The workforce management market is expected to be worth $8.4 billion by 2021. The total workforce management market is expected to be worth US$ 21.9 billion by 2032, growing at a 9.2% CAGR between 2022 and 2032, compared to a 7.5% CAGR between 2017 and 2021.

Workforce management solutions boost business management productivity. This is because personnel management can be seamlessly integrated into other aspects of business management. According to Future Market Insights, the workforce management market.

Small and large businesses are using cloud-based workforce management solution to merge the data onto a single platform and allowing their employees to handle self-service processes. The workforce management software comes with a web application and employees can access it from a computer, tablet, and smartphone.

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As large enterprises employ a large workforce, there is an increase in the adoption of IoT-based workforce management solutions for reducing costs, streamlining processes and increasing productivity through improved scheduling, management and tracking of labour resources. As a result, this will spur the adoption of workforce management solution over the forecast period.

Key Takeaways: 

• By component, workforce management solutions segment is expected to grow at a CAGR of 3%in the global demand for workforce management during the forecast period 2022-2032.
• By deployment type, the cloud-based segment is anticipated to increase at a CAGR of 0%between 2022 & 2032.
• By organization size, the adoption of workforce management solution in large enterprises segment is anticipated to increase at a CAGR of 7%between 2022 & 2032.
• By vertical, the adoption of workforce management solution in Information Technology enabled Services (ITeS) is anticipated to increase at a CAGR of 4%between 2022 & 2032, while BFSI segment is currently dominating the market share.
• North America is expected to lead the market followed by Europe in 2021. South Asia & Pacific is anticipated to emerge as the fastest growing region between 2022 & 2032.

Utilizing Workforce Management for Data-Driven Insights

After the COVID-19, companies are opting for hybrid work model and facing challenges to gain real-time insights on productivity of their employees. Workforce management solution makes it possible for companies to track employee’s productivity and streamline work performance. From completing a task to tracking lunch break, the solution can be used for creating and managing staff schedules.

Using workforce management solution, businesses are saving a good number of hours and spending it on human aspect of HR. In addition, workforce management tools are supreme for large businesses for managing a remote workforce. These tools help large businesses to stay in sync with employees, issues with payroll and others. Hence, adoption of workforce management for data-driven insights driving the global market.

Workforce Management Market Outlook by Category

By Component:

• Solutions
• Services

By Deployment Type:

• On-Premises
• Cloud-Based

By Organization Size:

• Large Enterprises
• Small and Mid-Sized Enterprises (SMEs)

By Vertical:

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