The global workforce management market is expected to reach US$ 23.54 billion by 2032, growing at a compound annual growth rate (CAGR) of 11.77% between 2024 and 2032, reaching USD 8.65 billion by 2023. This growth is due to increased demand for skilled workforce Customization solutions, automation in HR processes, and growing adoption of cloud-based systems.
Key functions of WFM's include optimizing staffing schedules, accurately tracking work hours, and managing absences, all ensuring continuous productivity WFM also assists in staffing forecasting by anticipating staffing needs depending on historical data, understaffing or overstaffing decreases. Additionally, WFM helps businesses comply with labor laws, reducing the risk of breaches. Providing real-time employee performance insights increases decision making and improves employee efficiency.
The German workforce management market is witnessing high growth due to the country’s strong technology base, focus on accuracy and productivity Companies are increasingly adopting workforce management solutions to optimize scheduling, time tracking and labor cost management The demand for solutions accelerated Sectors such as manufacturing, logistics and healthcare efficiency-enhancing initiatives are leading the adoption of these tools, seeking to improve compliance, employee productivity and overall productivity in the highly competitive German market. June 2024, Ivalua launched its external workforce management solution.
China’s workforce management market is experiencing significant growth, driven by the country’s large workforce and rapidly advancing technology. With increasing emphasis on digital transformation and efficiencies, companies are adopting advanced workforce management solutions to streamline operations, optimize processes and control labor costs The growing e-commerce, manufacturing and gig economy growth has further increased the demand for cloud-based platforms and AI -powered tools -In addition to growing compliance, the shift to hybrid and remote work accelerated by the pandemic has created a need the need for flexible workforce management solutions across industries in China In August 2024, Helios launched the world’s first all-in-one compensation HR system implementation.
December 2023- Two partnerships were introduced by Upwork with the goal of providing a better method of workforce management. Starting with SAP Fieldglass and Flextrack, it worked with managed service providers (MSPs) and vendor management systems (VMS) to provide its enterprise suite offering.
June 2022-CaseworkiQ is launched, as announced by ActiveOps PLC. With heavy caseloads and high compliance circumstances, it is a workforce management solution to support operations. With support for case settings, the new solution, CaseworkiQ, builds upon and enhances current ActiveOps workforce efficiency solutions. Customers can use the solution to schedule resources according to service level agreements (SLAs) and caseload demand, which results in decreased risk, costs, and optimized performance.
2. Workforce Scheduling
3. Embedded Analytics
4. Absence Management
5. Others
2. Service
2. Cloud
3. Hybrid
2. BFSI
3. Government
4. Retail
5. Healthcare
6. Education
7. Manufacturing
8. Others
1.1 United States
1.2 Canada
2. Europe
2.1 France
2.2 Germany
2.3 Italy
2.4 Spain
2.5 United Kingdom
2.6 Belgium
2.7 Netherland
2.8 Turkey
3. Asia Pacific
3.1 China
3.2 Japan
3.3 India
3.4 Australia
3.5 South Korea
3.6 Thailand
3.7 Malaysia
3.8 Indonesia
3.9 New Zealand
4. Latin America
4.1 Brazil
4.2 Mexico
4.3 Argentina
5. Middle East & Africa
5.1 South Africa
5.2 Saudi Arabia
5.3 UAE
Workforce Management Industry Outlooks
Workforce management is a comprehensive approach used by an organization to increase efficiency and productivity through effective management of human resources. This includes staffing forecasting, staffing, tracking time, attendance management, compliance with staffing regulations, etc. WFM systems help ensure that the right number of staffs with the necessary skills are available on time appropriately to meet employee requirements. These tools automate tasks such as scheduling and change management, reducing errors and administrative work.Key functions of WFM's include optimizing staffing schedules, accurately tracking work hours, and managing absences, all ensuring continuous productivity WFM also assists in staffing forecasting by anticipating staffing needs depending on historical data, understaffing or overstaffing decreases. Additionally, WFM helps businesses comply with labor laws, reducing the risk of breaches. Providing real-time employee performance insights increases decision making and improves employee efficiency.
Driving Forces of Workforce Management Market
Growing Adoption of Cloud-based Workforce Management Solutions
Cloud-based workforce management solutions are gaining popularity due to their flexibility, scalability and cost-effectiveness. This solution gives companies real-time access to data from any location, enabling them to make better decisions and operate more efficiently. Cloud platforms make it easier to integrate with other HR systems and require less upfront investment than traditional software. As companies expand globally, cloud solutions enable them to easily manage a remote and diverse workforce, streamlining collaboration across time and regions This trend is expected to continue for employee’s management market has developed in the coming years. March 2023 - UJET, Inc. announced UJET WFM in partnership with Google Cloud. This professional management team provides accurate forecasting, systematic, and real-time monitoring of compliance to improve remote contact center agent productivity and customer experience.Increased Focus on Employee Productivity and Cost Optimization
Companies are increasingly prioritizing improving employee productivity and optimizing labor costs to remain competitive. One way to achieve this goal is through personnel management tools, which automate scheduling, time tracking, and performance management tasks. These tools provide valuable insights into staff availability and workload, allowing managers to better allocate resources and avoid inefficiencies in addition to reducing human error and reducing the need for manual work, and allows organizations to realize cost savings. Consequently, the demand for personnel management systems is increasing as companies seek to increase efficiency and streamline costs.Growing Demand for Compliance Management
As labor laws continue to evolve and companies operate globally, ensuring regulatory compliance has become increasingly difficult. Personnel management systems play an important role in helping businesses meet regulatory requirements, such as overtime, rest periods and vacation arrangements. These systems provide automated alerts and notifications to reduce compliance violations, ultimately helping organizations avoid significant fines and legal interactions Growing awareness of employee rights increasing and tightening labor regulations worldwide create a demand for practical compliance tools, thus expanding the labor management market. In May 2024, Company leading platform Fountain has launched new products that help companies hire front-line employees, which manages and retains to help you achieve your goals These resources include Fountain Assist, Fountain I-9 Center, Fountain Reach, and Fountain Communicate. Clients benefit from faster hiring, more efficient onboarding, and a better experience for frontline employees.Europe Workforce Management Market
The European workforce management market is driven by the increasing need for efficiency, labor compliance and the rise of remote work Cloud-based solutions, AI-driven analytics and automation tools are transforming workforce planning, processing and management, which is increasing productivity in various regional sectors.The German workforce management market is witnessing high growth due to the country’s strong technology base, focus on accuracy and productivity Companies are increasingly adopting workforce management solutions to optimize scheduling, time tracking and labor cost management The demand for solutions accelerated Sectors such as manufacturing, logistics and healthcare efficiency-enhancing initiatives are leading the adoption of these tools, seeking to improve compliance, employee productivity and overall productivity in the highly competitive German market. June 2024, Ivalua launched its external workforce management solution.
Asia Pacific Workforce Management Market
The Asia-Pacific workforce management market is growing rapidly, driven by increasing digitization, growing gig economy and exploration of remote work solutions Cloud-based platforms and AI-powered tools are transforming workforce efficiency, in the region in Increased policy, operations and compliance in industries such as construction, retail and healthcare.China’s workforce management market is experiencing significant growth, driven by the country’s large workforce and rapidly advancing technology. With increasing emphasis on digital transformation and efficiencies, companies are adopting advanced workforce management solutions to streamline operations, optimize processes and control labor costs The growing e-commerce, manufacturing and gig economy growth has further increased the demand for cloud-based platforms and AI -powered tools -In addition to growing compliance, the shift to hybrid and remote work accelerated by the pandemic has created a need the need for flexible workforce management solutions across industries in China In August 2024, Helios launched the world’s first all-in-one compensation HR system implementation.
Global Workforce Management Company Analysis
The key players in the workforce management industry are UKG Inc., Oracle Corporation, ActiveOps PLC, NICE Ltd., Workday Inc., Blue Yonder Group, Inc., SAP SE, The Sage Group plc.Global Workforce Management Company News
February 2024- In order to support its expanding rail business, Qube, the biggest import and export logistics services provider in Australia, selected Trapeze's Workforce Management (WFM) solution. Qube Logistics and Trapeze Rail have committed to a multi-year agreement that will provide WFM technology for Qube's whole east coast rail network.December 2023- Two partnerships were introduced by Upwork with the goal of providing a better method of workforce management. Starting with SAP Fieldglass and Flextrack, it worked with managed service providers (MSPs) and vendor management systems (VMS) to provide its enterprise suite offering.
June 2022-CaseworkiQ is launched, as announced by ActiveOps PLC. With heavy caseloads and high compliance circumstances, it is a workforce management solution to support operations. With support for case settings, the new solution, CaseworkiQ, builds upon and enhances current ActiveOps workforce efficiency solutions. Customers can use the solution to schedule resources according to service level agreements (SLAs) and caseload demand, which results in decreased risk, costs, and optimized performance.
Solution - Market breakup in 5 viewpoints:
1. Time & Attendance Management2. Workforce Scheduling
3. Embedded Analytics
4. Absence Management
5. Others
Component - Market breakup in 2 viewpoints:
1. Software2. Service
Deployment - Market breakup in 3 viewpoints:
1. On-Premise2. Cloud
3. Hybrid
End User - Market breakup in 8 viewpoints:
1. IT and Telecommunication2. BFSI
3. Government
4. Retail
5. Healthcare
6. Education
7. Manufacturing
8. Others
Countries - Market breakup in 25 viewpoints:
1. North America1.1 United States
1.2 Canada
2. Europe
2.1 France
2.2 Germany
2.3 Italy
2.4 Spain
2.5 United Kingdom
2.6 Belgium
2.7 Netherland
2.8 Turkey
3. Asia Pacific
3.1 China
3.2 Japan
3.3 India
3.4 Australia
3.5 South Korea
3.6 Thailand
3.7 Malaysia
3.8 Indonesia
3.9 New Zealand
4. Latin America
4.1 Brazil
4.2 Mexico
4.3 Argentina
5. Middle East & Africa
5.1 South Africa
5.2 Saudi Arabia
5.3 UAE
Key players have been covered from 4 Viewpoints:
- Business Overview
- Key Persons
- Recent Development & Strategies
- Financial Insights
Key Players Analysis:
- UKG Inc.
- Oracle Corporation
- ActiveOps PLC
- NICE Ltd.
- Workday Inc.
- Blue Yonder Group, Inc.
- SAP SE
- The Sage Group plc
Table of Contents
1 Introduction2 Research & Methodology3 Executive Summary5 Workforce Management Market
4 Market Dynamics
6 Market Share Analysis
7 By Solution
8 By Component
9 By Deployment
10 By End User
11 By Countries
12 Porter’s Five Forces Analysis
13 SWOT Analysis
14 Key Players Analysis
Companies Mentioned
- UKG Inc.
- Oracle Corporation
- ActiveOps PLC
- NICE Ltd.
- Workday Inc.
- Blue Yonder Group, Inc.
- SAP SE
- The Sage Group plc
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | October 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 8.65 Billion |
| Forecasted Market Value ( USD | $ 23.54 Billion |
| Compound Annual Growth Rate | 11.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 8 |
