New York, Aug. 17, 2023 (GLOBE NEWSWIRE) -- The global workforce management market size is slated to expand at ~12.3% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 33 billion by the end of 2035, up from a revenue of ~USD 8 billion in the year 2022.The number of digital transformation strategies increased to 72% in 2019. In 2019, 55% of startups have already adopted a digital business strategy. The increasing digitalization of companies and organizations is leading to an increased demand for software platforms that can help manage employee data, attendance, payroll, and other HR activities. This is driving the growth of the workforce management market. For instance, according to a recent report, 64% of global GDP is expected to be digitized by 2022.
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AI technology helps automate labor-intensive processes like payroll, recruiting, and scheduling, and can be used to optimize resource utilization and improve employee engagement, which in turn increases productivity and fuels market growth.
Workforce Management Market: Key Takeaways
- Market in North America to propel the highest growth
- The cloud segment to garner the highest growth
- Market in Asia Pacific to grow at the highest rate
Adoption of Advanced Technologies Such as Artificial Intelligence across the Globe to Boost Market Growth
Currently, 37% of companies have implemented AI in their organization and another 40% say they are exploring AI as a possibility for the future. The number of people employed in the AI industry is expected to increase to 98 million by 2025. AI technology helps automate labor-intensive processes like payroll, recruiting, and scheduling, and can be used to optimize resource allocation and improve employee engagement, which in turn increases productivity and fuels market growth. By implementing workforce management software, healthcare organizations can streamline human resource processes and reduce administrative costs. This software can also improve communication between employees, provide real-time insight into staffing needs and facilitate accurate planning.
Workforce Management Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Employee Engagement and Productivity to Drive the Market Growth in North America Region
The workforce management market in the North American region is estimated to garner the largest revenue by the end of 2035. The regional growth can majorly be attributed to employee engagement and productivity. Workforce management solutions play a crucial role in enhancing employee engagement and productivity. A Gallup study found that companies with highly engaged employees outperform their competitors by 147% in earnings per share. Organizations in North America are recognizing the importance of employee engagement and are investing in workforce management solutions to improve communication, collaboration, and employee satisfaction. The COVID-19 pandemic has accelerated the shift to remote work arrangements, necessitating the adoption of workforce management solutions to manage distributed teams effectively.
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Shift to Remote Work and Flexible Work Arrangements to Propel the Growth in the Asia Pacific Region
The Asia Pacific workforce management market is estimated to garner the highest CAGR by the end of 2035. The COVID-19 pandemic has accelerated the adoption of remote work and flexible work arrangements in the APAC region. Workforce management solutions that facilitate remote workforce scheduling, communication, and collaboration have become crucial. According to a survey, 85% of employers in APAC plan to make remote work arrangements a permanent part of their workforce strategy. This shift is expected to drive the demand for workforce management solutions in the region.
The APAC region is characterized by diverse labor laws and regulations, making efficient labor management a critical challenge for businesses. Workforce management solutions provide tools for compliance with labor laws, managing work hour limits, and monitoring employee time and attendance. This has resulted in increased adoption of such solutions.
Workforce Management, Segmentation by Deployment Model
- On-Premises
- Cloud
Amongst these two segments, the cloud segment is anticipated to hold the largest share over the forecast period. The growth of the segment is attributed to increasing demand for cost-effective solutions, easy scalability, improved flexibility, and rapid implementation of cloud-based solutions. For example, the amount of data stored in the cloud is expected to exceed 100 zettabytes by 2025. More than 93% of all workloads will be processed by cloud data centers by 2021. Amazon Web Services (AWS) Cloud Infrastructure as a Service (IaaS) is one of the most well-known, popular, and widely deployed cloud services in the world. Additionally, cloud-based solutions provide better insight into organizational processes and enable better collaboration between different departments, which is another factor driving the growth of this segment.
Workforce Management, Segmentation by End User
- BFSI
- Manufacturing
- Healthcare
- Government
- Retail & E-Commerce
- IT & Telecom
- Others
Amongst these segments, the retail & e-commerce segment is anticipated to hold a significant share over the forecast period. The segment's growth can be attributed to retailers increasingly focusing on the customer experience and offering them more personalized services. Additionally, the increasing shift towards e-commerce is also expected to drive demand for global workforce management solutions in the retail and e-commerce space due to the convenience and cost savings it brings. The rapid growth of the retail and e-commerce space has created a need for more efficient workforce management solutions. Additionally, retailers are placing a greater emphasis on providing personalized services to their customers, which has led to an increased demand for these management solutions that can help them manage their workforce more effectively.
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Workforce Management, Segmentation by Component
- Solutions
- Services
Workforce Management, Segmentation by Organization Size
- Small Enterprises
- Medium Enterprises
- Large Enterprise
Workforce Management, Segmentation by Operating System
- IOS
- Android
- Windows
- Linux/Unix
- Others
A few of the well-known industry leaders in the workforce management market that are profiled by Research Nester are Verint Systems Inc., Infor., Broadcom, Oracle, ActiveOps PLC., NICE Ltd., Kronos Incorporated., IBM, SAP, UKG Inc., and other key market players.
Recent Development in the Market
- Infor and iCIMS announced a strategic partnership that will bring next-generation talent competencies to key healthcare organizations and service industries across North America. The association will provide healthcare organizations and service industries with a wide range of solutions to meet their talent needs, from recruitment to onboarding to employee engagement.
- Verint Systems Inc. launched a new workforce management solution. The new design is based on the latest technology and offers an intuitive user experience that enables users to quickly create and manage complex work plans. Additionally, it comes with advanced analytics that provides insights into employee performance and productivity, enabling organizations to make more informed decisions about their workforce.
About Research Nester
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