Rapid adoption of cloud-based workforce management solutions is a key factor driving workforce management market revenue growth
Vancouver, Sept. 21, 2023 (GLOBE NEWSWIRE) -- 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, according to latest analysis by Emergen Research. 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.
However, growing concerns for data privacy and security related to workforce data deployed on cloud, in addition to a lack of understanding and awareness about benefits of workforce management software, are restrains for growth of the market.
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Scope of Research
Market Size in 2021
USD 6.66 Billion
Revenue Forecast to 2032
USD 18.35 Billion
Base Year for Estimation
Revenue in USD Billion and CAGR in % from 2022 to 2030
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Component, deployment, organization size, application, end-use, and region
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
Key Companies Profiled
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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Major Companies and Competitive Landscape
The global workforce management market is fairly fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective workforce management solutions. Some major players included in the global workforce management market report are:
Workforce Software, LLC.
Ceridian HCM, Inc.
ATOSS Software AG
On 12 October 2021, Priority Software Ltd., which is a leading global provider of business management solutions acquired Ovdimnet, which is a market-leading Israel-based provider of AttenIX-TS, an advanced cloud-based time & attendance software for workforce management. This acquisition is expected to broaden Priority’s offering to global enterprise customers in various sectors, such as professional services and retail, as well as companies with complex organizational structures and multi-branch operations. Moreover, it would enable penetration to a new customer base and new markets, which will facilitate growth in both companies while maintaining product quality and continued high-level support and service.
On 20 July 2021, Accenture acquired Workforce Insight, which is a workforce optimization consultancy that provides human capital management advisory, workforce management, and technology services. This acquisition is expected to enhance Accenture’s workforce management capabilities and strengthen its ability to deliver HR transformation to clients.
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Some 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.
The time and attendance management segment accounted for a significant revenue share in 2021. Rapid adoption of automation tools, reduce labor costs, simplified compliance, easy tracking, and improved organizational efficiency are some of the factors driving revenue growth of segment. Time and attendance software offer an automated and online approach for monitoring and tracking employee’s work hours, which will allow insights into areas where productivity is low, thereby helping in identifying the cause of such low productivity.
The telecom and IT segment accounted for a significant revenue share in 2021 owing to having comparatively largest workforce. High demand for process optimization, cost optimization, and productivity is leading telecom businesses to focus on utilization of effective labor based on a skill set, which is one of the key factors driving revenue growth of this segment.
The workforce management market in North America accounted for largest revenue share in 2021. Early adoption of cloud-based solutions, increasing requirement for custom workflows for efficient decision-making processes, and presence of major companies are a few key factors driving revenue growth of the market in region. In addition, growing labor force is rapidly increasing demand for workforce management solutions.
Browse the complete Global Workforce Management Market Research Report – Industry Analysis, Size, Share, Growth, Trends @ https://www.emergenresearch.com/industry-report/workforce-management-market
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
Regional Outlook (Revenue, USD Billion; 2019-2030)
Rest of Europe
Rest of APAC
Rest of LATAM
Middle East & Africa
Rest of Middle East & Africa
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