Healthcare Workforce Management Systems Market to Hit US$ 4,582.72 Million By 2030 | Latest Insights

New York, Sept. 06, 2023 (GLOBE NEWSWIRE) -- The global Healthcare Workforce Management Systems Market is expected to witness significant growth at a CAGR of 13.1% during the forecast period of 2023-2030. This growth is attributed to technological innovations in healthcare workforce management to support the healthcare sector.

According to a recent report by Consegic Business Intelligence, the healthcare workforce management systems market is poised for strong expansion and is expected to reach USD 4,582.72 million by 2030. The market, which was valued at USD 1,741.82 million in 2022, is projected to grow at a compound annual growth rate of 13.1% during the period 2023-2030. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the healthcare workforce management systems market.

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A healthcare workforce management system is a coordination system that is used for staffing and scheduling the organization’s workforce effectively and efficiently. Large healthcare facilities or healthcare centers use workforce management systems to better manage their labor and work hours while keeping busy hours, emergencies, and other schedule changes in mind.

The large amount of administrative work needed to run a busy hospital is challenging and vital to its progress. A healthcare workforce management system can easily accomplish these tasks, such as managing staff and their schedules, scheduling shifts, ensuring breaks are taken, writing reports, and other functions. Due to the high benefits of healthcare workforce management systems in improving cost-efficiency, workforce engagement, and other benefits, the demand for the system is improving.

Global Healthcare Workforce Management Systems Market: Report Attributes

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Global Healthcare workforce management systems Market Segmentation Details:

Based on Product, in 2022, the software segment contributed the largest market shares in the healthcare workforce management systems market. Healthcare workforce management systems software helps the healthcare sector to effectively monitor and track staff attendance along with their schedule and workflow. Furthermore, healthcare workforce management systems also have effective appointment booking software that helps hospitals manage appointments based on availability. The increasing launches of new and advanced healthcare workforce management software systems are driving market growth.

Based on the Mode of Delivery, in 2022, the cloud-based segment contributed the largest market share in the healthcare workforce management systems market. The high benefits of cloud-based healthcare workforce management systems are the major factors leading to the dominance of the segment in the base year. Cloud-based delivery in the healthcare sector provides benefits such as low set-up cost, lower cost of IT maintenance, elimination cost of software updates, and provides the advantage of flexibility and adaptability in workforce management systems. Various companies worldwide are focusing on the launch of cloud-based workforce management systems for the healthcare industry, which is a major factor driving the segment growth.

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Based on End User, in 2022, the hospital segment contributed the largest market shares in the healthcare workforce management systems market. Healthcare workforce management systems are employed in various hospitals to improve workforce productivity and efficiency across the hospitals. Healthcare workforce management systems provide various benefits in hospitals for tracking employee shift timing, efficient payroll management, following regulatory compliances, and managing human resources at hospitals. Owing to these high benefits, healthcare workforce management systems are increasingly getting popular across hospitals.

Based on Region, in 2022, North America accounted for the largest share contribution of 38.50% to the market growth driven by the high presence of large key players such as IBM, Oracle Corporation, Kronos Incorporated, and others in the region. In addition to this, increasing investments in the development of healthcare workforce management systems across the region are driving market growth across the North American region.

Competitive Landscape

Curt G. Joa, Inc., IBM Corporation, Infor, Inc., Oracle Corporation, and McKesson Corporation are major market players that comprise the latest market circumstances. These companies are continuously leveraging new technologies to develop innovative solutions that are more efficient, and cost-effective. Further, the healthcare workforce management systems market is expected to grow steadily due to increasing investment in the healthcare workforce management systems, and growing employment in the healthcare sector, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships.

Recent Developments

• In June 2023, UKG or Kronos, Inc., a provider of HR, payroll, and workforce management solutions, announced the launch of UKG Strategic Workforce Planning in Australia and New Zealand (ANZ). This new product offering is a result of the recent acquisition of Quorbit, a United Kingdom-based start-up specializing in long-term workforce planning solutions for both retail as well as healthcare sector.
• In April 2023, Symplr, a healthcare operations software and services manufacturer announced the launch of Midas Care Management solution for the healthcare sector. These new solutions help the healthcare sector to efficiently manage staffing and recruiting processes.

Key Market Takeaways

• Based on product, the software segment accounted for the highest market share in the healthcare workforce management systems market statistics in 2022.
• Based on the mode of delivery, the cloud-based segment accounted for the highest market share in the healthcare workforce management systems market statistics in 2022.
• Based on end user, the hospitals segment accounted for the highest market share in the healthcare workforce management systems market statistics in 2022.
• Asia Pacific is expected to grow at the fastest CAGR of 13.9% during the forecast period due to the high economic growth, significant growth in the IT sector, and advancement in healthcare IT in the region.
• In 2022, North America accounted for the highest market share of 38.50% and was valued at USD 670.60 million and is expected to reach USD 1,773.51 million in 2030.

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List of Major Global Healthcare workforce management systems Market:

• IBM Corporation
• Infor, Inc.
• Oracle Corporation
• Kronos, Inc.
• McKessson Corporation
• OSP Labs
• GE Healthcare
• Cornerstone OnDemand, Inc.
• Strata Decision Technology, L.L.C.
• QGenda, LLC
• Symplr

Global Healthcare workforce management systems Market Segmentation: 

• By Product
  • Software
    • Integrated Solutions
    • Standalone Solutions
  • Services
• By Mode of Delivery
  • Web-based
  • Cloud-based
  • On-Premises
• By End User
  • Hospitals
  • Healthcare Institutions
  • Others

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Frequently Asked Questions in the Healthcare workforce management systems Market Report

• What was the market size of healthcare workforce management systems in 2022?
  • In 2022, the market size of healthcare workforce management systems was USD 1,741.82 million.
• What will be the potential market valuation for healthcare workforce management systems by 2030?
  • In 2030, the market size of healthcare workforce management systems is expected to reach 4,582.72 million.
• What is the key hampering the growth of the healthcare workforce management systems market?
  • The high cost of workforce management systems deployment is restraining market growth
• What is the dominating segment in the healthcare workforce management systems market, by end user?
  • In 2022, the hospitals segment accounted for the highest market share of 52.50% in the overall healthcare workforce management systems market.
• Based on current market trends, which geographical region contributed the largest share in the market?
  • North America accounted for the largest market share in the healthcare workforce management systems market.

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