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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