The workforce management market is expected to be worth $8.4 billion by 2021. The total workforce management market is expected to be worth US$ 21.9 billion by 2032, growing at a 9.2% CAGR between 2022 and 2032, compared to a 7.5% CAGR between 2017 and 2021.
As per FMI, the adoption of workforce management solutions in businesses for increasing efficiency and productivity among their employees is high. These solutions are providing automated resolutions to everyday tasks such as forecasting, staff scheduling, leave planning, and others.
Small and large businesses are using cloud-based workforce management solutions to merge the data onto a single platform and allow their employees to handle self-service processes. The workforce management software comes with a web application and employees can access it from a computer, tablet, and smartphone.
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As large enterprises employ a large workforce, there is an increase in the adoption of IoT-based workforce management solutions for reducing costs, streamlining processes, and increasing productivity through improved scheduling, management, and tracking of labor resources. As a result, this will spur the adoption of workforce management solutions over the forecast period.
Key Takeaways:
- By component, the workforce management solutions segment is expected to grow at a CAGR of 10.3% in the global demand for workforce management during the forecast period 2022-2032.
- By deployment type, the cloud-based segment is anticipated to increase at a CAGR of 10.0% between 2022 & 2032.
- By organization size, the adoption of workforce management solutions in large enterprises segment is anticipated to increase at a CAGR of 9.7% between 2022 & 2032.
- By vertical, the adoption of workforce management solutions in Information Technology enabled Services (ITeS) is anticipated to increase at a CAGR of 12.4% between 2022 & 2032, while the BFSI segment is currently dominating the market share.
- North America is expected to lead the market followed by Europe in 2021. South Asia & Pacific is anticipated to emerge as the fastest growing region between 2022 & 2032.
Utilizing Workforce Management for Data-Driven Insights
After COVID-19, companies are opting for a hybrid work model and facing challenges to gain real-time insights into the productivity of their employees. Workforce management solution makes it possible for companies to track employees’ productivity and streamline work performance. From completing a task to tracking lunch breaks, the solution can be used for creating and managing staff schedules.
Using workforce management solutions, businesses are saving a good number of hours and spending it on the human aspect of HR. In addition, workforce management tools are supreme for large businesses for managing a remote workforce. These tools help large businesses to stay in sync with employees, issues with payroll, and others. Hence, the adoption of workforce management for data-driven insights driving the global market.
Deployment of Workforce Management Solution in Healthcare for High-Value Care
The workforce management software helps the healthcare industry in running various kinds of applications such as moving staff across branches, communicating more efficiently, reducing admin time, and others. With workforce management solutions, healthcare providers can reduce payroll and rely less on agency staff by optimizing their workforce.
Nursing staffs are the primary providers of care in hospitals and clinics and the schedule of this workforce must be well-managed and planned. The authorities can use a workforce management system to successfully organize and schedule the hours and working shifts of the nurses. As a result, the need for proper workforce management systems in healthcare for seamless functionality is helping the market to grow in the upcoming years.
Workforce Management Market Outlook by Category
By Component:
- Solutions
- Services
By Deployment Type:
- On-Premises
- Cloud-Based
By Organization Size:
- Large Enterprises
- Small and Mid-Sized Enterprises (SMEs)
By Vertical:
- BFSI
- Telecom
- Government
- Consumer Goods and Retail
- Manufacturing
- Energy and Utilities
- Transportation and Logistics
- Healthcare and Life Sciences
- Information Technology Enabled Services (ITeS)
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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