New York , Nov. 06, 2023 (GLOBE NEWSWIRE) -- The global workforce management software market size is poised to grow at a CAGR of over 6% from 2023 to 2035. The market is anticipated to garner a revenue of USD 24 billion by the end of 2035, up from a revenue of USD 9 billion in the year 2022. The rising adoption of automation in companies to manage workflows is the major driving factor of the market growth. Automation is presently used to some level by at least 67% of businesses globally. However, it is a quickly changing tool, and firms are still learning how to fully utilize it. The boosted productivity is the major reason for the adoption of automation. 90% of knowledge employees today have better jobs, and 66% are more productive owing to adoption. Automatic technology systems include the integration of workforce management software. These tools made all the tasks of HR much easier and other workforce-related procedures, thus reducing the human efforts and errors caused by humans.
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Workforce Management Software Market: Key Takeaways
- Market in North America region to propel the highest growth
- The Cloud segment to garner the highest growth
- Market in Asia Pacific region to grow at a highest rate
Rising Employment in the World is Boost the Growth of the Workforce Management Software Market
Employers predict a 23% structural labor market turnover over the next five years. This can be understood as an aggregate measure of disruption, consisting of both new employment created and jobs lost. As per the data from the World Economic Forum, structural job growth of 69 million jobs and a drop of 83 million jobs out of the 673 million jobs reported in the dataset in this research. This translates into a net loss of 14 million jobs or 2% of present employment. This will increase the process of hiring and firing as well which increase the demand for workforce management system in the organization.
Workforce Management Software Industry: Regional Overview
The global workforce management software market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
The rise in the Number of Providers of Management Service is to Increase the Market Growth in North America Region
The number of enterprises in the Field Service Management Software industry in the United States increased by 16.1% each year on average during 2018 and 2023. Moreover, as of 2023, there are 93 Field Service Management Software companies in the United States, a 16.1% increase from 2022. The rising presence of service providers will increase the accessibility of workflow management software for the organization. Moreover, the service will become even more cost-effective and it will become affordable for even small and medium-sized businesses. On the other hand, the dominance of information technology infrastructures is also expected to increase the adoption of CRM, ERP, and other cloud services.
Rising Acceptance Towards Digital Transformation to Elevate Market Growth in Asia-Pacific
The Asia-Pacific area is home to some of the world's fastest-growing economies, 60% of the worldwide population, and, by 2019, 50% of the global internet user base. As a result, it is no surprise that Asia leads in digital innovation, outperforming many other regions, including Europe and the Americas. Starting from individuals to large enterprises are also actively working to adopt digital transformation in their workplace. In the APAC region, around 70% of major corporations and middle-market firms have placed an approach to digital transformation, with Taiwan topping the way at 95%. This represents an increase from 2020 when 57% of APAC businesses had a digital strategy.
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Workforce Management Software Segmentation by Component
- Services
- Software
Workforce Management Software Segmentation by End User
- It & Telecom
- Banking
- Financial Services
- Insurance (BFSI)
- Healthcare
- Retail
- Transportation
Rising employment in the IT & Telecom sector is the major reason why the workforce management software is in high demand in the sector. Accenture, which employs over 300,000 people worldwide, was able to eliminate annual reviews and stack rankings entirely with the use of performance management software. Furthermore, other companies are also increasingly using such software in order to maintain law and order among the plethora of employees. Following a significant dip in the IT workforce in June 2020, IT employment surpassed three million persons in April 2022 and peaked at around 3.12 million personnel in January 2023.
Workforce Management Software Segmentation by Enterprise Size
- Small & Medium Enterprise
- Large Enterprise
Workforce Management Software Segmentation by Deployment
- On-Premise
- Cloud
On the basis of deployment, the workforce management software market cloud segment is expected to gain the highest market revenue over the forecasted period. Most companies have unloaded their work on the cloud and now the deployment of workforce management software has been easier than ever through the cloud. The share of enterprises likely to adopt cloud computing is expected to reach about 65% in 2022, up from 40% in the following 18 months. Furthermore, in 2021, cloud computing will account for approximately 42% of all investments by telecom sector.
A few of the well-known market leaders in the global workforce management software market that are profiled by Research Nester are Oracle Corporation, Appian Corporation Inc., Software AG, International Business Machines Corporation, Pegasystems Inc., Bizagi, Nintex Global Ltd. Neygen Software Technologies Limited, SourceCode Technology Holdings, Inc., and Xerox Corporation.
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Recent Developments in the Workforce Management Software Market
- Oracle Corporation has announced the launch of the New Oracle Fusion Cloud Application new automation capabilities and AI that provide customers a scope of monitoring the management of the supply chain for boosting the efficiency of the organization. It assists customers in organizing subscription management and usage evaluations, meeting accounting standards, simplifying order administration, lowering costs and time to market, and providing a smooth customer experience.
- Appian Corporation, Inc. has revealed the availability of the late and revised version of the Appian Platform for an automation process. Appian's industrial-strength low-code architecture underpins the latest release's advances in total experience, data fabric, automation, and process mining. The latest edition makes it easier than ever before to create visually appealing and user-friendly online and mobile Portals that engage people outside the organization in a seamless complete experience with internal staff.
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