Global Workforce Management Market Report Forecast By Solution (Time & Attendance Management, Workforce Scheduling, Embedded Analytics, Absence Management , Others), Component (Software, Service), Deployment (On-Premise, Cloud, Hybrid), End User (IT and Telecommunication, BFSI, Government, Retail, Healthcare, Education, Manufacturing, Others), Countries and Company Analysis (2024-2032)

Driving Forces of Workforce Management Market

Acceptance of Automation and Digitalization

The growing adoption of automation and digitalization across sectors is driving growth in the global market. There is an increasing need for effective human resource management as firms move to digital platforms. The demand for increasing staff efficiency, optimizing resource allocation, and boosting operational agility is growing. Businesses are seeing the benefits of more efficient procedures made possible by digital labor management solutions.

Businesses may efficiently arrange shifts, track attendance, and assign jobs by utilizing cutting-edge technologies like cloud-based systems and mobile apps. This minimizes errors and manual labor. In addition to increasing overall efficiency, this shift to digital labor management also lowers costs. In addition, businesses are forming alliances and working together to deliver precise and automated solutions. For example, UJET, Inc. announced UJET WFM on March 27, 2023, in collaboration with Google Cloud. UJET unveiled new business intelligence solutions for the contact center sector with the release of its workforce management suite, which is also natively available within the Google Cloud Contact Center AI Platform. To enhance the effectiveness of remote contact center agents and the user experience as a whole, UJET WFM provides extremely accurate forecasting, scheduling, and real-time adherence monitoring.

Enhancement of Labor Productivity and Cost Management

On June 26, 2023, Strata Decision Technology (Strata) introduced its Real Time Workforce Management (RTWM) system, which is intended to help nursing leaders achieve their operational and financial objectives. By providing nursing leadership with precise and useful data, the solution enhances staff-leader communication. The focus on maximizing worker productivity and reducing labor expenses is driving growth in the worldwide workforce management market. Companies want to maximize production at the lowest possible cost. Businesses can match labor resources with operational demands thanks to workforce management systems. Accurate demand forecasting, effective scheduling, and real-time labor performance monitoring are made possible by these technologies. By making sure that the correct people are assigned to the right tasks at the right time, organizations may increase productivity and decrease concerns related to overstaffing or understaffing. Furthermore, managing overtime and labor costs contributes to cost control, which in turn boosts profitability.

Growth of Flexible and Remote Work Environments

The market is expanding because there is a growing emphasis on flexible and remote work arrangements. The workforce management market is growing as more businesses embrace remote work policies and flexible scheduling. The workforce coordination, communication, and performance monitoring aspects of this change provide a number of issues. Businesses are using sophisticated personnel management systems to handle these issues. These technologies make it possible to assign tasks, track employees remotely, and collaborate in real time, so that workers are always connected and productive no matter where they are in the world.

Furthermore, dynamic scheduling skills that take into account changing employee preferences and availability are necessary for flexible work arrangements. Businesses are spending money on workforce management programs to empower their remote workers and preserve operational effectiveness. In addition, industry participants are partnering and making acquisitions to offer better operational efficiency and new solutions. For instance, a strategic alliance was announced on May 30, 2023, by TalenTeam, a specialist in human experience management and SAP Gold Partner, and WorkAxle, a top supplier of workforce management (WFM) solutions. Through this partnership, businesses in Europe and the Middle East will be equipped with state-of-the-art technologies that streamline workforce management procedures and increase operational effectiveness.

North America Workforce Management Market

North America is the leader in the labor management sector due to its early adoption of cutting edge technologies like cloud computing and artificial intelligence (AI). Businesses in the area benefit from this technical readiness when it comes to maximizing HR operations. Workforce management systems assist businesses in effectively allocating resources, streamlining processes, and adhering to regional labor rules. In addition, the industry is rising as a result of the increasing focus on using data to inform decisions. Tools that facilitate remote team administration, such as job delegation and performance tracking, are in higher demand. To further expedite procedures, leading market participants in the area are forming alliances and conducting mergers and acquisitions (M&As).

For instance, on May 3, 2024, Veriforce, a US-based corporation, acquired Global Worker Pass, a cutting-edge software program made to make it easier to instantly and instantly verify the credentials of employees. Through the acquisition, Veriforce will be able to offer a greater variety of products and give companies a comprehensive labor management solution for their global workforce.

Global Workforce Management Company Analysis

The key players in the workforce management industry are UKG Inc., Oracle Corporation, ActiveOps PLC, NICE Ltd., Workday Inc., Blue Yonder Group, Inc., SAP SE, The Sage Group plc.

Global Workforce Management Company News

February 2024- In order to support its expanding rail business, Qube, the biggest import and export logistics services provider in Australia, selected Trapeze's Workforce Management (WFM) solution. Qube Logistics and Trapeze Rail have committed to a multi-year agreement that will provide WFM technology for Qube's whole east coast rail network.

December 2023- Two partnerships were introduced by Upwork with the goal of providing a better method of workforce management. Starting with SAP Fieldglass and Flextrack, it worked with managed service providers (MSPs) and vendor management systems (VMS) to provide its enterprise suite offering.

June 2022-CaseworkiQ is launched, as announced by ActiveOps PLC. With heavy caseloads and high compliance circumstances, it is a workforce management solution to support operations. With support for case settings, the new solution, CaseworkiQ, builds upon and enhances current ActiveOps workforce efficiency solutions. Customers can use the solution to schedule resources according to service level agreements (SLAs) and caseload demand, which results in decreased risk, costs, and optimized performance.

Solution– Market breakup in 5 viewpoints:

1. Time & Attendance Management
2. Workforce Scheduling
3. Embedded Analytics
4. Absence Management
5. Others

Component– Market breakup in 2 viewpoints:

1. Software
2. Service

Deployment– Market breakup in 3 viewpoints:

1. On-Premise
2. Cloud
3. Hybrid

End User– Market breakup in 8 viewpoints:

1. IT and Telecommunication
2. BFSI
3. Government
4. Retail
5. Healthcare
6. Education
7. Manufacturing
8. Others

Countries– Market breakup in 25 viewpoints:

1. North America

1.1    United States

1.2    Canada

2. Europe

2.1    France       

2.2    Germany  

2.3    Italy            

2.4    Spain          

2.5    United Kingdom    

2.6    Belgium     

2.7    Netherland

2.8    Turkey

3. Asia Pacific

3.1    China          

3.2    Japan         

3.3    India           

3.4    Australia   

3.5    South Korea            

3.6    Thailand    

3.7   Malaysia    

3.8   Indonesia  

3.9    New Zealand

4. Latin America

4.1    Brazil

4.2    Mexico

4.3    Argentina

5. Middle East & Africa

5.1    South Africa

5.2    Saudi Arabia

5.3   UAE

All the key players have been covered from 4 Viewpoints:

• Business Overview
• Key Persons
• Recent Development & Strategies
• Financial Insights

Key Players Analysis:

• UKG Inc.
• Oracle Corporation
• ActiveOps PLC
• NICE Ltd.
• Workday Inc.
• Blue Yonder Group, Inc.
• SAP SE
• The Sage Group plc