The global Workforce management market is predicted to grow at an excellent CAGR of over 10% to 2031, reaching a valuation of US$ 17.3 billion. Data storage over the cloud has gotten easier as cloud-based solutions have grown in popularity. Increased use of smart and connected devices as well as a growing emphasis on workforce optimization are additional significant driving forces.
Workforce optimization can be achieved through performance monitoring, time and attendance tracking, scheduling, and demand prediction, among others. Moreover, with the implementation of workforce management software and services, workforce optimization can be achieved while simplifying remote working.
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Persistence Market Research’s new study covers comprehensive insights about market trends, value (US$ Mn) projections, recent developments, and dynamics in the market for the forecast period of 2021-2031. After the unprecedented events of 2020, it has become important to capture the impact of COVID-19 and recalibrate our findings with the actual market scenario.
The report tracks the global value of workforce management in 20+ high-growth markets, where demand seems to be high across North America, East Asia, and Europe.
Future Market Projections Look Bright
The global workforce management market is anticipated to witness high growth in revenue to US$ 17.3 Bn by 2031. The market is anticipated to gain traction over the coming years owing to constant focus on innovations in the digital technologies and rising demand for automation of workforce management across different industry verticals.
A large number of leading organizations are inclined toward integrated all-in-one workforce management suite that might include capabilities such as marketing automation, inbound marketing, workforce optimization, and business analytical tools in order to achieve insights related to operational, commercial, and financial aspects.
Owing to this, there has been surge in demand for integrated workforce management suite. The sub-segment is anticipated to expand at a CAGR of around 11% globally, over the forecast period. Moreover, rise in demand for cloud-based workforce management solutions coupled with growing demand for process automation is further responsible for driving the market growth.
Owing to these factors, demand for workforce management is likely to surge across the globe at a CAGR of close to 10% through 2031.
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How is Growing Trend of AI and Machine Learning Propelling Demand for Workforce Management Solutions?
Growing trend of companies shifting toward artificial intelligence and machine learning is helping them in scaling up their skills in order to gain a competitive advantage in the market. Artificial intelligence has already had a huge impact in the workforce management industry by optimizing business areas by offering cost efficiency and improved performance. For instance, IBM Corporation offers an AI workforce management solution, powered by IBM Watson.
Furthermore, machine learning is used to analyze the activity of users and how they handle tasks differently. Once strong patterns are recognized, machine learning can help in automating the processes and workflows for efficient workforce management.
For example, if a certain action has been performed for more than 20 times, the machine will automatically ask the user if he wishes to automate the action henceforth. It is estimated that this factor will disrupt the market and will create growth opportunities for workforce management solution providers.
With the help of AI and machine learning technologies, workforce management solutions today can automatically generate schedules on the basis of business needs.
How are Increasing Partnerships & Collaborations Supporting Market Expansion?
Over a period of time, it has been seen that workforce management solution vendors are entering into partnerships and collaborations with regional players and technology vendors to enhance and jointly develop their product portfolios.
This is being done to fulfill growing demand for workforce management software solutions and services across the globe, and provide customers with differentiated products equipped with advanced technologies for managing their workforce effectively.
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Market players are relying on expansion strategies to deepen penetration across lucrative markets. These include collaboration with key players, product innovation, acquisitions partnerships, and strengthening of regional and global distribution networks.
Rapid adoption of workforce management in the retail & CPG, IT & telecom, and BFSI industries to reduce process times, increase customer satisfaction, and offer high return on investment are factors supporting high growth. Key vendors are also focusing on strengthening their channel partner ecosystems to improve on indirect sales, for enhanced business growth.
Some of the leading companies providing workforce management solutions are:
- IBM Corporation
- Oracle Corporation
- UKG Inc.
- Blue Yonder
- Paypro Workforce Management
- Workday, Inc.
- Reflexis Systems
Key Segments Covered
- Enterprise Size
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