Innovative Approaches to Workforce Management: A Market Research Study – 2027
Rise in demand for workforce optimization & mobile applications and cloud-based workforce management fuels the growth of the global workforce management market.
PORTLAND, PORTLAND, OR, UNITED STATES, March 6, 2024 /EINPresswire.com/ — According to the report published by Allied Market Research, the global workforce management market was estimated at $4.35 billion in 2019 and is expected to hit $9.39 billion by 2027, registering a CAGR of 10.2% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and fluctuating market trends.
The workforce is the biggest asset of a business, where they play a critical role in performing day-to-day operations and offer the biggest competitive advantage in the highly competitive market. Thus, many business leaders opt for workforce management solutions to help them optimize their workforce operations and schedule the task depending upon the task priority and skilled labor. This in turn is a factor that drives the workforce management market during the forecast period. Moreover, in this digital era, workforce mobile applications have gained high traction owing to their ability to track the employee’s location and gain task status instantaneously.
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Workforce management offers wide range of solutions such as time and attendance management, task management, workforce scheduling, workforce analytics, budgeting and forecasting, and many others. Though the workforce management solution offers wide range of features, many advance/premium features require extra cost. Thus, many companies opt for customized solutions package that includes features that are specific to their needs. This has created a significant opportunity for workforce management market growth, owing to workforce customized solutions offerings.
Impact of COVID-19 on Workforce Management Market:
• With most of organizations adopting the trend of work-from-home, workforce management solutions that come with the very potential to remotely track and administer employees have extensively been embraced by several commercial and manufacturing units across the world.
• This way, companies are most likely to find themselves in a good position as the technology helps in retaining the best talent and engaging employees most effectively.
Rise in demand for workforce optimization & mobile applications and increase in adoption of cloud-based workforce management fuel the growth of the global workforce management market. On the other hand, privacy and security concerns related to workforce data deployed on the cloud restrain the growth to some extent. Nevertheless, integration of advanced technologies in workforce management is anticipated to create multiple opportunities in the industry.
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Healthcare and retail industries leverage mobile-based workforce applications as it offers then cost benefit and ease in handling business. Moreover, retail and manufacturing industries thrive to optimize their supply chain processes, among which workforce plays a major role. Human resource management plays an important role in all industries, insights on employees’ accountability as well as performance evaluation can help industries to achieve high productivity. This in turn is a major factor expected to drive the growth of the global workforce management market in the forthcoming years.
Depending upon the deployment mode the workforce management market is divided into on-premises and cloud. The cloud segment dominated the market in 2019, whereas on-premises deployment was widely preferred among large enterprises owing to the high availability of infrastructure. The adoption of cloud technology has proliferated the number of applications launched that offer high volume of data storage and access to data at any time and anywhere. Hence, an increase in the adoption of cloud-based workforce management is widely witnessed as an ongoing trend in the global workforce management market. Moreover, in the necessity to achieve a competitive advantage, many companies prefer a pay-as-you-go model, due to which cloud-based workforce management solutions dominate the market during the forecast period.
Based on components, the solution segment accounted for more than three-fifths of the total market share in 2019, and is expected to rule the roost by 2027. Simultaneously, the services segment would exhibit the fastest CAGR of 12.1% during the forecast period.
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As enterprises are compelled to cope with growing consumer demand, the need for an optimized and well-coordinated workforce has raised the adoption of workforce management among various organizations. Moreover, large enterprises have a high number of workforce operating across the globe. High adoption of workforce management is thus witnessed among large enterprises as these organizations thrive to have a cohesive and detailed understanding of their employees and task-completed reports.
North America dominated the workforce management market in 2019 owing to the availability of compatible infrastructure in the region. Moreover, Asia-Pacific countries accounts for high number in workforce, thus, need to collaborate, communicate, and coordinate with high number of workforce is driving the growth of the market. On-going COVID-19 pandemic has compelled industries across the globe to opt for technological solutions that handle remote working and social distancing. This is also a factor to drive the market growth.
Some of the key market players profiled in the workforce management market analysis include ADP, LLC, Infor, IBM Corporation, Kronos Incorporated, Oracle Corporation, SAP SE, SumTotal Systems, LLC, Verint Systems Inc., Workday, Inc., and WorkForce Software, LLC. Major players operating in this market have witnessed significant adoption of strategies such as business expansion and partnership to reduce supply–demand gap. With increase in remote working and lockdown initiatives across the globe, major players have collaborated their product portfolio to provide differentiated and innovative cloud-based workforce management products.
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