Workforce Management Market Size to Reach USD 15.25 Billion in 2030| Emergen Research

VANCOUVER, B.C., Jan. 4, 2023 /PRNewswire/ -- The workforce management market size reached USD 6.66 Billion in 2021 and is expected to register a CAGR of 9.7% during the forecast period, according to latest analysis by Emergen Research. Rapid adoption of cloud-based workforce management solutions as well as rising demand for workforce optimization and mobile applications with growing demand for reduced operational costs are key factors driving the market revenue growth.

Demographic shifts, rising talent demand, and a scarcity of qualified personnel necessitate firms continually searching for and hiring top talent. However, with an ever-increasing need for competent workers, recruiting managers struggle to attract individuals with the necessary abilities or experience, offering one of the major workforce management issues.

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Growing competition has resulted in better resource usage and planning for effective decision-making and increased production, which is another major factor driving the growth of the workforce management market. On 8 December 2022, Eyrus which is the leading work-site intelligence platform for the construction and oil and gas industries, today announced significant platform advancements with the launch of "Eyrus, Evolved," which is considered to be the industry's most comprehensive, end-to-end solution to assist general contractors in making better progress, risk, and safety decisions. The latest version of the award-winning platform launches as Eyrus approaches the 7500 registered company benchmark.

Overstaffing, unnecessary overtime and other costly charges can be reduced by estimating labor demands using technology. Employers can examine how schedules affect budgets as they are prepared with workforce management platforms. Managers can immediately identify shift openings with real-time data and effectively fill them before resulting in an understaffed scenario. The option to construct timetables based on geography, department, or job also contributes to effective coverage.

According to data, over 79% of contact executives intend to invest in cloud-based Artificial Intelligence (AI) technologies in the near term to prioritize the customer experience. Some of the major factors driving demand for workforce management systems include the provision of business metric insights such as the number of employees necessary for a specific activity at a given moment, as well as effective tracking of daily performance of employees.

Drivers:

According to the Society for Human Resource Management's (SHRM) State of the Workplace Study (2021-2022) finding and recruitment of talent with required skills ranks as third in priority for 2022 with around 68% of respondents reporting this as a focused effort. Increasing penetration of cloud computing and growth of workforce analytics owing to being a time-effective solution are a few of the key factors driving high demand for workforce management software.

The benefits of workforce management solutions include reduced labor expenses, better staff productivity, and efficiency. Automation of operations in addition to advantages in terms of analytics and key business indicators are a few of the key factors driving demand for such solutions. Such type of data assists an organization in determining where vulnerabilities exist in policies and what can be done to overcome them, thereby, improving the organization's efficiency.

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Restraints:

However, rising concerns about data privacy and security in relation to workforce data deployed in the cloud, as well as a lack of understanding and awareness about the benefits of labor management software, are expected to restrain market growth.  Poor data quality and a lack of clearly defined roles and responsibilities within the organization are among the primary challenges management has when executing critical strategic workforce planning. Furthermore, unpredictability of employees staying in company is another factor limiting the growth of market.

Growth Projections:

The workforce management market is expected to register a CAGR of 9.7% over the forecast period and revenue is projected to increase from USD 6.66 Billion in 2021 to USD 15.25 Billion in 2030. Rising demand for reduced operational costs and increased productivity are expected to support revenue growth of the market.

Current Trends and Innovations:

Employee retention, analytics, and a mobile workforce are three main workplace trends that are expected to have the most influence on how firms manage their workforces in the future. These workforce analytics solutions enable businesses to discover which talents are in high demand and which they should develop internally or employ externally. Workforce management technologies make it much simpler to manage remote teams throughout the globe. They offer real-time data on the whereabouts of personnel, the projects they are working on, the tasks they are working on, and the length of time it takes them to do each one.

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Strategic Initiatives:

Major companies included in the market report are Oracle, UKG Inc., SAP, Workforce Software, LLC, Workday, Inc., ADP, Inc., Ceridian HCM, Inc., ATOSS Software AG, Paylocity, and Visier, Inc.

• On 12 October 2021, Priority Software Ltd., which is a leading global provider of business management solutions acquired Ovdimnet which is a market-leading Israel-based provider of AttenIX-TS, an advanced cloud-based Time & Attendance software for workforce management. Acquisition is expected to broaden Priority's offering to global enterprise customers in various sectors such as professional services and retail as well as companies with complex organizational structures and multi-branch operations. Moreover, it would enable penetration to a new customer base and new markets which will facilitate growth in both companies while maintaining product quality and continued high-level support and service.

Scope of Research

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Emergen Research has segmented workforce management market on the basis of component, deployment, organization size, application, end-use, and region:

• Component Outlook (Revenue, USD Billion; 2019-2030)
• Services
• Software
• Deployment Outlook (Revenue, USD Billion; 2019-2030)
• On-premise
• Cloud
• Organization Size Outlook (Revenue, USD Billion; 2019-2030)
• Large enterprises
• Small and medium enterprises
• Application Outlook (Revenue, USD Billion; 2019-2030)
• Workforce scheduling
• Workforce Analytics
• Time and attendance management
• Others
• End-use Outlook (Revenue, USD Billion; 2019-2030)
• Banking, Financial Services and Insurance (BFSI)
• Retail
• Government
• Education
• Telecom and IT
• Manufacturing
• Others
• Regional Outlook (Revenue, USD Billion, 2019 - 2030)
• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Rest of Europe
• Asia Pacific
• China
• Japan
• South Korea
• India
• Australia
• Rest of APAC
• Latin America
• Brazil
• Mexico
• Rest of LATAM
• Middle East & Africa
• UAE
• Saudi Arabia
• Africa
• Rest of Middle East

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