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By 2023, the workforce management industry had grown to a size of $7.42 billion. During the forecast period (2024–2031), the workforce management market is expected to expand from $7.89B in 2024 to $15.897B in 2031, a CAGR (compound annual growth rate) of 11.20%.A major factor fueling the market's expansion is the rising desire for workplace automation.
By making sure all resources are available when they need to be, workforce management maximizes employee productivity. In most cases, workforce management includes tasks like as timekeeping, attendance tracking, scheduling, skill management, intraday management, and forecasting. Integration with third-party HR apps and critical HR technologies, which store important employee data, is common in workforce management software. Human resources are able to better manage staff and boost organizational output as a result. Workforce management (WFM) is a method for efficiently meeting labor needs and creating and overseeing personnel schedules for the daily and hourly execution of specific tasks. In order to provide better solutions for HRM, workforce management incorporates AI and the Internet of Things. Thanks to benefits like limitless scalability, control, and a variety of applications, the cloud segment is thriving in the Asia-Pacific labor management market.
Companies of all sizes were compelled to swiftly adjust to the government's self-isolation measures due to the acceleration of this trend caused by the COVID-19 pandemic. As more people are compelled to work remotely due to the worldwide epidemic, German firms are starting to realize the need of remote workforce management software. This software may help them efficiently oversee their remote workers.
Organizations utilize workforce management strategies and technologies to maximize staff output and efficiency. The rising popularity of cloud-based solutions and the pressing need for organizations to enhance operational efficiency are fueling the rapid expansion of the workforce management market. But there are a number of obstacles that this market must overcome, such as the growing complexity of labor legislation and the scarcity of qualified workers. Keeping up with the latest developments, trends, and drivers of the workforce management industry, as well as the obstacles that businesses encounter, is crucial in this regard.
The evolution of workforce management solutions from more conventional methods to those based on information technology is a fast-paced process. In order to free up workers' time to concentrate on what really matters for their companies, the workforce management market offers a variety of solutions that streamline their tasks. Not only do market solutions aid in streamlining the workforce, but they also make employees' jobs easier. Solutions for managing the workforce assist with a variety of HR tasks and data analysis for essential business operations; these solutions cover topics such as time and attendance, absence and leave management, workforce scheduling, workforce analytics, fatigue management, and task management.
In order to improve business outcomes, workforce analytics is crucial for locating and fixing operational holes in a company's workforce. As mentioned in a report by IBM Business Services, it allows HR to shift focus from administrative duties to a more strategic approach. Because of this change, more and more businesses are using workforce analytics to improve their workforce operations. Presently, businesses are more concerned with finding ways to get the most out of their current employees than they are with recruiting new ones. The characteristics and circumstances that lead to high-performing teams and people can be better understood with the use of workforce analytics. A new trend in workforce management is the integration of workforce analytics technologies. The market's CAGR is driven by this aspect.
Workforce management software also helps save money by maximizing efficiency in relation to total staff expenditure. Leading companies are boosting their software with the help of artificial intelligence (AI) and machine learning (ML). An AI-driven engine that enhances scheduling according to worker talents, seasonal demand, and consumer volume is AIMEE, which Kronos has introduced. Users are being enticed to embrace modern workforce management systems in order to take advantage of these technological advancements.Consequently, the Workforce Management market is driven by these factors.
Report Coverage
Global Workforce Management research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Workforce Management report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Workforce Management competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Workforce Management market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Workforce Management market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Workforce Management market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
UKG Inc., Reflexis Systems, Inc., SAP, Verint Systems Inc., ADP, ATOSS Software AG, NICE, Workday, Inc., Visier, Inc., Ceridian HCM, Inc., Paylocity., Paycom Payroll LLC., Sumtotal Systems, LLC, Infor, Cegid Meta4, Ramco Systems, Replicon, IBM, INFORM Software, InVision AG, and Oracle
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2031. INFINITIVE DATA EXPERT has segmented the global Workforce Management market based on the below-mentioned segments:
Global Workforce Management Market, By Component
Attendance Management
Absence Management
Workforce Scheduling
Workforce Analytics
Performance Management
Desktop
Global Workforce Management market, By Vertical
Banking Financial Services Insurance
IT & Telecommunication
Energy
Global Workforce Management Market, By Service
Implementation Services
Training
Education Services
Global Workforce Management market, Regional Analysis
By making sure all resources are available when they need to be, workforce management maximizes employee productivity. In most cases, workforce management includes tasks like as timekeeping, attendance tracking, scheduling, skill management, intraday management, and forecasting. Integration with third-party HR apps and critical HR technologies, which store important employee data, is common in workforce management software. Human resources are able to better manage staff and boost organizational output as a result. Workforce management (WFM) is a method for efficiently meeting labor needs and creating and overseeing personnel schedules for the daily and hourly execution of specific tasks. In order to provide better solutions for HRM, workforce management incorporates AI and the Internet of Things. Thanks to benefits like limitless scalability, control, and a variety of applications, the cloud segment is thriving in the Asia-Pacific labor management market.
Companies of all sizes were compelled to swiftly adjust to the government's self-isolation measures due to the acceleration of this trend caused by the COVID-19 pandemic. As more people are compelled to work remotely due to the worldwide epidemic, German firms are starting to realize the need of remote workforce management software. This software may help them efficiently oversee their remote workers.
Organizations utilize workforce management strategies and technologies to maximize staff output and efficiency. The rising popularity of cloud-based solutions and the pressing need for organizations to enhance operational efficiency are fueling the rapid expansion of the workforce management market. But there are a number of obstacles that this market must overcome, such as the growing complexity of labor legislation and the scarcity of qualified workers. Keeping up with the latest developments, trends, and drivers of the workforce management industry, as well as the obstacles that businesses encounter, is crucial in this regard.
The evolution of workforce management solutions from more conventional methods to those based on information technology is a fast-paced process. In order to free up workers' time to concentrate on what really matters for their companies, the workforce management market offers a variety of solutions that streamline their tasks. Not only do market solutions aid in streamlining the workforce, but they also make employees' jobs easier. Solutions for managing the workforce assist with a variety of HR tasks and data analysis for essential business operations; these solutions cover topics such as time and attendance, absence and leave management, workforce scheduling, workforce analytics, fatigue management, and task management.
In order to improve business outcomes, workforce analytics is crucial for locating and fixing operational holes in a company's workforce. As mentioned in a report by IBM Business Services, it allows HR to shift focus from administrative duties to a more strategic approach. Because of this change, more and more businesses are using workforce analytics to improve their workforce operations. Presently, businesses are more concerned with finding ways to get the most out of their current employees than they are with recruiting new ones. The characteristics and circumstances that lead to high-performing teams and people can be better understood with the use of workforce analytics. A new trend in workforce management is the integration of workforce analytics technologies. The market's CAGR is driven by this aspect.
Workforce management software also helps save money by maximizing efficiency in relation to total staff expenditure. Leading companies are boosting their software with the help of artificial intelligence (AI) and machine learning (ML). An AI-driven engine that enhances scheduling according to worker talents, seasonal demand, and consumer volume is AIMEE, which Kronos has introduced. Users are being enticed to embrace modern workforce management systems in order to take advantage of these technological advancements.Consequently, the Workforce Management market is driven by these factors.
Report Coverage
Global Workforce Management research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Workforce Management report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Workforce Management competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Workforce Management market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2031 |
| Base Year | 2023 |
| Forecast Period | 2023-2031 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | UKG Inc., Reflexis Systems, Inc., SAP, Verint Systems Inc., ADP, ATOSS Software AG, NICE, Workday, Inc., Visier, Inc., Ceridian HCM, Inc., Paylocity., Paycom Payroll LLC., Sumtotal Systems, LLC, Infor, Cegid Meta4, Ramco Systems, Replicon, IBM, INFORM Software, InVision AG, and Oracle |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Workforce Management Market from 2021 to 2031.
- Market Forecast for Workforce Management Market from 2021 to 2031.
- Regional Market Share and Revenue from 2021 to 2031.
- Country Market share within region from 2021 to 2031.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Workforce Management competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Workforce Management
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Workforce Management market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Workforce Management market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
UKG Inc., Reflexis Systems, Inc., SAP, Verint Systems Inc., ADP, ATOSS Software AG, NICE, Workday, Inc., Visier, Inc., Ceridian HCM, Inc., Paylocity., Paycom Payroll LLC., Sumtotal Systems, LLC, Infor, Cegid Meta4, Ramco Systems, Replicon, IBM, INFORM Software, InVision AG, and Oracle
Primary Target Market
- Market Players of Workforce Management
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2031. INFINITIVE DATA EXPERT has segmented the global Workforce Management market based on the below-mentioned segments:
Global Workforce Management Market, By Component
Attendance Management
Absence Management
Workforce Scheduling
Workforce Analytics
Performance Management
Desktop
Global Workforce Management market, By Vertical
Banking Financial Services Insurance
IT & Telecommunication
Energy
Global Workforce Management Market, By Service
Implementation Services
Training
Education Services
Global Workforce Management market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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