WORKFORCE MANAGEMENT MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (155)
The global workforce management market is estimated to be valued at USD 11.11 Bn in 2024 and is expected to reach USD 13.92 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 3.3% from 2024 to 2031.
The workforce management market has witnessed significant growth in the recent years owing to growing digitization of various businesses and the need for efficient workforce scheduling and optimization. Workforce management involves planning, forecasting, scheduling, tracking, and optimizing the work done by employees across an organization. It helps businesses in increasing productivity, reducing labor costs and improving customer experience. With increasing complexity in business operations and evolving workforce expectations, businesses are looking at advanced workforce management tools and solutions to centrally manage their dynamic workforce. This is expected to drive the demand for workforce management systems in the coming years.
Market Dynamics
The global workforce management market is driven by the need for optimized scheduling of human resources and the demand for improved operational efficiency. Majority of businesses now operate on a 24/7 basis with complex scheduling needs. This has increased the demand for automated workforce management tools that can centrally manage employee shifts, holidays, vacations, and other leave requests. They help in ensuring sufficient staffing for smooth operations. Moreover, the capabilities of workforce analytics solutions allow businesses to match employee skills with task requirements, forecast labor demand, and right size headcount according to business needs. However, high initial investment and integration costs associated with deploying workforce management systems are expected to restrain market growth. On the positive side, the growing adoption of cloud-based workforce management solutions owing to their cost benefits and capability to be accessed from anywhere is expected to create new opportunities in the market.
Key Features of the Study:
- This report provides in-depth analysis of the global workforce management market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global workforce management market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include Kronos, Inc., Oracle Corporation, SAP SE, Automatic Data Processing, Inc.,Workday, Inc. WorkForce Software, LLC., Ultimate Software, Cornerstone OnDemand, Inc. IBM Corporation, Verint, Infor, and NetSuite, Inc.
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- The global workforce management market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global workforce management market
Market Segmentation
Table of Contents
*Browse 32 market data tables and 28 figures on 'Workforce Management Market' - Global forecast to 2031
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