Workforce Management Market Size, Share, Forecast, & Trends Analysis by Offering (Solutions, Services), Organization Size, Deployment Mode, End-use Industry (BFSI, IT & Telecom, Government, Retail), and Geography

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Workforce Management Market by Offering (Solutions, Services), Organization Size, Deployment Mode, End-use Industry (BFSI, IT & Telecom, Government, Retail), and Geography-Forecast to 2031.

The research report titled 'Workforce Management Market by Offering (Solutions, Services), Organization Size, Deployment Mode, End-use Industry (BFSI, IT & Telecom, Government, Retail), and Geography-Global Forecast to 2031' provides an in-depth analysis of the workforce management market in five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2031.

The workforce management market is projected to reach $9.8 billion by 2031, at a CAGR of 11.3% from 2024-2031.

The growth of the workforce management market is driven by the increasing adoption of cloud-based workforce management solutions, growing inclination towards workforce scheduling and optimization, and increasing adoption of workforce management solutions in various sectors. However, privacy & security concerns related to workforce data deployed on the cloud may restrain the growth of this market.

Furthermore, the rising adoption of workforce management solutions in SMEs is generating growth opportunities for the stakeholders in this market. However, the unstructured data format, owing to the integration of advanced technologies, is a challenge impacting the growth of the workforce management market. Additionally, the growing trend of remote and distributed workforce and the rising adoption of mobile accessibility and communication tools are prominent trends in this market.

The workforce management market is segmented by offering (solutions {time & attendance management, workforce scheduling, leave and absence management, workforce analytics, task management, and other workforce management solutions}, services), organization size (large enterprises, small & medium-sized enterprises), deployment mode (on-premise deployment, cloud-based deployment), end-use industry (BFSI, IT & telecom, government, retail, manufacturing, transportation & logistics, energy utilities, healthcare, and other end-use industries), and geography. The study also evaluates industry competitors and analyses the market at the country and regional levels.

Based on offering, the workforce management market is segmented into solutions and services. In 2024, the solutions segment is expected to account for the larger share of above 76.0% of the workforce management market. The segment's large share is attributed to the increasing adoption of cloud-based workforce management solutions, increasing focus on solution-centric capabilities, rising R&D investments, and rising demand to simplify the work of employees in the organization. Also, this segment is expected to register the higher CAGR during the forecast period.

Based on organization size, the workforce management market is segmented into large enterprises and small & medium-sized enterprises. In 2024, the large enterprises segment is expected to account for the larger share of above 65.0% of the workforce management market. The segment's large share is attributed to the growing emphasis on developing strategic IT initiatives among large enterprises, the increasing need to manage large volumes of customer-level data, and the management of workforce analytics platforms by skilled IT personnel.

However, the small & medium-sized enterprises segment is expected to register the higher CAGR during the forecast period of 2024-2031. The rising adoption of workforce analytics, increasing focus of organizations towards employee productivity and progressing workforce, and rising adoption of workforce management solutions in SMEs are expected to support the growth of this segment

Based on deployment mode, the workforce management market is segmented into on-premise deployment and cloud-based deployment. In 2024, the cloud-based deployment segment is expected to account for the larger share of above 64.0% of the workforce management market. The segment's large market share is attributed to the rapid evolution of new avenues for cloud-based deployments, the superior flexibility offered by cloud-based deployments, and the increasing incorporation of cloud-based workforce management solutions. Also, this segment is projected to grow at the higher CAGR during the forecast period of 2024-2031.

Based on end-use industry, the workforce management market is segmented into BFSI, IT & telecom, government, retail, manufacturing, transportation & logistics, energy utilities, healthcare, and other end-use industries. In 2024, the IT & telecom segment is expected to account for the largest share of the workforce management market. The segment's large market share is attributed to the rising need to manage the workforce effectively, the growing trend of a remote and distributed workforce, the increasing implementation of mobile workforce management solutions, and the growing inclination towards workforce scheduling and optimization. Moreover, this segment is expected to grow at the highest CAGR during the forecast period of 2024-2031.

Based on geography, the workforce management market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2024, North America is expected to account for the largest share of above 33.0% of the workforce management market. North America's large market share is attributed to the presence of prominent players offering advanced workforce management solutions. Furthermore, the growing adoption of cloud-based workforce management solutions, rising adoption of workforce scheduling and mobile workforce management solutions, and growing adoption of workforce analytics solutions in the IT and telecom sectors are also contributing to the growth of the workforce management market in North America.

However, the Asia-Pacific region is projected to register the highest CAGR of 13.0% during the forecast period. The high growth of this region is mainly driven by factors such as the rising adoption of advanced technologies, the rising adoption of workforce scheduling solutions in SMEs, the growing trend of remote and distributed workforce, and market players' efforts to launch advanced workforce management solutions.

The key players operating in the workforce management market are UKG Inc. (U.S.), Oracle Corporation (U.S.), ADP, Inc. (U.S.), SAP SE (Germany), Workforce Software, LLC. (U.S.) (A Part of Workforce Holdings), NICE Ltd. (Israel), Verint Systems Inc. (U.S.), Workday, Inc. (U.S.), Infor (U.S.), Replicon Inc. (Canada), IBM Corporation (U.S.), SISQUAL Workforce Management, Lda. (Portugal), SumTotal Systems, LLC. (U.S.), TimeClock Plus, LLC. (U.S.), and Dayforce, Inc. (U.S.).

Key Questions Answered in the Report:

What are the high-growth market segments in terms of offering, deployment mode, organization size, and end-use industry?
What is the historical market size for the workforce management market?
What are the market forecasts and estimates for 2024-2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the workforce management market?
Who are the major players in the workforce management market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the workforce management market?
What are the different strategies adopted by major market players?
What are the trends and high-growth countries?
Who are the local emerging players in the workforce management market, and how do they compete with other players?

Scope of the Report:

Workforce Management Market Assessment-by Offering

Solutions
- Time & Attendance Management
- Workforce Scheduling
- Leave and Absence Management
- Workforce Analytics
- Task Management
- Other Workforce Management Solutions
Services

Workforce Management Market Assessment-by Organization Size

Large Enterprises
Small & Medium-sized Enterprises

Workforce Management Market Assessment-By Deployment Mode

On-premise Deployment
Cloud-based Deployment

Workforce Management Market Assessment-By End-Use Industry

BFSI
IT & Telecom
Government
Retail
Manufacturing
Transportation & Logistics
Energy Utilities
Healthcare
Other End-use Industry (Education)

Workforce Management Market Assessment-by Geography

North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Poland
- Switzerland
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Singapore
- South Korea
- Australia & New Zealand
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- UAE
- Rest of the Middle East & Africa

Product Code: MRICT - 1041128

1. Introduction

1.1. Market Definition & Scope
1.2. Currency and Limitations
- 1.2.1. Currency
- 1.2.2. Limitations

2. Research Methodology

2.1. Research Approach
2.2. Process of Data Collection and Validation
- 2.2.1. Secondary Research
- 2.2.2. Primary Research/Interviews with Key Opinion Leaders of the Industry
2.3. Market Sizing and Forecast
- 2.3.1. Market Size Estimation Approach
- 2.3.2. Growth Forecast Approach
2.4. Assumptions for the Study

3. Executive Summary

3.1. Overview
3.2. Market Analysis, by Offering
3.3. Market Analysis, by Organization Size
3.4. Market Analysis, by Deployment Mode
3.5. Market Analysis, by End-Use Industry
3.6. Market Analysis, by Geography
3.7. Competitive Analysis

4. Market Insights

4.1. Overview
4.2. Factors Affecting Market Growth
- 4.2.1. Drivers
  - 4.2.1.1. Increasing Adoption of Cloud-based Workforce Management Solutions
  - 4.2.1.2. Growing Inclination towards Workforce Scheduling and Optimization
  - 4.2.1.3. Increasing Adoption of Workforce Management Solutions in Various Sectors
- 4.2.2. Restraints
  - 4.2.2.1. Privacy & Security Concerns Related to Workforce Data Deployed on the Cloud
- 4.2.3. Opportunities
  - 4.2.3.1. Rising Adoption of Workforce Management Solutions in SMEs
- 4.2.4. Challenges
  - 4.2.4.1. Unstructured Data Format Owing to The Integration of Advanced Technologies
4.3. Key Trends
- 4.3.1. Growing Trend of Remote and Distributed Workforce
- 4.3.2. Rising Adoption of Mobile Accessibility and Communication Tools
4.4. Vendor Selection Criteria/Factors Influencing Purchase Decisions
4.5. Case Studies

5. Global Workforce Management Market Assessment-by Offering

5.1. Overview
5.2. Solutions
- 5.2.1. Time & Attendance Management
- 5.2.2. Workforce Scheduling
- 5.2.3. Leave and Absence Management
- 5.2.4. Workforce Analytics
- 5.2.5. Task Management
- 5.2.6. Other Workforce Management Solutions
5.3. Services

6. Global Workforce Management Market Assessment-by Organization Size

6.1. Overview
6.2. Large Enterprises
6.3. Small & Medium-sized Enterprises

7. Global Workforce Management Market Assessment-by Deployment Mode

7.1. Overview
7.2. On-premises Deployment
7.3. Cloud-based Deployment

8. Global Workforce Management Market Assessment-by End-use Industry

8.1. Overview
8.2. BFSI
8.3. IT & Telecom
8.4. Government
8.5. Retail
8.6. Manufacturing
8.7. Transportation & Logistics
8.8. Energy Utilities
8.9. Healthcare
8.10. Other End-use Industry

9. Workforce Management Market Assessment-by Geography

9.1. Overview
9.2. North America
- 9.2.1. U.S.
- 9.2.2. Canada
9.3. Europe
- 9.3.1. U.K.
- 9.3.2. Germany
- 9.3.3. France
- 9.3.4. Spain
- 9.3.5. Italy
- 9.3.6. Poland
- 9.3.7. Switzerland
- 9.3.8. Rest of Europe
9.4. Asia-Pacific
- 9.4.1. China
- 9.4.2. Japan
- 9.4.3. India
- 9.4.4. Singapore
- 9.4.5. South Korea
- 9.4.6. Australia & New Zealand
- 9.4.7. Rest of Asia-Pacific
9.5. Latin America
- 9.5.1. Brazil
- 9.5.2. Mexico
- 9.5.3. Rest of Latin America
9.6. Middle East & Africa
- 9.6.1. Saudi Arabia
- 9.6.2. UAE
- 9.6.3. Rest of the Middle

10. Competition Analysis

10.1. Overview
10.2. Key Growth Strategies
10.3. Competitive Benchmarking
10.4. Competitive Dashboard
- 10.4.1. Industry Leaders
- 10.4.2. Market Differentiators
- 10.4.3. Vanguards
- 10.4.4. Emerging Companies
10.5. Market Ranking, by Key Players

11. Company Profiles

11.1. UKG Inc. (U.S.)
11.2. Oracle Corporation (U.S.)
11.3. ADP, Inc. (U.S.)
11.4. SAP SE (Germany)
11.5. Workforce Software, LLC. (U.S.) (A Part of Workforce Holdings)
11.6. NICE Ltd. (Israel)
11.7. Verint Systems Inc. (U.S.)
11.8. Workday, Inc. (U.S.)
11.9. Infor (U.S.)
11.10. Replicon Inc. (Canada)
11.11. IBM Corporation (U.S.)
11.12. SISQUAL Workforce Management, Lda. (Portugal)
11.13. SumTotal Systems, LLC. (U.S.)
11.14. TimeClock Plus, LLC. (U.S.)
11.15. Dayforce, Inc. (U.S.)

12. Appendix

12.1. Available Customization