New York, United States , May 27, 2024 (GLOBE NEWSWIRE) -- The Global Workforce Optimization Market Size is to Grow from USD 8.25 Billion in 2023 to USD 22.45 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 10.53% during the projected period
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Workforce optimizations/management describes the process used by employers to distribute their resources and employees, monitor attendance, and keep up with regulations and laws in the workplace that are continuously shifting. Effective workforce management encompasses all of the activities needed to maintain a productive and cost-effective workforce. It includes automating time tracking for all employees and managing absence and leave with consideration to regional labor laws and reporting requirements. The workforce optimization software utilizes a combination of historical intel from the company plus AI and automates actions such as tracking staff attendance and hours and putting together schedules that create the best fit for the envisaged picture. The incorporation of workforce analytic solutions is an emerging trend in the workforce management market. Further, AI has the potential to dynamically and automatically adjust staffing schedules and task allocations in response to changing contact volumes, employee availability, and service level achievement. The rising prevalence of remote workforce driving the market demand for workforce optimization to manage remote teams effectively, enabling remote scheduling, performance monitoring, and resource allocation. Further, the growing adoption of workforce analytics and the development of advanced technologies such as AI and ML are contributing to driving the global workforce management market. On the contrary, the uncertainty and costs associated with achieving and maintaining regulatory compliance are hampering the market growth for workforce optimization.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the “Global Workforce optimization Market Size, Share, and COVID-19 Impact Analysis, By Solution (Workforce Scheduling, Time & Attendance, Embedded Analytics, Absence Management, and Others), By Company Size (Large Enterprises and Small & Medium Enterprises (SMEs)), By Application (Academia, Automotive & Manufacturing, BFSI, Government, Healthcare, Retail, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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The time & management segment dominated the market with the largest revenue share through the forecast period.
Based on solution, the global workforce optimization market is segmented into workforce scheduling, time & attendance, embedded analytics, absence management, and others. Among these, the time & management segment dominated the market with the largest revenue share through the forecast period. A time management system makes sure that labor union regulations and agreements provide visibility and control over the most valuable and expansive resource- your employees. Time and attendance management systems are widely used in a variety of sectors, such as retail, healthcare, and manufacturing.
The large enterprises segment dominated the market with the largest market share in 2023.
Based on the company size, the global workforce optimization market is segmented into large enterprises and small & medium enterprises (SMEs). Among these, the large enterprises segment dominated the market with the largest market share in 2023. Multiple sites, a diverse workforce, and complicated shift scheduling are all part of the workflow management of large enterprises. Large company segments are increasing in demand for labor management to improve overall efficiency, streamline operations, and maximize resource use.
The BFSI segment accounted for the largest revenue share of the global workforce optimization market during the forecast period.
Based on the application, the global workforce optimization market is segmented into academia, automotive & manufacturing, BFSI, government, healthcare, retail, and others. Among these, the BFSI segment accounted for the largest revenue share of the global workforce optimization market during the forecast period. Money transfer transaction workload volume naturally varies significantly throughout the day. The industrial growing requirement for labor scheduling and labor budgeting solutions is driving the BFSI segment market.
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Europe dominates the market with the largest market share over the forecast period.
Europe dominates the market with the largest market share over the forecast period. European countries have provisions for various leave entitlements, including annual, maternity/paternity, parental, and sick leave that surges the market demand for workflow management. Automated workforce operations are the innovative developments that are contributing to driving market growth in the region. Germany held the largest market while the UK was the fastest growing market in the Europe region.
Asia-Pacific region is expected to grow the fastest during the forecast period. The rising government initiatives and investments in digitization are driving the market growth in the region. The growing number of automation projects and the adoption in the IT sector, specifically among the SMEs to enhance the productivity of the company. In the Asia-Pacific region, China held the largest market share of workforce management while India is the fastest-growing market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global workforce optimization market are Oracle Corporation, Ceridian HCM, Inc, WorkForce Software, LLC, Replicon, Infor, SAP SE, UKG Inc., NICE, ActiveOps PLC, Blue Yonder Group, Inc, EG Solutions, Reflexis Systems, Inc, SISQUAL Workforce Management, Lda., Kronos, and Other Key Players.
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Recent Developments
- In June 2023, Strata Decision Technology (Strata), a pioneer and leader in the development of cloud-based financial planning, analytics, and performance tools for healthcare, announced the launch of its Real-Time Workforce Management (RTWM) solution, designed to address the financial and operational goals of nursing leaders.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global workforce optimization market based on the below-mentioned segments:
Global Workforce Optimization Market, Solution
- Workforce Scheduling
- Time & Attendance
- Embedded Analytics
- Absence Management
- Others
Global Workforce Optimization Market, Company Size
- Large Enterprises
- Small & Medium Enterprises (SMEs)
Global Workforce Optimization Market, Application
- Academia
- Automotive & Manufacturing
- BFSI
- Government
- Healthcare
- Retail
- Others
Global Workforce Optimization Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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