Workforce Management Market Size Will Hit USD 14.31 Billion by 2030

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The Asia-Pacific market is expected to have the most spectacular growth trajectory in the coming years. Digitization of services and processes, supported by significant government support, is the primary factor fueling the market in this region.

The Workforce management market is expected to increase at a compound annual growth rate (CAGR) of 9.2 per cent during the study period, from USD 6,394.4 million in 2020 to 14.31 billion by 2030.

There was a favourable Workforce Management Market expansion between 2016 and 2020. Essentially, it is a collection of tools and procedures that centralises the industry's data to aid in human resource operations. Furthermore, the increase in technological breakthroughs and widespread acceptance of cloud-based systems cause the market to grow at an exponential rate.

Following that, the reason for its popularity in this industry is the widespread awareness of technology and the benefits of working from home. Furthermore, the introduction of several small and medium-sized organisations and industries contributes to the expansion of the Workforce Management Market size. This market is primarily responsible for rapid expansion due to the need for improvement in company organisations.

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Key Players: -

  • Kronos Inc
  • ADP LLC
  • IBM Corporation
  • Workday Inc.
  • SAP SE
  • Verint Systems Inc
  • Workforce Software LLC
  • Oracle Corporation
  • Ultimate Software
  • Reflexis Systems

 

 

Market Segmentation

The Workforce Management Software Market is classified into four segments: type (workforce scheduling and analytics, time and attendance management, performance and goal management, absence and leave management), deployment model (on-premises, cloud), end-user vertical (BFSI, consumer goods and retail, automotive, energy and utilities, healthcare, manufacturing), and geography.

 

Regional Classification

The Asia-Pacific market is expected to have the most spectacular growth trajectory in the coming years. Digitization of services and processes, supported by significant government support, is the primary factor fueling the market in this region. Singapore's 'Go Digital' initiative, which promotes SMEs to integrate digital solutions into their existing settings, is an ideal illustration of this.

North America is projected to dominate the labour management market share, with a revenue creation of USD 0.92 billion in 2018, as enterprises in the region aggressively deploy cloud-based solutions. Furthermore, the region is home to some of the world's greatest technological companies, like IBM and Oracle, which bodes well for this industry. The rising desire for automation, on the other hand, is projected to propel the market in Europe.

Furthermore, significant investment is being made in the adoption of workforce scheduling software throughout Europe, particularly in the healthcare, manufacturing, travel and transportation, and retail sectors. In Germany, the increased deployment of cloud solutions is essentially driving workforce management adoption. The increasing automation in Germany's manufacturing industry places a high demand on workforce management systems.

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Industry News

The COVID 19 epidemic has had a good impact on the WFM software market, promoting digitization and automation throughout all manufacturing sectors worldwide. Many firms were obliged to allow their workers to work from home due to the lockdown and physical distance restrictions required to limit the spread of COVID 19. WFH or remote work location mandates demonstrate the importance of an online solution for managing employees in real-time and with accurate information.

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