Workforce Management Market Report 2024 (Global Edition)

Global Workforce Management Market Report 2024 Market Size Split by Component (Solution, Service), by Industry Verticals (Banking, Financial Services and Insurance (BFSI), Telecom, Government, Consume...

Workforce Management Market Report Description

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Workforce Management Market Insights Video

Competitive Landscape of the Workforce Management Market

The major firms rapidly adapt new strategies in order to get a competitive advantage and win a sizable market share. To serve a big consumer base and acquire a competitive advantage, the leading third-party risk management industry participants focus on growing creative solutions.

• July 2022, NICE Actimize, a NICE subsidiary, said that Forrester Research, a respected research and consultancy firm, had named it a Leader in Anti-Money Laundering solutions.

(Source:www.niceactimize.com/press-releases/nice-actimize-recognized-as-a-leader-for-anti-money-laundering-solutions-400/)

Top Companies Market Share in Workforce Management Industry: (In no particular order of Rank)

• Oracle
• Kronos
• ADP
• SAP
• Ultimate Software
• Verint
• Workday
•  Reflexis Systems
• Workforce Software
• IBM
• Ceridian
• Sumtotal
• Meta4
• Atos
• Nice
• Infor
• Ramco Systems
• Replicon
• Timeclock Plus
• Mark Information
• Confidential Data
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• Data Hidden

*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

North America dominated the market in 2023 and accounted for around 40% of the global revenue

According to Cognitive Market Research, North America dominated the market in 2023 and accounted for around 40% of the global revenue; North America's labor management sector has recently been expanding. Improving worker productivity and efficiency are the primary problems in this sector. By occupying a substantial share of the market and tripling trade volumes to overtake other regions, the region positioned itself as the top trader in the retail venture market. This issue is mostly the fault of countries such as the United States and Canada. Canada has been witnessing notable growth in the e-commerce industry.

Europe is the fastest-growing category. The increasing necessity for GDPR compliance enforced by European legislative bodies has resulted in the widespread adoption of optimal personnel management practices among enterprises. These players are expected to make extensive use of the various workforce management software modules in order to maintain their competitive advantage and expand their operations. Germany has one of Europe's most established e-commerce markets. Because of the increased demand for e-commerce platforms, businesses have been able to implement workforce management systems.

The current report Scope analyzes Workforce Management Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Workforce Management Market

According to Cognitive Market Research, North America held the major market of more than 40% of the global revenue with a market size of USD 2.60 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 8.5% from 2023 to 2030 The labor management market in North America is expanding rapidly, owing to the region's various industries and a strong emphasis on maximizing workforce efficiency. As organizations in North America negotiate complex labor markets and emphasize staff productivity, the demand for new solutions is particularly great. The use of cloud-based workforce management solutions, which enable enterprises to improve agility and scalability, is a key market sector impacting this expansion. The market is expanding as more North American organizations recognize the strategic benefit of effective workforce management. The convergence of technical breakthroughs, shifting labor dynamics, and a proactive approach to workforce optimization makes North America a vital contributor to the market's ongoing transformation.

Europe Workforce Management Market

According to Cognitive Market Research, with a market value of USD 1.96 billion in 2023 and projected to expand at a compound annual growth rate (CAGR) of 8.6% from 2023 to 2030, Europe accounted for the majority of global revenue, accounting for over 30% of the total The region's emphasis on improving operational efficiency and personnel productivity is driving this trend. European countries' various industries and complicated labor legislation contribute to the development of comprehensive personnel management solutions. The rising integration of artificial intelligence and analytics to optimize workforce planning and management operations is a significant sector defining this industry. Demand for sophisticated solutions is increasing as firms in Europe embrace digital transformation in their workforce strategy. The developing environment of labor dynamics and technological innovation places Europe as a significant player in the continued expansion of the workforce management market, providing opportunities for workforce operations innovation and efficiency enhancement.

Asia Pacific Workforce Management Market

According to Cognitive Market Research, Asia Pacific held a considerable market share in 2023, accounting for more than 22% of the global revenue with a market size of USD 1.43 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 11.0% from 2023 to 2030 The Asia Pacific labor management market is expanding as a result of the growing need for efficient workforce optimization solutions. The diversified economies and changing labor dynamics in the Asia Pacific contribute to the use of modern personnel management solutions. The integration of mobile and cloud-based solutions to serve the region's dynamic and mobile workforce is a significant element influencing this expansion. The demand for new solutions is increasing as firms in the Asia Pacific pursue agility and scalability in workforce operations. The developing market gives labor management providers chances to design solutions to the specific needs of organizations in the region, contributing to the continued evolution and development of the Asia Pacific workforce management market.

South America Workforce Management Market

According to Cognitive Market Research, Latin America accounted for more than 5% of the global workforce management revenue in 2023 with a market size of USD 0.33 billion in 2023. It will grow at a compound annual growth rate (CAGR) of 9.1% from 2023 to 2030 The market is expanding due to the different sectors and increased awareness of the benefits of workforce management systems. The use of cloud-based workforce management solutions, which allow enterprises to optimize operations and increase scalability, is a key element influencing this expansion. The need for new solutions is growing as Latin American organizations see the value of advanced workforce management technologies in managing difficult labor relations. Latin America's developing workforce plans and dedication to digital transformation position the region as a prominent player in the market's ongoing development, providing chances for suppliers to cater to the region's particular needs.

Middle East and Africa Workforce Management Market

According to Cognitive Market Research, the Middle East and Africa accounted for more than 3% of the global revenue in 2023, with a market size of USD 0.20 billion in 2023. They will grow at a compound annual growth rate (CAGR) of 9.2% from 2023 to 2030. The workforce management market in the Middle East and Africa is expanding, fuelled by an increasing emphasis on optimizing personnel operations and ensuring compliance with labor rules. The region's diversified economies, as well as a dedication to digital transformation, help to drive the adoption of complete workforce management systems. The integration of biometric and time-tracking systems to improve accuracy and efficiency in workforce management procedures is a key segment defining this market. Demand for innovative solutions is expanding as organizations in the Middle East and Africa increasingly appreciate the value of efficient labor operations. The region's increasing labor dynamics and technological integration position the Middle East and Africa as a significant players in the market's continued expansion and sophistication.

Workforce Management Market Analysis

Workforce Management Component Segment Analysis

According to Cognitive Market Research, solutions held the major market share over the forecast period. Innovative solutions are driving growth in the workforce management market as firms seek efficient and adaptive tools to optimize staff operations. These solutions improve labor efficiency and engagement by incorporating advanced features such as automation, analytics, and real-time monitoring. As firms prioritize efficient worker procedures, the desire for comprehensive and scalable solutions pulls the workforce management market forward.

Service is the fastest-growing category over the forecast period. The workforce management industry is expanding as a result of rising demand for specialized services. Businesses acknowledge the need to improve worker efficiency and engagement, which has increased the demand for expert services in adopting, adapting, and maintaining workforce management solutions. Service providers who provide comprehensive and specialized solutions contribute significantly to market growth by addressing businesses' changing needs.

• Solution

• Time and Attendance Management
• Leave and Absence Management
• Workforce Scheduling
• Workforce Analytics
• Others (Fatigue Management and Task Management)

• Service

• Consulting
• Implementation
• Training, Support and Maintenance

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Workforce Management Industry. Request a Free Sample PDF!

Workforce Management Industry Verticals Segment Analysis

According to Cognitive Market Research, consumer goods and retail hold a prominent market share. The retail sector is seeing increased adoption of personnel management software, which is driving up demand. The surge in demand for fast-moving consumer goods, aggressive business sector development by market incumbents, and an increase in the number of new players are just a few of the elements that have contributed to this region's rapid growth.

Healthcare and life sciences is the fastest-growing category over the forecast period. Future norms are expected to integrate workforce management solutions largely. With workforce scheduling functionality, effective staff schedules may be developed while taking into account the mix of employee talents and experience to give quality care.

• Banking
• Financial Services and Insurance (BFSI)
• Telecom
• Government
• Consumer Goods and Retail
• Manufacturing
• Energy and Utilities
• Transportation and Logistics
• Healthcare and Life Sciences
• Information Technology enabled Services (ITeS)
• Others

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Workforce Management Deployment Mode Segment Analysis

According to Cognitive Market Research, cloud holds a prominent market share. Companies all over the world have embraced the benefits of Software-as-a-Service (SaaS), or cloud-based software, for mission-critical applications. Cloud-based solutions have risen dramatically in recent years as a result of technology that allows users to access data even from remote locations. Businesses are increasingly realizing the benefits of migrating their data to the cloud rather than constructing and maintaining on-premise infrastructure, which fuels demand for cloud-based solutions and, as a result, their adoption.

On-premises category is the fastest-growing category over the forecast period. On-premises systems are preferred by businesses seeking greater control over their workforce operations and data privacy. This strategy enables firms to handle workforce-related procedures on a local level while still adhering to specific security standards and regulations. The demand for on-premises solutions helps to drive the overall growth of the workforce management industry.

• Cloud
• On-premises

Workforce Management Organization Size Segment Analysis

According to Cognitive Market Research, small and medium-sized enterprises (SMEs) hold a prominent market share. Small and medium-sized businesses are the most likely to use these solutions. Though usage is steady, growth is expected to accelerate as enterprises develop in terms of personnel, size, complexity, and geography. As business demands and expectations grow, the majority of SMEs embrace software-as-a-service (SaaS)-based solutions.

Large enterprises, the fastest-growing category over the forecast period, are expanding. Because of their larger staff, major organizations prefer to implement workforce management software on a larger scale than small businesses. Large organizations have a significant stake since they have enough IT infrastructure and significant investments in modern technology. Large organizations, on the other hand, are likely to migrate from on-premise to cloud-based solutions as a result of leading players' superior WFM software offerings and cost-effective solutions.

• Small and Medium-sized Enterprises (SMEs)
• Large Enterprises

Author's Detail

Vinayak Bali

Senior Research Analyst at Cognitive Market Research

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Catering to tailored needs of clients in Consulting, Business Intelligence, Market Research, Forecasting, Matrix-Modeling, Data Analytics, Competitive Intelligence, Primary research and Consumer Insights.

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