Workforce Management Market Size, Share & Growth Report 2031

Report Description

Workforce Management Market Outlook 2031

The global workforce management market size was valued at USD 5282.66 Million in 2022 and is expected to reach a value of USD 12661.55 Million by 2031, expanding at a CAGR of 10.2% between 2023 and 2031. Workforce management is a technique for enhancing an organization's expertise and performance.

Human resource management, field service management, data collecting, budgeting, forecasting, analytics, and scheduling are among the operations required to maintain a productive workforce.

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Workforce management is a collection of techniques that a business performs to increase the productivity of its personnel at various levels. It offers a suite of performance-based software and solutions to front-line supervisors, corporate management, store managers, and employees in the distribution, manufacturing, consumer goods, and transportation industries.

Workforce Management Market Trends, Drivers, Restraints, and Opportunities

• Demand for interaction and integration in operational processes with the need to operate as a unified business drives technological and social progress in enterprises across the world.
• Increased demand for workforce optimization and mobile apps is anticipated to fuel the market.
• Lack of understanding regarding workforce management is expected to restrain the growth of the market.
• Workforce management offers significant opportunities to organizations in terms of advanced technology to automate processes in economies, improve workplace planning capabilities, have high accessibility to workforce data for decision-making, and have control over the capital expenditure required for training personnel.

Scope of Workforce Management Market Report

The report on the global workforce management market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Workforce Management Market Segment Insights

Solution & software segment to drive the market

In terms of components, the global workforce management market is segmented into solution & software, and services. The solution & software segment has been further divided into time and attendance management, absence management, workforce scheduling, workforce analytics, performance management, desktop and process analytics, and others.

Workforce management solutions are rapidly changing, as traditional solutions are transformed into IT and technical solutions. The workforce management market manages several solutions to ease the job of employees in firms and provide them time to focus on vital business aspects.

The solutions offered by the market help to simplify the work of employees and improve employee efficiency. The services segment is anticipated to register significant growth over the forecast period, owing to the growing adoption of workforce management services.

Small & medium enterprises to drive the market

Based on organization size, the global workforce management market is segmented into large enterprise and small & medium enterprise. Small & medium enterprises are major adopters of workforce management solutions and services.

Despite the fact that adoption is constant, growth of organizations continues to accelerate, as they develop in terms of workforce size, complexity, and geography. The impact of new enterprises, mainly small and medium-sized enterprises, which are demanding these solutions, is projected to propel the market.

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Consumer goods segment to drive the market

On the basis of verticals, the global workforce management market is segmented into BSFI, IT & telecommunication, energy & utilities, manufacturing, consumer goods, transportation & logistics, healthcare, government & defense, and others.

The consumer goods segment is evolving in terms of technical advancements, consumer requirements, and employment and is projected to grow rapidly. The consumer goods segment needs to focus on training and participation, workforce analysis, prediction, and planning optimization for its employees to resolve challenges.

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Regional Analysis

In terms of regions, the global workforce management market share is split into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is projected to have a significant market share in the global workforce management market, whereas the market in Asia Pacific is estimated to expand at a high CAGR over the forecast period.

North America is projected to be the region that incorporates the most workforce management solutions and services. The US and Canada are expected to be the two most important stakeholders of the market in North America.

Enterprises in North America are forward-thinking in terms of artificial intelligence, machine learning, and cloud use, propelling the market in the region. Additionally, the presence of prominent workforce management providers in the region is expected to boost the market.

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