Global Workforce Management Market

Workforce Management Market Size, Share, Growth Analysis, By Component(Solution, Service), By Deployment Mode(On-Premise, Cloud), By Organization Size(Large Enterprises, Small & Medium Enterprises), By Industry Vertical(BFSI, Manufacturing) - Industry Forecast 2024-2031

Report ID: SQMIG15A2311 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 119 | Figures: 73

Workforce Management Market News

  • In June 2023, Strata Decision Technology unveiled its Real-Time Workforce Management (RTWM) solution tailored for nursing leaders' financial and operational goals. This innovative offering expands upon Strata's robust StrataJazz platform, empowering nursing leadership with precise data to improve communication with staff.  
  • November 2023 UKG, Inc. and Microsoft Corporation, a software development company, have extended their partnership. As part of this expanded partnership, Microsoft will make use of UKG Flex and Microsoft Power Platform to expedite the process of creating precise personnel assessments that are customized to specific companies for clients. Thanks to the integration of low-code/no-code plugins and templates, users who jointly utilize Microsoft Power Platform and UKG Pro Suite can create custom applications, solution extensions, and workflows with ease. By providing easy-to-use and personalized experiences without the need for IT support, this user-friendly strategy enables customers to autonomously satisfy the needs of their employees. 
  • Leading provider of enterprise cloud applications for finance and HR, Workday, Inc., said in 2024 that its retail and hospitality businesses generated over $1 billion in annual recurring revenue (ARR), indicating the company's sustained success in the sector. 
  • October 12, 2023 The industry cloud provider Infor®, which aims to help businesses run more swiftly, effectively, and dynamically than ever before, has announced a number of new platform technology breakthroughs and updates to its industry-specific CloudSuites. 
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FAQs

Workforce Management Market size was valued at USD 8.07 billion in 2022 and is poised to grow from USD 9.01 billion in 2023 to USD 21.85 billion by 2031, growing at a CAGR of 11.7% in the forecast period (2024-2031). 

The competitive environment of the workforce management market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry. 'Oracle', 'Kronos', 'ADP', 'SAP', 'Ultimate Software', 'WorkForce Software', 'IBM', 'Workday', 'Ceridian', 'Verint', 'Reflexis Systems', 'ATOSS', 'NICE', 'SumTotal', 'Infor', 'Meta4'

Workforce analytics stands as a potent tool capable of identifying and addressing gaps within a company's workforce operations, offering refined solutions to drive enhanced business outcomes. As highlighted in a report by IBM Business Services, workforce analytics assumes a pivotal role in steering HR practices away from administrative tasks towards a more strategic approach. This transition significantly piques the interest of companies, spurring their inclination towards the adoption of workforce analytics.

One of the key advantages of this software lies in its ability to deliver substantial cost-saving benefits to companies. By optimizing workforce operations, it allows organizations to significantly reduce operational costs in comparison to their overall expenditure on employees. For instance, according to the Cedar ROI study, systematic labor management can yield impressive savings. A small-sized enterprise with 5,000 employees and a payroll of around USD 300 million could save approximately USD 6.0 million annually.

North America has experienced significant growth and expansion. A primary focus for local businesses in this region revolves around enhancing the efficiency and productivity of their workforce. This increased emphasis on improving worker performance has notably heightened the awareness and interest among business leaders regarding the capabilities and benefits of such software programs.

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Global Workforce Management Market

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