Published On: December 2022
The term "workforce management" (WFM) refers to a group of procedures and technologies that allow an organization to centralize and track information about how its human resources are being used. It contains numerous performance-based software and solutions to increase the productivity of managers, employees, and front-line supervisors throughout the organization. It can carry out various tasks, including forecasting and scheduling the workforce, managing HR, and analyzing the workforce. Additionally, it may design personalized workflows that boost productivity and facilitate decision-making. As a result, workforce management systems have several uses in a variety of industries, including banking, financial services, and insurance (BFSI), healthcare, government & defense, transportation & logistics, retail, and information technology (IT).
According to the workforce management market outlook, the workforce management industry is anticipated to grow from USD 6,394.4 million in 2020 to USD 14.31 billion in 2030, expanding at a CAGR of 9.2% during the study period.
As per the workforce management market analysis, the rising demand for cloud-based solutions is the main factor driving the global workforce management market. With the popularity of cloud-based solutions, it is now simpler to store data in the cloud and to get it quickly. Additionally, the development of this system has made it simpler to integrate mobile workforce solutions. Employees frequently need access to company information from various devices whether at home or in the office. Thanks to cloud-based solutions, this is now simpler. The growing use of smartphones and the emphasis on workforce optimization are significant growth drivers in the workforce management market. There are various techniques to optimize the workforce, including time and attendance tracking, performance evaluation, demand forecasting, employee scheduling, and many more.
The increased use of cell phones makes it easier to carry out these functions whenever and whenever. Additionally, rising automation demand would support the workforce management market globally during the anticipated period. By increasing accuracy, reducing labor costs, and enabling mobile access to workforce management solutions, automation is anticipated to aid in workforce management systems.
A lack of knowledge about workforce management is one of the most significant factors limiting the growth of the global workforce management market. Many businesses, especially small and medium-sized ones, are not designed to use technological solutions and instead stick to tried-and-true techniques. Due to a lack of awareness, they are unaware of the advantages of deploying automated workforce management systems in a firm.
Workforce Management Market Outlook as of Today:
Impact of Covid-19
The COVID-19 pandemic posed difficulties for the world's health systems, and new service delivery requirements evolved that were necessary to handle the pandemic. Therefore, strategic personnel planning, support, and capacity-building were needed to ensure health system operations. Many nations' health workforce issues include workforce shortages, unequal distribution, and misalignment of requirements and abilities.
According to the workforce management market analysis, many industries will maintain the work-from-home trend in the future, expanding the workforce management market size. Additionally, many businesses effectively continued their organizational tasks throughout the pandemic using workforce management software and methods. There were, however, some unknowns as well. Some sectors' lack of understanding and awareness of these technologies has resulted in a decline in workforce management market shares.