In 2022, the workforce management market was worth US$ 7,665.3 Mn; by the end of 2033, it is projected to be worth US$ 20,559.2 Mn. The management market is predicted to grow at a 9.5% CAGR from 2023 to 2033, reaching US$ 8,270.9 Mn in 2023.
Employers can track time and attendance, manage employee leave, and develop routines that are most successful for their team by using workforce management applications. Manufacturing companies have started using labour management solutions because they enable them to measure employee productivity.
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With growing adoption of advanced solutions and development of new business models after the advent of artificial intelligence and machine learning, countries in East Asia and Europe are expected to witness potential growth opportunities. Also, these regions are witnessing rapid growth in their IT infrastructure with rising penetration of digitization at workplaces. Therefore, workforce management solution vendors can focus on expanding their operations in these regional markets in order to reach new growth avenues.
Overall, workforce management is increasingly being implemented across different industry verticals such as education, government, transportation, and BFSI, among others. The BFSI industry vertical accounts for more than 15% of the global market share, whereas, retail & CPG is anticipated to hold the largest share of more than 22% of the market.
The report has profiled some of the Important players prevalent in the global like – IBM Corporation, Oracle Corporation, UKG Inc., SAP, Blue Yonder, Infor, Paypro Workforce Management, Workday, Inc., ActivTrak, Reflexis Systems, ADP, and Verint and more.
This report covers the sales volume, price, revenue, gross margin, manufacturers, suppliers, distributors, intermediaries, customers, historical growth and future perspectives in the Workforce Management.
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Key Takeaways from Market Study
- North America was the leading market in 2020 in terms of value for workforce management. Over the coming years, East Asia is expected to be a key market for sustainable revenue, with rising demand for workforce management solutions from various industry verticals.
- The retail and CPG industry is expected to offer higher incremental opportunity during the forecast period, as demand for workforce management is increasing significantly, owing to rise in demand for the automation of processes.
- There has been rise in demand for workforce management solutions across retail, BFSI, and IT and telecom, verticals owing to increasing demand for automated processes and cloud-based workforce management solutions.
- With growing adoption of workforce management solutions and services, countries in Asia Pacific such as India, China, and Japan are expected to witness potential growth opportunities.
- The market in the U.S. is projected to expand at a CAGR of over 9% through 2031.
- China and India are expected to progress at an impressive CAGR of more than 10% each, through 2031.
“Growing demand for cloud-based workforce management solutions one of the major factors driving sales of workforce management solutions,” says a Persistence Market Research analyst.
- IBM Corporation
- Oracle Corporation
- UKG Inc.
- Blue Yonder
- Paypro Workforce Management
- Workday, Inc.
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Key Segments of Workforce Management Market Industry Research
- Integrated Workforce Management (WFM) Suite
- Standalone Software
- Workforce Analytics
- Time and Attendance Management
- Workforce Performance Management
- Workforce Compliance Management
- Professional Services
- Consulting & Advisory
- Integration & Implementation
- Support & Maintenance
- Managed Services
- Professional Services
- Cloud Workforce Management
- On-Premise Workforce Management
By Enterprise Size:
- Workforce Management for Small and Medium Enterprises (SMEs)
- Workforce Management for Large Enterprises
- IT & Telecom
- Transportation & Logistics
- Retail & CPG
- North America
- Latin America
- East Asia
- South Asia Pacific
- Middle East and Africa
About the Electronics, Semiconductors, and ICT Division at Persistence Market Research
Expert analysis, actionable insights, and strategic recommendations – the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.
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