Workforce Management Market to be Worth $9.8 Billion by 2031

Workforce Management Market Size, Share, Forecast, & Trends Analysis by Offering (Solutions, Services), Organization Size, Deployment Mode, End-use Industry (BFSI, IT & Telecom, Government, Retail), and Geography - Global Forecast to 2031

Meticulous Research^®—leading global market research company, published a research report titled, ‘Workforce Management Market by Offering (Solutions, Services), Organization Size, Deployment Mode, End-use Industry (BFSI, IT & Telecom, Government, Retail), and Geography - Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the global workforce management market is projected to reach $9.8 billion by 2031, at a CAGR of 11.3% from 2024–2031. The growth of the global workforce management market is driven by the increasing adoption of cloud-based workforce management solutions, growing inclination towards workforce scheduling and optimization, and increasing adoption of workforce management solutions in various sectors. However, privacy & security concerns related to workforce data deployed on the cloud may restrain the growth of this market.

Furthermore, the rising adoption of workforce management solutions in SMEs is expected to offer growth opportunities for the stakeholders in this market. However, the unstructured data format, owing to the integration of advanced technologies is a challenge impacting the growth of the workforce management market. Additionally, the growing trend of remote and distributed workforce and the rising adoption of mobile accessibility and communication tools are prominent trends in this market.

The global workforce management market is segmented by offering (solutions {time & attendance management, workforce scheduling, leave and absence management, workforce analytics, task management, and other workforce management solutions}, services), organization size (large enterprises, small & medium-sized enterprises), deployment mode (on-premise deployment, cloud-based deployment), end-use industry (BFSI, IT & telecom, government, retail, manufacturing, transportation & logistics, energy utilities, healthcare, and other end-use industries), and geography. The study also evaluates industry competitors and analyses the market at the country and regional levels.

Based on Offering, the global workforce management market is segmented into solutions and services. In 2024, the solutions segment is expected to account for the larger share of 76.0% of the global workforce management market. The segment’s large share is attributed to the increasing adoption of cloud-based workforce management solutions, increasing focus on solution-centric capabilities, rising R&D investments, and rising demand to simplify the work of employees in an organization. In addition, the benefits offered by workforce management solutions, such as employee efficiency and productivity, labor scheduling, data-driven decisions, operational agility, flexible work, and regulatory compliance, contribute to this segment's growth. Also, several global key players are redefining their business strategies to improve productivity. For instance, in March 2023, UJET, Inc. (U.S.) partnered with Google Cloud (U.S.) to launch its workforce management suite to power the future of employee and customer experience. This solution offers highly accurate forecasting, scheduling, and real-time adherence monitoring to improve remote contact center agent performance, satisfaction, and the overall customer experience. Also, this segment is projected to grow at a higher CAGR during the forecast period of 2024–2031.

Based on Organization Size, the global workforce management market is segmented into large enterprises and small & medium-sized enterprises. In 2024, the large enterprises segment is expected to account for the larger share of ~65.0% of the global workforce management market. The segment’s large share is attributed to the growing emphasis on developing strategic IT initiatives among large enterprises, the increasing need to manage large volumes of customer-level data, and the management of workforce analytics platforms by skilled IT personnel.

However, the small & medium-sized enterprises segment is expected to register a higher CAGR during the forecast period of 2024–2031. The rising adoption of workforce analytics, increasing focus of organizations towards employee productivity and progressing workforce, and rising adoption of workforce management solutions in SMEs are expected to support the growth of this segment. In addition, several leading key players are taking initiatives to support the growth of this segment. For instance, in February 2024, Workday, Inc. (U.S.) signed a partnership with Insperity, Inc. (U.S.) to provide best-in-class HR service and technology to small and midsize businesses. Through this strategic partnership, customers will have the benefit of Insperity’s Workforce Optimization premium service experience, which includes dedicated HR specialists, payroll and benefits, risk management, and compliance support, along with Workday Human Capital Management (HCM).

Based on Deployment mode, the global workforce management market is segmented into on-premise deployment and cloud-based deployment. In 2024, the cloud-based deployment segment is expected to account for the larger share of ~64.0% of the global workforce management market. The segment’s large market share is attributed to the rapid evolution of new avenues for cloud-based deployments, the superior flexibility offered by cloud-based deployments, and the increasing incorporation of cloud-based workforce management solutions. In addition, several leading key players are taking initiatives to support the growth of this segment. For instance, in May 2023, Genesys Cloud Services, Inc. (U.S.) launched its new Genesys Cloud EX solution to engage, motivate, and empower employees within the contact center and beyond. This new standalone employee experience solution helps any business increase engagement, performance, and trust with today’s digital workforce through capabilities including artificial intelligence (AI)-powered workforce forecasting and scheduling, gamification and performance management, coaching, and employee development. Also, this segment is projected to grow at a higher CAGR during the forecast period of 2024–2031.

Based on End-use Industry, the global workforce management market is segmented into BFSI, IT & telecom, government, retail, manufacturing, transportation & logistics, energy utilities, healthcare, and other end-use industries. In 2024, the IT & telecom segment is expected to account for the largest share of the global workforce management market. The segment’s large market share is attributed to the rising need to manage the workforce effectively, the growing trend of a remote and distributed workforce, the increasing implementation of mobile workforce management solutions, and the growing inclination towards workforce scheduling and optimization. Moreover, this segment is expected to grow at the highest CAGR during the forecast period of 2024–2031.

Based on Geography, the global workforce management market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2024, North America is expected to account for the largest share of ~33% of the global workforce management market. North America’s large market share is attributed to the presence of prominent players offering advanced workforce management solutions. For instance, in August 2021, SAP SE (Germany) and Red Hat, Inc. (U.S.) announced streamlined. They consolidated their external workforce program in North America through a partnership with Monument Consulting (U.S.), with the SAP Fieldglass Contingent Workforce Management application at its core. Furthermore, the growing adoption of cloud-based workforce management solutions, rising adoption of workforce scheduling and mobile workforce management solutions, and growing adoption of workforce analytics solutions in the IT and telecom sectors are also contributing to the growth of the workforce management market in North America.

However, the Asia-Pacific region is projected to register the highest CAGR of 13% during the forecast period. The rapid growth of this region is mainly driven by factors such as the rising adoption of advanced technologies, the rising adoption of workforce scheduling solutions in SMEs, the growing trend of remote and distributed workforce, and market players’ efforts to launch advanced workforce management solutions. For instance, in February 2024, Rippling People Center Inc. (U.S.) opened its new office in Australia. Rippling offers a workforce management platform to Australian organizations.

Key Players

The key players operating in the global workforce management market are UKG Inc. (U.S.), Oracle Corporation (U.S.), ADP, Inc. (U.S.), SAP SE (Germany), Workforce Software, LLC. (U.S.) (A Part of Workforce Holdings), NICE Ltd. (Israel), Verint Systems Inc. (U.S.), Workday, Inc. (U.S.), Infor (U.S.), Replicon Inc. (Canada), IBM Corporation (U.S.), SISQUAL Workforce Management, Lda. (Portugal), SumTotal Systems, LLC. (U.S.), TimeClock Plus, LLC. (U.S.), and Dayforce, Inc. (U.S.).

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Key Questions Answered in the Report:

What are the high-growth market segments in terms of offering, deployment mode, organization size, and end-use industry?
What is the historical market size for the global workforce management market?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the global workforce management market?
Who are the major players in the global workforce management market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the global workforce management market?
What are the different strategies adopted by major market players?
What are the trends and high-growth countries?
Who are the local emerging players in the global workforce management market, and how do they compete with other players?