The 2023 report on the “Workforce Management Market” presents a thorough and accurate examination of different factors pertaining to business expansion prospects, challenges, risk elements, and trends in all geographical regions. This report delivers current information on the most recent technological developments, along with SWOT and PESTLE analysis, and valuable insights on market size.
Global Workforce Management Market is valued approximately at USD 4.3 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 10.2% over the forecast period 2020-2027. Workforce management is used to schedule day-to-day tasks for employees, helps companies to track time and attendance as well as administer absence and leave of their employees.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
Workforce management provides collective set of performance-based software and tools for an organization to support front line supervisors, corporate management, store managers, and workers across manufacturing, retail, distribution and transportation operations. For instance: In manufacturing industry, the adoption of workforce management solutions measure an employee’s productivity and helps them to manage and retain a high-performing workforce.
The growing demand for workforce optimization and mobile application and increasing adoption of cloud-based workforce management solutions are the few factors responsible for growth of the market over the forecast period. Furthermore, the introduction of products and services along with other strategic alliance by market key players will create a lucrative demand for this market. For instance: on 19th May 2020, Infor launched Infor Workforce Management Express Program in China.
It is a business cloud software tool for workforce management with intelligent scheduling that help companies be operationally agile and ease the “back-to-work” phase as companies gradually re-open. However, privacy and security concerns related to workforce data deployed on the cloud is the major factor restraining the growth of global Workforce Management market during the forecast period.
The regional analysis of global Workforce Management market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world owing to the increasing adopting workforce management solutions and services. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027.
Major market player included in this report are:
Automatic Data Processing, Inc.
Infor
International Business Machines Corporation
Kronos Incorporated
Oracle Corporation
SAP SE
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SumTotal Systems LLC
Verint Systems Inc.
Workday, Inc.
WorkForce Software, LLC
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Component:
Solution
Service
By Deployment Mode:
On-Premise
Cloud
By Organization Size:
Large Enterprises
Small & Medium Enterprises
By Industry Vertical:
BFSI
Manufacturing
Healthcare
Government
Retail & E-Commerce
IT & Telecom
Education
Others
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Market Dynamics:
- Surging air traffic: As the global aviation industry continues to expand, there is a corresponding increase in market demand.
- Heightened emphasis on safety and reliability: The aerospace and defense sector places significant importance on ensuring safety and reliability, which drives the need for top-notch market offerings.
- Growing commitment to environmental sustainability: The aerospace and defense industry is increasingly dedicated to reducing its carbon footprint, resulting in the adoption of sustainable aviation fuels.
- Escalating globalization: The growth of international trade and travel propels the demand for market solutions.
- Increasing desire for private air transportation: The rising number of affluent individuals and their preference for exclusive air travel are generating fresh opportunities in the market.
- Expanding utilization of digital fuel management systems: The integration of digital fuel management systems facilitates efficient fuel consumption and reduces associated costs.
- Advancements in fuel cell technology: Ongoing developments in fuel cell technology unlock new possibilities for the production of sustainable market alternatives.
- Mounting demand for air cargo transportation: The flourishing e-commerce sector fuels an increasing need for air cargo transportation, thereby driving the demand for market offerings.
- Rising defense budgets: Governments worldwide are augmenting their defense spending, leading to heightened market demand.
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