NEWARK, Del, April 10, 2024 (GLOBE NEWSWIRE) -- The workforce management market is expected to be valued at US$ 8,877.4 million in 2024. The market is expected to progress at a promising rate over the forecast period, with a CAGR of 9.2%. By 2034, the value of the market is forecasted to have inflated to US$ 21,342.1 million.
Organizations are on the lookout for solutions relating to their human capital, including payroll and leave management. Workforce management solutions are thus being utilized by companies at an increasing rate. Workforce management is also being deployed to allow employees the best conditions to perform. Workforce management is being utilized to improve the diversity of workplaces and make them more inclusive, which is seeing the solution’s popularity grow.
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Large enterprises continue to adopt workforce management systems at a climbing rate. However, the market is not shut off from medium and small-scale organizations either, as workforce management’s popularity soars. Companies in the public sector are becoming a significant part of the consumer base as well.
Demand for remote workforce management is being catapulted by the increasing number of employees working remotely. The inclination of companies is towards the use of cloud computing in workforce management. Cloud-enabled workforce management systems are not only providing enhanced capabilities but also increasing the convenience of end-users
“Technology is playing a key role in the development of the market. Use of AI and machine learning is especially giving a new dimension to the market. Thus, AI and machine learning have the potential to see the market cross new frontiers” - says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
Key Takeaways from the Workforce Management Market
- The workforce management market is anticipated to be US$ 8,877.4 million in value in 2024.
- Cloud is the top deployment type in the market. For 2024, cloud is expected to account for 68.3% of the market share.
- Large enterprises are the prominent organizations in the market. For 2024, large enterprises are anticipated to account for 61.7% of the market share by organization type.
- Australia is a promising country for the market. The CAGR for India over the forecast period is forecasted to be 12.7%.
- China is another country poised to be lucrative for the market. For the 2024 to 2034 period, the CAGR for China is pegged at 9.7%.
- The market is expected to register a CAGR of 4.6% in Germany over the forecast period.
Competition Analysis of the Workforce Management Market
The workforce management market is highly competitive, with room enough to play for players of all scales. Acquisitions are common in the market as players go about increasing their share of the market. Some of the prominent companies in the market include Oracle, Kronos, AADP, and SAP.
Recent Developments in the Workforce Management Market
- In January 2024, Easy Employer was taken over by Valsoft Corporation Inc.
- In November 2023, Huntr and BetterPlace entered into a partnership.
- In September 2023, the Persol Group invested in Smartstaff.
- In June 2023, Deloitte acquired Enforce Consulting.
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Leading Key Companies in the Workforce Management Market:
- Oracle
- Kronos
- ADP
- SAP
- Ultimate Software
- WorkForce Software
- IBM
- Workday
- Ceridian
- Verint
- Reflexis Systems
- ATOSS
- NICE
- SumTotal
- Infor
- Meta4
- Ramco Systems
- TimeClock Plus
- Replicon
- Mark Information
Key Segmentation in Workforce Management Market:
By Component:
- Solutions
- Time and Attendance Management
- Leave and Absence Management
- Workforce Scheduling
- Workforce Analytics
- Others
- Services
- Consulting
- Implementation
- Training, Support and Maintenance
By Deployment Type:
- On-premises
- Cloud
By Organization Size:
- Large Enterprises
- Small and Mid-Sized Enterprises (SMEs)
By Vertical:
- BFSI
- Telecom
- Government
- Consumer Goods and Retail
- Manufacturing
- Energy and Utilities
- Transportation and Logistics
- Healthcare and Life Sciences
- Information Technology enabled Services (ITeS)
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
Authored By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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