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Growing Adoption of the Internet of Things (IoT) Based Workforce Management Solutions Drives the Demand for Global Workforce Management Market

Data Bridge Market Research analyses that the global workforce management market is expected to grow at a CAGR of 10.2% from 2023 to 2030 and is expected to reach USD 9,126,959.81 thousand by 2030. An increasing number of hyper-scale data centers propel market growth.

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Workforce management optimizes employee productivity, ensuring all resources work at the right time and place. Workforce management typically comprises forecasting, scheduling, skills management, intraday management, timekeeping, and attendance. Workforce management software is often incorporated with third-party companies' HR apps and key HR technologies that act as key repositories for employment information. This helps HR manage the employees to enhance the organization's productivity efficiently. Workforce management (WFM) effectively does fulfill the labor requirements and establishes & manages employee schedules to perform a specific task on a daily and hour-to-hour basis. Workforce management introduces IoT and AI technologies to offer improved solutions for human resource management. The cloud segment is booming in the Global Workforce Management Market due to advantages such as unlimited scalability, control, and various applications.

Key Findings of the Study

Workforce Management Market

Increasing penetration of analytical solutions and connected devices applications

There is a huge demand for analytical solutions and connectivity among various organization departments, which motivates them to optimize the resources and helps make better business decisions. This may drive the usage of various resource management tools and technology in enterprises and thus is expected to drive the growth of the global workforce management market.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2023 to 2030

Base Year

2022

Historic Years

2021 (Customizable to 2020-2016)

Quantitative Units

Revenue in USD Thousand

Segments Covered

Offering (Solutions and Services), Organization Size (Large Enterprise and Small & Medium Enterprises), Operating Systems (Windows, Android, iOS, LINUX, and Others), Deployment Model (Cloud and On-Premises), End-User (Banking, Financial Services and Insurance, Automotive, Telecom and IT, Manufacturing, Healthcare, Defense and Government, Transportation and Logistics, Consumer Goods and Retail, Energy and Utilities Solutions, and Others)

Countries Covered

U.S., Mexico, and Canada, China, Japan, South Korea, Australia, Malaysia, Singapore, India, Thailand, Indonesia, Philippines, and  Rest of Asia-Pacific, Germany, U.K., France, Italy, Spain, Russia, Netherlands, Switzerland, Belgium, Turkey, Hungary, Austria, Luxemburg, and Rest of Europe, South Africa, Egypt, Saudi Arabia, U.A.E, Israel, and Rest of Middle East and Africa

Companies Covered

UKG Inc. (U.S.), Reflexis Systems, Inc. (U.S.), SAP SE (Germany), Verint Systems Inc. (U.S.),  ADP (U.S.), ATOSS Software AG, NICE, Workday, Inc. (U.S.), Visier, Inc. (Canada), Ceridian HCM, Inc. (U.S.), Paylocity. (U.S.), Paycom Payroll LLC. (U.S.), Sumtotal Systems, LLC (U.S.), Cegid Meta4 (Spain), Ramco Systems (India), Infor (U.S.), ATOSS Software AG (Germany), Replicon (U.S.), Quinyx AB (Sweden), NICE (Israel), IBM (U.S.), INFORM Software (Germany), InVision AG (Germany), and Oracle (U.S.)

Data Points Covered in the Report

In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Segment Analysis:

The global workforce management market is segmented into five notable segments, which are based on offering, deployment model, organization size, operating systems, and end-user.

  • In 2023, the solutions of the offering segment is anticipated to dominate the global workforce management market

In 2023, the solutions segment of offering segment is expected to dominate the global workforce management market, solution segment is expected to dominate the market as solutions as an offering is expected to dominate the global workforce management market due to its major focus on the companies to provide solutions for organizations to maintain employee productivity.

  • In 2023, the large enterprises segment of the organization size segment is anticipated to dominate the global workforce management market.

In 2023, the large enterprises segment is expected to dominate the global workforce management market as it has several business operations. These organizations have large numbers of employees in their businesses.

The global workforce management market is segmented into five notable segments, which is based on offering, deployment model, organization size, operating systems, and end-user.

  • On the basis of offering, the global workforce management market is segmented into solutions and services. In 2023, the solutions segment is expected to dominate the global workforce management market with a 68.60% share.
  • On the basis of organization size, the global workforce management market is segmented into small & medium enterprises and large enterprises. In 2023, the large enterprises segment is expected to dominate the global workforce management market with a 56.64% share.
  • On the basis of operating system, the global workforce management market is segmented into windows, android, iOS, LINUX, and others. In 2023, the windows segment is expected to dominate the global workforce management market with a 34.75% share.
  • On the basis of deployment model, the global workforce management market is segmented into cloud and on-premise. In 2023, cloud segment is expected to dominate the global workforce management market with a 62.14% share.
  • On the basis of end-user, the global workforce management market is segmented into banking, financial services and insurance, healthcare, telecom and IT, consumer goods and retail, defense and government, manufacturing, automotive, transportation and logistics, energy and utilities solutions, and others. In 2023, the banking, financial services and insurance segment is expected to dominate the global workforce management market with a 19.65% share.

Major Players

Data Bridge Market Research recognizes the following companies as the major global workforce management market which are UKG Inc., Reflexis Systems, Inc., SAP SE, Verint Systems Inc., ADP, ATOSS Software AG, NICE, Workday, Inc., Visier, Inc., Ceridian HCM, Inc., Paylocity., Paycom Payroll LLC., Sumtotal Systems, LLC, Cegid Meta4, Ramco Systems, Infor, ATOSS Software AG, Replicon, Quinyx AB, NICE, IBM, INFORM Software, InVision AG, and Oracle among others.

Workforce Management Market

Market Developments

  • In November 2022, UKG, Inc. announced the collaboration with Microsoft to create technology experiences at work. This collaboration would help the company develop better solutions, diversify the solution portfolio, and widens the portfolio.
  • In November 2022, Visier, Inc. announced the development of a new Platform as a Service (PaaS) Alpine Visier. These new services would help the company diversify the offerings for the customers and provide a robust solution that attracts new customers to accelerate revenue growth.
  • In September 2022, Oracle announced the development of NetSuite to deliver workforce management solutions to help organizations increase efficiency and employee engagement. This new solution would help the company to diversify its solution portfolio and attract new customers.
  • In June 2022, ADP, Inc. recognized by the NelsonHall as an overall leader in the Benefits Administration NEAT 2022 Assessment. This recognition helped the company to improve its trust value for the services offered to the customers and improved brand value in the market.
  • In May 2022, IBM Corporation extended its partnership with SAP to expand the business geographically. This partnership helped the company to expand the business to more than 120 countries and 1,000 legal entities and accelerate revenue growth.

Regional Analysis

Geographically, the countries covered in the global workforce management market report are U.S., Mexico, and Canada, China, Japan, South Korea, Australia, Malaysia, Singapore, India, Thailand, Indonesia, Philippines, and Rest of Asia-Pacific, Germany, U.K., France, Italy, Spain, Russia, Netherlands, Switzerland, Belgium, Turkey, Hungary, Austria, Luxemburg, and Rest of Europe, South Africa, Egypt, Saudi Arabia, U.A.E, Israel, and Rest of Middle East and Africa

As per Data Bridge Market Research analysis:

North America is expected to be the dominant region in the global workforce management market during the forecast period of 2023-2030

In 2023, North America is expected to dominate the global workforce management market as the U.S. is the dominating country in the region, primarily due to the increased focus on workplace safety and regulatory compliance. In recent years, there has been a greater emphasis on ensuring that companies operate safely and securely to protect employees and the environment. This has led to increased regulatory scrutiny and the need for companies to implement and maintain effective process safety management systems. Another reason for the rising demand for workforce management in North America is the growth of the industrial sector. The region has a large and diverse industrial base, which includes sectors such as oil and gas, chemicals, and manufacturing for the forecast period 2023 -2030.

Asia-Pacific is the fastest growing region in the global workforce management market during the forecast period of 2023 to 2030

Asia-Pacific is estimated to be the fastest-growing region in the global workforce management market in the forecast period of 2023 to 2030. This is due to the rise in the population and technological advancement.

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