Workforce Management Market is to grow at 9.2% During the Forecast Period 2022 to 2032

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.

Solutions for workforce management increase the effectiveness of corporate management. This is possible due to the seamless integration of human management with other corporate management functions. The workforce management market is cited by Future Market Insights.

With cloud-based workforce management tools, both small and large enterprises may combine their data onto a single platform and give their staff access to self-service procedures. Employees can access the web application that comes with the workforce management software from a computer, tablet, or smartphone.

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The popularity of IoT-based workforce management solutions is growing as more large businesses utilise huge workforces. These solutions help to lower costs, streamline procedures, and boost productivity by improving the scheduling, management, and tracking of labour resources. As a result, during the course of the projection period, workforce management solution use will increase.

Key Takeaways: 

  • By component, workforce management solutions segment is expected to grow at a CAGR of 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 0%between 2022 & 2032.
  • By organization size, the adoption of workforce management solution in large enterprises segment is anticipated to increase at a CAGR of 7%between 2022 & 2032.
  • By vertical, the adoption of workforce management solution in Information Technology enabled Services (ITeS) is anticipated to increase at a CAGR of 4%between 2022 & 2032, while 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.

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Utilizing Workforce Management for Data-Driven Insights

After the COVID-19, companies are opting for hybrid work model and facing challenges to gain real-time insights on productivity of their employees. Workforce management solution makes it possible for companies to track employee’s productivity and streamline work performance. From completing a task to tracking lunch break, the solution can be used for creating and managing staff schedules.

Using workforce management solution, businesses are saving a good number of hours and spending it on 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, 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 solution, 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 upcoming years.

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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)

About Us:

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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