info@marketresearchfuture.com   📞  +1 (855) 661-4441(US)   📞  +44 1720 412 167(UK)
Certified Global Research Member
Isomar fd.webp Wcrc 57.webp
Key Questions Answered
  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
Why Choose Market Research Future?
  • Vigorous research methodologies for specific market.
  • Knowledge partners across the globe
  • Large network of partner consultants.
  • Ever-increasing/ Escalating data base with quarterly monitoring of various markets
  • Trusted by fortune 500 companies/startups/ universities/organizations
  • Large database of 5000+ markets reports.
  • Effective and prompt pre- and post-sales support.

Workforce Management Market Trends

ID: MRFR//1763-CR | 147 Pages | Author: Ankit Gupta| August 2021

Workforce Management Market Overview


The Workforce Management Market is projected to grow from USD 8.58 billion in 2024 to USD 15.89 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.01% during the forecast period (2024 - 2032). Additionally, the market size for Workforce Management was valued at USD 7.86 billion in 2023.


Increased demand for automation in the workplace has assisted and is the key market driver enhancing market growth.


Figure 1: Workforce Management Market Size, 2024-2032 (USD Billion)

Workforce Management Market Overview

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Workforce Management Market Trends


Adoption of Workforce Analytics Approach by Organizations is driving market growth.


Workforce analytics is instrumental in identifying and addressing operational gaps within an organization's workforce, leading to improved business outcomes. It enables HR to transition from administrative tasks to a strategic approach, as highlighted in a report by IBM Business Services. This shift drives companies to adopt workforce analytics for enhancing workforce operations. Rather than hiring new employees, organizations now focus on maximizing the productivity of existing staff. Workforce analytics helps identify the key traits and conditions contributing to high-performing teams and individuals. Incorporating workforce analytics solutions has become an emerging trend in the workforce management market. This factor drives the market CAGR.


Additionally, workforce management software offers cost-saving benefits by optimizing operational costs compared to overall employee spending. Key players in the industry are integrating artificial intelligence (AI) and machine learning (ML) into their software to drive advancements. For example, Kronos has introduced AIMEE, an AI-powered engine that improves scheduling based on worker skills, seasonal demand, and customer volume. These technological developments encourage end-users to adopt advanced workforce management solutions to harness their advantages.Thus,these factors drive the Workforce Management market revenue.


Workforce Management Market Segment Insights


Workforce Management Component Insights


Based on Components, the Workforce Management market segmentation includes attendance management, absence management, workforce scheduling, workforce analytics, performance management, and desktop. The workforce scheduling segment dominated the market because effective scheduling is crucial for optimizing workforce utilization and ensuring the right employees are assigned to the right tasks at the right time. Workforce scheduling software helps organizations create efficient schedules, manage shifts, and handle workforce allocation.


Workforce Management Service Insights


The Workforce Management market segmentation, based on service, includes implementation services, training, and education services. The implementation services segment dominated the market because the successful implementation of workforce management software requires expertise and specialized knowledge. Implementation services help organizations deploy and configure the software according to their requirements, ensuring smooth integration with existing systems.


Workforce Management Vertical Insights


Based on Vertical, the Workforce Management market segmentation includes Banking financial services insurance, IT & telecommunication, and energy. The banking financial services insurance segment dominate the workforce management market. This is due to the industry's highly regulated nature, the need for compliance with labor laws and regulations, and the critical importance of managing workforce productivity and efficiency.


Workforce Management Size Insights


The Workforce Management market segmentation, based on Size, includes Large Enterprises, small & medium enterprise. The large enterprise segment dominates the market; due to advanced features and capabilities to effectively manage their workforce across multiple locations, departments, and teams. Additionally, large enterprises have the resources and budget to invest in robust workforce management solutions, making them the dominant segment in the market.


Figure 2: Workforce Management Market, by Size, 2022 & 2032 (USD billion)

Workforce Management Market, by Size, 2022&2032

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Workforce Management Regional Insights


By Region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The North American workforce management market will dominate this marketdue to the early adoption of cloud platforms and the presence of well-established players such as Oracle Corporation and Kronos in the Region.


Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure 3:  WORKFORCE MANAGEMENT MARKET SHARE BY REGION 2022 (%)

GLOBAL WORKFORCE MANAGEMENT MARKET SHARE BY REGION 2022

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe's Workforce Management market accounts for the second-largest market share due to theincreasing demand to automate workforce operations to improve compliance. Further, the German Workforce Management market held the largest market share, and the UK Workforce Management market was the fastest-growing market in the European Region.


The Asia-Pacific Workforce Management Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due todigital adoption in the IT sector, specifically among the SMEs that lag in productivity compared to their large counterparts. Moreover, China’s Workforce Management market held the largest market share, and the IndianWorkforce Management market was the fastest-growing market in the Asia-Pacific region.


Workforce Management Key Market Players & Competitive Insights


Leading market players are investing heavily in research and development to expand their product lines, which will help the Workforce Management market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The Workforce Management industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.


Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Workforce Management industry to benefit clients and increase the market sector. In recent years, the Workforce Management industry has offered some of the most significant advantages to medicine. Major players in the Workforce Management market, including IBM CORPORATION,ORACLE CORPORATION SAP SE UKG Inc., ADP, LLC Workday, Inc. VERINT SYSTEMS INC. WORKFORCE SOFTWARE LLC REFLEXES SYSTEMS, INC. (ZEBRA TECHNOLOGIES) and development operations.


Verint is a leader in helping brands create lasting customer relationships by integrating work, data, and experiences throughout their organization. Their new Workforce Management solution offers a modern and user-friendly experience. It provides flexible scheduling, reduces time and effort, and accommodates various user skills, languages, time zones, employment requirements, and service level agreements (SLAs). With this solution, brands can streamline operations and consistently deliver exceptional experiences at scale.


Kronos Incorporated, a leading workforce management, and human capital management provider, merged with Ultimate Software to create a unified and powerful cloud workforce management solution. The merger brings together their expertise to serve organizations across industries. The new company will have a presence and dual headquarters in Lowell, Massachusetts, and Weston, Florida.


Key Companies In The Workforce Management Market Include



Workforce Management Industry Developments


January 2019: The company's cloud suite, Workforce Dimensions, revolutionizes operational execution for retail, hospitality, and food services. Powered by Artificial Intelligence for Managers and Employees (AIMEE), it enables accurate labor volume forecasting and enhanced scheduling. Machine Learning (ML) brings added stability and predictability, while embedded predictive analytics and proactive compliance capabilities drive strategic problem-solving.


April 2020: Kronos and Ultimate Software have merged to create a leading provider of cloud workforce management solutions for organizations across industries. The new company will have headquarters in Lowell, Massachusetts, and Weston, Florida, and a presence with offices worldwide.


Workforce Management Market Segmentation


Workforce Management Component Outlook




  • Attendance Management




  • Absence Management




  • Workforce Scheduling




  • Workforce Analytics




  • Performance Management




  • Desktop




Workforce Management Service Outlook




  • Implementation Services




  • Training




  • Education Services




Workforce Management Vertical Outlook




  • Banking Financial Services Insurance




  • IT & Telecommunication




  • Energy




Workforce Management Size Outlook




  • Large Enterprise




  • Small & Medium Enterprise




Workforce Management Regional Outlook





  • North America








    • US




    • Canada








  • Europe








    • Germany




    • France




    • UK




    • Italy




    • Spain




    • Rest of Europe








  • Asia-Pacific




    • China




    • Japan




    • India




    • Australia




    • South Korea




    • Australia




    • Rest of Asia-Pacific






Rest of the World





    • Middle East

    • Africa

    • Latin America




Leading companies partner with us for data-driven Insights
client_1 client_2 client_3 client_4 client_5 client_6 client_7 client_8 client_9 client_10
Kindly complete the form below to receive a free sample of this Report
Please fill in Business Email for Quick Response

We do not share your information with anyone. However, we may send you emails based on your report interest from time to time. You may contact us at any time to opt-out.

Purchase Option
Single User $ 4,950
Multiuser License $ 5,950
Enterprise User $ 7,250
Compare Licenses
Tailored for You
  • Dedicated Research on any specifics segment or region.
  • Focused Research on specific players in the market.
  • Custom Report based only on your requirements.
  • Flexibility to add or subtract any chapter in the study.
  • Historic data from 2014 and forecasts outlook till 2040.
  • Flexibility of providing data/insights in formats (PDF, PPT, Excel).
  • Provide cross segmentation in applicable scenario/markets.