Workforce Management Market Projected to Hit USD 14.31 Billion at a 9.2% CAGR by 2030 - Report by Market Research Future (MRFR)
Market Growth Boost by Emergence of App-Based Workforce Management Solutions and Advancements in IoT Technology and AI
New York, US, Sept. 29, 2022 (GLOBE NEWSWIRE) -- Acording to a comprehensive research report by Market Research Future (MRFR), “Workforce Management Market Research Report: Information by Deployment Mode, Component, Vertical, Organization Size, and Region- Fore Till 2030”, the market is predicted to flourish substantially during the assessment era from 2020 to 2030 at a healthy CAGR of approximately 9.2% to attain a valuation of around USD 14.31 billion by the end of 2030.
Workforce Management Market Overview:
The global workforce management market has been overgrown recently. The primary parameter supporting the market's growth is the rapid expansion of the IT sector across the globe.
Competitive Analysis
The list of prominent participants across the workforce management market includes players such as:
Ultimate Software
Kronos Inc
Workday Inc.
ADP LLC
SAP SE
IBM Corporation
Verint Systems, Inc
Reflexis Systems
Oracle Corporation
Workforce Software, LLC
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Workforce Management Market USP Covered
Market Drivers
The workforce management market has been overgrown in the last few years owing to the increasing demand for automation in the workplaces, increments in the demands of cloud-based solutions, and wide acceptance of workforce analytics.
Report Scope:
Report Metrics | Details |
Market Size by 2030 | USD 18.16 Billion |
CAGR during 2022-2030 | 34.3% |
Drivers | Increasing Automation in Workplaces, Adoption of Workforce Analytics, Growing Demand for Cloud-Based Solutions |
Opportunity | Emergence of App-Based Workforce Management Solutions |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Market Restraints
On the other hand, the absence of accurate knowledge related to technology is likely to restrict the market's growth.
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COVID-19 Impact of Workforce Management Market
The global health crisis in the form of COVID-19 has had a significant impact on the majority of the industry sectors across the globe. Like all the market areas, the workforce management market has also witnessed several unexpected challenges during the pandemic. On the other hand, with all the financial and industrial activities returning to normal, the global market for workforce management is anticipated to witness substantial growth over the coming years.
Workforce Management Market Segment Analysis
Among all the components, the solution segment is anticipated to secure the leading position across the workforce management market over the assessment era. The central aspect supporting the segment's growth is the growing implementation of various software across different industries such as manufacturing, retail and e-commerce, healthcare, and others for human resource management applications. Using workforce management solutions across companies has benefits such as greater team member satisfaction, better productivity, and reduced employee operations costs, causing a surge in adopting these solutions.
Based on the deployment modes, the cloud sub-segment is anticipated to secure the top position across the global market for workforce management over the review era. The segment's growth is credited to the factors such as the rising adoption of SaaS (software as a service) workforce management solutions across a range of end-use sectors such as retail and e-commerce, manufacturing, healthcare, and others. The segment has benefits such as deployment on a subscription model, cost-effectiveness, and doesn't need extensive data storage infrastructure.
Based on the organization size, the small & medium enterprise segment is anticipated to secure the top position across the workforce management market over the assessment era. The growth of the segment is credited to the factors such as generating data-based insights for individuals, boosting team member engagement and productivity, the growing scalability potential of the small and medium-sized enterprises (SMEs), and the growing requirement for the decrease in the cost of team member performance management process.
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Among all the end-use sectors, the IT & telecom sub-segment is anticipated to secure the leading position across the global market for workforce management over the coming years. the segment's growth is accredited to the aspects such as widespread utilization of technology related to software and utilization of workforce management solutions from the SMEs.
Workforce Management Market Regional Analysis
The workforce management market is studied across five major regions: Asia-Pacific, Europe, Latin America, North America, and the Middle East &v Africa.
According to the research reports by MRFR, North America is predicted to hold the top position across the global market for workforce management over the assessment era. The region has the Us as the leading growth contributor. Canada is likely to secure a second position across the regional market over the coming years. the prime parameter supporting the regional market growth is the existence of many established players across the region. Furthermore, the companies across the US are supremely highly advanced in adopting cloud technologies, Artificial Intelligence (AI), and Machine Learning (ML), therefore boosting the growth of the regional market during the review timeframe. Organizations such as Workday, Inc., and ADP are offering innovative workforce management solutions to customers, which is anticipated to catalyze the growth of the regional market over the coming years.
The workforce management market for the European region is predicted to hold the second position across the globe over the coming years. the primary parameter supporting the growth of the regional market is the increasing popularity of the BYOD trend across the region. Furthermore, the factors such as demand for automation of work processes & workflows and growing demand for connected devices are anticipated to influence the growth of the regional market over the review timeframe. The growing workforce management adoption across Germany is mainly caused by the growing implementation of cloud solutions, which catalyzes the growth of the regional market. Moreover, workforce management costs differ depending on the complexities and needs involved. Generally, complicated workforce management with more excellent capabilities is pricier and is one of the prime aspects impeding the market's growth. In addition, incorporation problems included with existing systems are a significant concern hampering the regional market's growth.
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The workforce management market for the Asia-Pacific region is predicted to show maximum CAGR over the coming years. the region has China as a leading growth contributor. The central aspect supporting the growth of the regional market is the growing demand for innovative solutions for mobile workforce management across the industrial area. Workforce management supports making it stress-free for enterprises to reopen their businesses during the pandemic methodically.
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