Key Companies Covered in the Workforce Management Market Research are Ceridian HCM, Inc., NICE Ltd., Infor., Oracle, SAP SE, ADP, Inc., Workday, Inc., Verint., UKG Inc., and other key market players.
According to Research Dive analysis, the global workforce management market is estimated to generate a revenue of $9,580.3 million by 2031, increasing from $4,219.2 million in 2022, at a healthy CAGR of 10.6%.
Impact Analysis of COVID-19 on the Global Workforce Management Market:
The global workforce management market witnessed a healthy growth rate during the COVID-19 pandemic. Due to major lockdowns imposed all corporations around the world were enforced to adopt workforce management solutions for effective management and remote monitoring of their workforce. The key players of the market are adopting strategies such as new product development, collaboration, and many others for growth of their business and mitigation of impact of COVID-19 pandemic.
Workforce Management Market Analysis:
The global workforce management market is expected to grow due to growing demand for technology enabled human resource management solutions for diverse human resource practices such as labor budgeting, forecasting, staff scheduling, time and attendance, employee portal, asset tracking, compensation and benefits. In addition to this, the implementation of new technologies such as cloud-based workforce management solutions which are cost effective and easily deployable are increasing the demand for workforce management solutions in the small and medium-sized enterprises (SME’s). These factors are expected to grow the demand for workforce management market in the forecast period.
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Higher initial capital investment and low awareness about the workforce management solutions in the low income and developing countries. These factors are expected to hamper the growth of this market during the forecast period.
The utilization and implementation of new technologies such as artificial intelligence and internet of things (IOT) is expected to create new opportunities for the workforce management market, with the use of AI the applications such as the use of chatbots for employee query resolution. This type of technological advancements may increase the growth of the sector during forecast period.
Based on component, the global market for workforce management is divided into solution, service sub-segment. The solution sub-segment is expected to dominate the market and generate a revenue of $5,067.8 million by 2031.
Based on deployment mode, the market is classified into the on-premise and cloud. The Cloud sub-segment garnered $1,894.5 million in 2022 and is projected to grow exponentially by 2031.
Based on the organization size, the market is sub segmented into the large enterprise and small & medium enterprises. The small & medium enterprise sub-segment is predicted to dominate the market and it is expected to cross $4,987.2 small & medium enterprise million by 2031.
Based on the end user, the market is sub segmented into BFSI, manufacturing, healthcare, government, retail & e-commerce, IT & telecom, and others. The IT & telecom sub-segment is predicted to dominate the market and it is expected to cross $1,784.7 million by 2031.
Based on geographical scope, the market was investigated across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific Workforce Management Market is anticipated to rise at a growth rate of 11.2% by 2031 from the revenue generated in 2022.
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The companies involved in the global workforce management market are Ceridian HCM, Inc., NICE Ltd., Infor., Oracle, SAP SE, ADP, Inc., Workday, Inc., Verint., UKG Inc., and IBM
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