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The global workforce management market size reached a value of more than USD 8.10 billion in 2023. The global market is expected to grow at a CAGR of 9.20% in the forecast period of 2024-2032, likely to reach a value of USD 17.87 billion by 2032.
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Workforce management comprises of an integrated set of processes through which a company allocate resources, track attendance, and track goals for optimising productivity. WFM entails successfully estimating labour requirements and designing and controlling staff schedules to complete a certain activity on a daily and hourly basis.
Companies around the world are adopting hybrid workstyles by allowing employees to work-from-home on certain days and occasions. This has enhanced the importance of workforce management services for companies to efficiently manage their workflow.
The demand for cloud-based workforce management softwares has surged as they help business to optimise their workflow by enabling the company to automate tasks that are traditionally labour intensive, while also providing other management solutions.
Software companies are curating cost-efficient management service plans based on company needs and size. This will allow smaller companies to adopt services and improve their work efficiency, which will further boost the market development.
The ongoing rapid industrialisation and commercial development in emerging regions has propelled the implementation of human resource management strategies to improve recruitment, attendance management, performance management, and documentation, among other processes. This can provide positive development opportunities to the market.
Small and medium sized companies are hesitant in adopting workforce management services due to the high initial cost for setup, management which requires skilled professionals, and infrastructure in case of on-premises management service. This can impede the market growth rate.
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Based on type, the market can be segmented into time and attendance management, workforce scheduling and workforce analytics, absence and leave management, performance and goal management, among others. Based on deployment mode, it can be bifurcated into on-premise and cloud.
Based on end-user vertical, the market segments include BFSI, consumer goods and retail, automotive, energy and utilities, healthcare, and manufacturing, among others. The regional markets for the workforce management market can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
Based on deployment modes, the market bifurcations include on-premise and cloud. Technological developments and increasing demand for all-in-one solutions for workforce management and automation is driving the market growth. Thus, companies have been increasingly adopting cloud-based workforce management software helps business to optimise workflow and improve efficiency.
On-premise segment provides a premise installation option which provide full control on the upgrade and maintenance schedules, security configuration and patches, and access to the software. It is expected to experience steady growth in the market during the forecast period.
Based on end-user vertical, the market can be segmented into BFSI, consumer goods and retail, automotive, energy and utilities, healthcare, and manufacturing, among others. Among these segments, healthcare is expected to hold the largest share in the market owing to the increasing focus of healthcare organisations to reduce labour expenses and improve efficiency. Healthcare organisations are focusing on improving their communication methods, human resource staff, and talent acquisition.
The BFSI segment is also expected to hold a significant share of the market owing to theincreasing adoption of management softwares for automation of labour-intensive tasks.
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ActiveOps PLC is a United Kingdom based software company that provide organisations with workforce automation services for various purposes to improve the workflow efficiency. The company was founded in 2005 and its headquarter is located in Reading, Berkshire.
NICE Ltd. is an Israel-based software company, which was founded in 1986. The company specialises in workforce engagement management, data security, surveillance, call centre software, and robotic process automation, among many other fields. They also offer one of the world’s largest cloud CX platform.
Oracle Corporation is one of the world’s largest computer technology companies which was founded in 1977. The company is headquartered in Texas, United States. The company is comprised of four main business sectors including cloud and license, hardware, and services. The company is known for its database management system, called Oracle database software.
Other market players include Kronos Incorporated and Infor Group, among others.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Deployment Mode |
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| Breakup by End-user Vertical |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The market size reached a value of USD 8.10 billion in 2023.
The market size is estimated to reach a value of USD 17.87 billion in 2032.
The global market size is expected to grow at a CAGR of 9.20% during the period 2024-2032.
The market is driven by the increasing demand for management software to optimise efficiency and rapidly growing demand for cloud-based workforce management service.
The rising launch of cost-efficient service plans and adoption of work-from-home trend in companies is propelling the marker growth.
The regional markets for the global workforce management market include North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.
The different types of workforce management in the market include time and attendance management, workforce scheduling and workforce analytics, absence and leave management, performance and goal management, among others.
The deployment modes for workforce management include on-premise and cloud.
The end-user verticals for workforce management include BFSI, consumer goods and retail, automotive, energy and utilities, healthcare, and manufacturing, among others.
The key players in the market include ActiveOps PLC, NICE Ltd., Oracle Corporation, Kronos Incorporated, and Infor Group, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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