Several key factors are driving the expansion of the workforce management market:
Automation Across Industries: The increasing need for automation across industries, coupled with a growing focus on workforce optimization, is driving the adoption of WFM solutions. Organizations are using these solutions to efficiently manage time, avoid task duplication, and optimize workforce utilization.Cloud-Based Solutions: The adoption of cloud-based WFM solutions is on the rise. Cloud solutions minimize the need for physical hardware, reduce operational costs, and enhance infrastructure scalability. They also provide secure access to official files and support the growing trend of Bring-Your-Own-Devices (BYOD) and remote work.Penetration of Smartphones and BYOD: The widespread use of smartphones and the BYOD trend have a positive impact on market growth. WFM solutions enable employers to track task progress in real-time while providing secure access to official documents, supporting flexible work arrangements.Rapid Urbanization and IT Development: Rapid urbanization, especially in developing economies, and extensive research and development (R&D) activities in the IT field are projected to contribute to market growth.
Key Market Segments
The report provides detailed insights into key market segments:
Solution:
Absence ManagementPerformance ManagementWorkforce SchedulingTime and Attendance ManagementWorkforce AnalyticsOthers
Service:
Implementation ServicesSupport and Maintenance ServicesTraining and Education Services
Deployment Type:
Cloud-BasedOn-Premises
Organization Size:
Small and Medium-sized Enterprises (SMEs)Large Enterprises
Vertical:
Government and DefenseBanking, Financial Services, and Insurance (BFSI)HealthcareTransportation and LogisticsTelecom and ITConsumer Goods and RetailManufacturingEnergy and UtilitiesOthers
Regions:
North AmericaAsia-PacificEuropeLatin AmericaMiddle East and Africa
Competitive Landscape
The competitive landscape of the industry features key players such as:
ADP Atoss Software AG HotSchedules Inc. Huntington Business Systems IBM Kronos Inc. Oracle Corporation Reflexis Systems SAP SE Ultimate Software Group Inc. Verint Systems Workday Inc. WorkForce Software LLC [Add other relevant players]
Key Questions Addressed
The report answers critical questions about the global workforce management market:
Market Size: What was the size of the global workforce management market in 2022?Growth Rate: What is the projected growth rate during 2023-2028?Key Factors: What factors are driving the global workforce management market?Impact of COVID-19: How has the COVID-19 pandemic affected the market?Market Segmentation: What is the market segmentation based on solution, deployment type, organization size, vertical, and region?Service Trends: How are implementation services, support and maintenance services, and training and education services influencing the market?Cloud Adoption: What role is the adoption of cloud-based solutions playing in market expansion?Vertical Analysis: Which industry verticals are contributing significantly to market growth?Regional Insights: Which regions play a pivotal role in the global workforce management market?Key Players: Who are the key players and companies operating in the market?
Key Attributes:
Report Attribute
Details
No. of Pages
142
Forecast Period
2022 – 2028
Estimated Market Value (USD) in 2022
$5.5 Billion
Forecasted Market Value (USD) by 2028
$9.8 Billion
Compound Annual Growth Rate
10.1 %
Regions Covered
Global
For more information about this report visit https://www.researchandmarkets.com/r/ccdi8q
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
View original content:https://www.prnewswire.com/news-releases/cloud-based-workforce-management-solutions-drive-market-growth-amid-automation-surge-across-industries-301937726.html
SOURCE Research and Markets
