Rising Demand For Cloud-Based Solutions Fuels Workforce Management Market Growth Projected At $9,391 Mn By 2027

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Workforce Management market Size

Rising demand for workforce optimization, mobile apps, and the growing adoption of cloud solutions fuel the growth of the global workforce management market.

WILMINGTON, DE, UNITED STATES, February 7, 2025 /EINPresswire / -- According to a recent report by Allied Market Research, the workforce management market was valued at $4.35 billion in 2019 and is expected to reach $9.39 billion by 2027, growing at a CAGR of 10.2% from 2020 to 2027.

The workforce is the biggest asset of a business, where they play a critical role to perform day-to-day operations and offer biggest competitive advantage in the highly competitive market. Thus, many business leaders opt for workforce management solutions to help them optimize their workforce operations and schedule the task depending upon the task priority and skilled labor. This in turn is a factor that drives the workforce management market during the forecast period. Moreover, in this digital era, workforce mobile applications have gained high traction owing to their ability to track the employee location and gain task status instantaneously.

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Workforce management offers wide range of solutions such as time and attendance management, task management, workforce scheduling, workforce analytics, budgeting and forecasting, and many others. Though the workforce management solution offers wide range of features, many advance/premium features require extra cost. Thus, many companies opt for customized solutions package that includes features that are specific to their needs. This has created significant opportunity for workforce management market growth, owing to workforce customized solutions offerings.

North America led the workforce management market in 2019 due to its well-established infrastructure. Meanwhile, Asia-Pacific, with its large workforce, is driving market growth as organizations seek better collaboration, communication, and coordination solutions. Additionally, the ongoing COVID-19 pandemic has accelerated the adoption of technological solutions to manage remote work and social distancing, further fueling market expansion.

Some of the key market players profiled in the workforce management market analysis include ADP, LLC, Infor, IBM Corporation, Kronos Incorporated, Oracle Corporation, SAP SE, SumTotal Systems, LLC, Verint Systems Inc., Workday, Inc., and WorkForce Software, LLC. Major players operating in this market have witnessed significant adoption of strategies such as business expansion and partnership to reduce supply-demand gap. With increase in remote working and lockdown initiatives across the globe, major players have collaborated their product portfolio to provide differentiated and innovative cloud-based workforce management products.

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Top executives across industries are prioritizing the reinvention of worker engagement strategies through the adoption of new technologies, driving the need for new roles and skill development among employees. The 2019–2020 pandemic accelerated the transformation of workforce management applications, shifting the focus from digitizing company-customer relationships to employer-employee interactions. According to Allied Market Research, trends like digitalization, automation, and innovation were key drivers of workforce management market growth in North America in 2019.

Meanwhile, Asia-Pacific business leaders increasingly adopted technological solutions to safeguard employees and maintain productivity, particularly through remote workforce management applications. The rise of SaaS-based workforce management models, especially cloud-enabled workforce analytics, has further propelled market growth, replacing traditional on-premise solutions. Large enterprises are leveraging workforce analytics for predictive employee management, improved productivity, and optimized business revenue. Major players such as ADP, IBM, Oracle, SAP, and Workday are integrating AI and launching innovative products to meet evolving end-user demands, enhance their portfolios, and expand market presence.

Depending upon the deployment mode the workforce management market is divided into on-premises and cloud. The cloud segment dominated the market in 2019, whereas on-premises deployment were widely preferred among large enterprises owing to high availability of infrastructure. Adoption of cloud technology have proliferated the number of applications launched that offer high volume of data storage and access to data at anytime and anywhere. Hence, increase in adoption of cloud-based workforce management is widely witnessed as an on-going trend in the global workforce management market. Moreover, necessity to achieve competitive advantage many companies prefer for pay-as-you-go model, due to which cloud-based workforce management solutions dominates the market during the forecast period.

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As enterprises are compelled to cope with growing consumer demand, the need for optimized and well-coordinated workforce has raised the adoption of workforce management among various organizations. Moreover, large enterprises have high number of workforce operating across the globe. High adoption of workforce management is thus witnessed among large enterprises as these organizations thrive to have cohesive and detailed understanding of their employees and task completed reports.

Healthcare and retail industries leverage the mobile-based workforce applications as it offers then cost benefit and ease in handling business. Moreover, retail and manufacturing industries thrive to optimize their supply chain processes, among which workforce plays a major role. Human resource management plays an important role in all industries, insights on employees' accountability as well as performance evaluation can help industries to achieve high productivity. This in turn is a major factor expected to drive the growth of the global workforce management market in the forthcoming years.

To manage disruptions of productivity due to the COVID-19 outbreak is a major factor the drives the growth of the workforce management market in 2020. Many business leaders thrive in communicating information about contingency planning in a crisis, especially during a viral outbreak. This has created opportunities for adoption of workforce management solutions and services to help businesses to protect their employees and organizational productivity. Workforce management is playing a crucial role in strengthening remote working capabilities and is creating a strategy for communicating factually and effectively with employees, customers, partners and other stakeholders. Hence, workforce management market is expected to witness positive growth in the COVID-19 impact with minimalistic disruptions that could be due to lack of infrastructure.

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