Global Workforce Management Market Size, Share & Industry Trends Analysis Report By Deployment, By Organization Size (Large Enterprises, and Small & Medium Enterprises), By Solution, By Application, By Regional Outlook and Forecast, 2023 - 2030

Analysis of Market Size & Trends

The Global Workforce Management Market size is expected to reach $16 billion by 2030, rising at a market growth of 10.3% CAGR during the forecast period.

The BFSI sector is highly regulated, and compliance with various financial regulations is crucial. Workforce management solutions can help organizations ensure compliance with labor laws, security regulations, and other industry-specific requirements. Consequently, the BFSI segment would generate approximately 22.5% share of the market by 2030. Workforce management tools can enhance operational efficiency by optimizing staff scheduling, automating routine tasks, and improving overall workforce productivity. This is particularly important in the BFSI industry, where precise staffing levels are critical for quality customer service. These aspects will lead to increased demand in the segment.

The major strategies followed by the market participants are Partnerships, Collaborations & Agreements as the key developmental strategy to keep pace with the changing demands of end users. For instance, In October, 2023, Blue Yonder Group inc., has extended its collaboration with WrokJam Inc., a workforce management solution provider. Under this collaboration, the companies combine Blue Yonder's Workforce Management (WFM) solution and WorkJam's digital workplace platform, to further enhance the experience of their shared customers and frontline employees. In September, 2023, UKG, Inc. came into partnership with Prolucent Health Inc., a healthcare workforce optimization software and services provider. Under this partnership, the companies are intended to take benefits of UKG's AI-powered, cloud-based, global WFM solutions, which can form a connection with Prolucent LiquidCompass workforce optimization platform to flawlessly schedule and procure labor in healthcare sector.

KBV Cardinal Matrix - Market Competition Analysis

Based on the Analysis presented in the KBV Cardinal matrix; Oracle Corporation are the forerunners in the Workforce Management Market. And Companies such as SAP SE, Blue Yonder Group, Inc., UKG, Inc. are some of the key innovators in Workforce Management Market. In October, 2023, Blue Yonder Group inc., has extended its collaboration with WrokJam Inc., a workforce management solution provider. Under this collaboration, the companies combine Blue Yonder's Workforce Management (WFM) solution and WorkJam's digital workplace platform, to further enhance the experience of their shared customers and frontline employees.

Market Growth Factors

Increasing trends of operational efficiency and productivity

WFM solutions facilitate effective resource allocation by providing tools to match workforce skills and availability with specific tasks and projects. Through intelligent scheduling algorithms, these solutions help organizations assign the right personnel to the right jobs, optimizing the utilization of skills and minimizing downtime. By accurately capturing work hours, breaks, and overtime, organizations can minimize errors, improve payroll accuracy, and ensure compliance with labor regulations.

Cost reduction and resource optimization

WFM solutions use data-driven analytics and forecasting tools to help organizations determine the optimal number of employees required to meet operational demands. By aligning workforce size with workload, businesses can avoid overstaffing or understaffing, ensuring that labor resources are utilized efficiently. WFM solutions incorporate forecasting features that analyze historical data and predict future workforce requirements. These aspects will pose lucrative growth prospects for the workforce management market.

Market Restraining Factors

Resistance to change among employees and management

Resistance to change often leads to low adoption rates among employees. If workers and management are unwilling to embrace new technologies, the workforce management solutions may go underutilized or unused. This can result in a poor return on investment for organizations that have invested in these systems. Even if organizations manage to implement workforce management solutions, the resistance to change can result in suboptimal utilization. This can negatively impact morale, job satisfaction, and overall employee engagement, potentially leading to higher turnover rates. These aspects can lead to reduced demand in the workforce management market.

Deployment Outlook

Based on deployment, the market is bifurcated into cloud and on-premises. The cloud segment recorded a significant revenue share in the market in 2022. Cloud-based solutions typically involve lower upfront costs and eliminate the need for extensive on-premises hardware infrastructure. This cost-efficiency is particularly attractive to businesses of all sizes. Cloud solutions offer scalability, allowing organizations to scale their workforce management systems up or down based on business needs. This is especially important for companies experiencing fluctuations in their workforce size. These factors will lead to increased demand in the coming years.

Organization Size Outlook

Based on organization size, the market is segmented into large enterprises and small & medium enterprises. The large enterprises segment held the largest revenue share in the market in 2022. Large enterprises with a global presence or complex organizational structures require sophisticated workforce management solutions. These solutions can address diverse needs, such as managing employees across different geographies, compliance with varied labor laws, and handling intricate payroll processes. Many large enterprises are moving towards integrated human resources (HR) suites encompassing various HR functions, including workforce management. A unified HR platform can streamline processes, enhance collaboration, and provide a comprehensive view of the workforce. Owing to these aspects, the segment will witness increased demand in the coming years.

Solution Outlook

Based on solution, the market is segmented into workforce scheduling, time & attendance management, embedded analytics, absence management, and others. In 2022, the embedded analytics segment garnered a significant revenue share in the market. Many organizations acknowledge the significance of data-driven decision-making in maximizing workforce performance. Embedded analytics enables real-time access to relevant data, allowing businesses to make informed decisions promptly. Managers and HR professionals can quickly analyze data related to employee performance, attendance, and other relevant metrics without switching between different applications. Therefore, the segment will grow rapidly in the upcoming years.

Application Outlook

On the basis of application, the market is divided into academia, automotive & manufacturing, BFSI, government, healthcare, retail, and others. In 2022, the healthcare segment witnessed a promising growth rate in the market. There is a growing emphasis on providing patient-centric care, which involves optimizing staff schedules to ensure adequate coverage during peak times and aligning staffing levels with patient needs. Workforce management tools help healthcare facilities schedule, forecast patient demand, and manage staff effectively. As a result, there will be increased growth in the segment.

Workforce Management Market Report Coverage

Report Attribute	Details
Market size value in 2022	USD 7.4 Billion
Market size forecast in 2030	USD 16 Billion
Base Year	2022
Historical Period	2019 to 2021
Forecast Period	2023 to 2030
Revenue Growth Rate	CAGR of 10.3% from 2023 to 2030
Number of Pages	322
Number of Table	483
Report coverage	Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Porter's 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives
Segments covered	Solution, Deployment, Organization Size, Application, Region
Country scope	North America (US, Canada, Mexico, and Rest of North America) Europe (Germany, UK, France, Russia, Spain, Italy, and Rest of Europe) Asia Pacific (China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific) LAMEA (Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA)
Companies Included	UKG, Inc., SAP SE, Oracle Corporation, WorkForce Software, LLC, NICE Ltd., ActiveOps PLC, Infor, Inc. (Koch Industries), EG Workforce Solutions, SISQUAL Workforce Management, Lda., Blue Yonder Group, Inc. (Panasonic Holdings Corporation)
Growth Drivers	Increasing trend of operational efficiency and productivity Cost reduction and resource optimization
Restraints	Resistance to change among employees and management

Regional Outlook

By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific segment acquired a considerable revenue share in the market. The Asia Pacific region has been experiencing significant economic growth, leading to increased business activities and a growing workforce. As businesses expand, the demand for effective and efficient workforce management solutions rises. Technology adoption, including workforce management software and solutions, is rising in the Asia Pacific region. Companies recognize the importance of optimizing their workforce to enhance productivity and reduce operational costs. These factors will lead to increased demand in the segment.

Free Valuable Insights: Global Workforce Management Market size to reach USD 16 Billion by 2030

The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include UKG, Inc., SAP SE, Oracle Corporation, WorkForce Software, LLC, NICE Ltd., ActiveOps PLC, Infor, Inc. (Koch Industries), EG Workforce Solutions, SISQUAL Workforce Management, Lda., Blue Yonder Group, Inc. (Panasonic Holdings Corporation)

Strategies deployed in the Market

» Partnerships, Collaborations, and Agreements:

• Nov-2023: UKG, Inc. has prolonged its collaboration with Microsoft Corporation, a software development firm. Under this enhanced alliance, Microsoft will leverage the UKG Flex and Microsoft Power Platform to facilitate the streamlined creation of accurate employee evaluations tailored to individual businesses for shared clients. The incorporation of no-code/low-code plugins and templates allows joint users of UKG Pro Suite and Microsoft Power Platform to effortlessly develop new bespoke applications, solution extensions, and workflows. This user-friendly approach empowers customers to independently meet the needs of their employees, delivering simple and customizable experiences without requiring IT support.
• Nov-2023: Infor Inc. came into partnership with DailyPay Inc., an American financial service company. Under this partnership, Infor's Workforce Management solutions can be used by customers to get access to their pay on same day, without any disturbance and additional administrative tasks. DailyPay integration with existing Infor Workforce Management systems, will help customers to get instant access to their wages.
• Oct-2023: Blue Yonder Group inc., has extended its collaboration with WrokJam Inc., a workforce management solution provider. Under this collaboration, the companies combine Blue Yonder's Workforce Management (WFM) solution and WorkJam's digital workplace platform, to further enhance the experience of their shared customers and frontline employees.
• Sep-2023: UKG, Inc. came into partnership with Prolucent Health Inc., a healthcare workforce optimization software and services provider. Under this partnership, the companies are intended to take benefits of UKG's AI-powered, cloud-based, global WFM solutions, which can form a connection with Prolucent's LiquidCompass workforce optimization platform to flawlessly schedule and procure labour in healthcare sector.
• May-2023: UKG Inc., has extended its partnership with Google LLC's division, specifically Google Cloud Platform, a cloud-based solution provider. Under this partnership, UKG will get benefit of Google Cloud's generative AI capabilities in human capital management suites of UKG. Through the integration of Google Cloud's LLMs with UKG's AI models and proprietary data from Great Place To Work®, UKG aims to enhance conversational interactions with its HCM solutions, provide more relevant business insights to employee requests, and provide people managers with a more profound comprehension of how business decisions can affect employee engagement.
• May-2023: SAP SE has extended its partnership with HCL Technologies Ltd., an IT-company. Under this partnership, HCL technologies Limited will make use of SAP's SuccessFactors Human Experience Management Suite, and thus ehancing the employee experience in recruitment and onboarding process across HCLTech.
• May-2023: SAP SE came into partnership with Microsoft Corporation, a software development company. Through this partnership, the two companies aim to seamlessly combine SAP SuccessFactors solutions with Microsoft 365 Copilot and Copilot in Viva Learning, along with Microsoft's Azure OpenAI Service. This integration will enable organizations to leverage powerful language models for assessing and generating natural language, ultimately enhancing their ability to attract, retain, and enhance the skills of their workforce.
• Feb-2022: Infor Inc. has announced a partnership with iCIMS Inc., a talent cloud company. With this partnership, the companies will provide next-generation talent capabilities to North America's major service industries like healthcare organizations, also together the companies will help other organizations to attract, retain, onboard and advance top talents at large scale by merging end-to-end talent lifecycle capabilities.

» Product Launches and Product Expansions:

• Nov-2023: UKG, Inc., a provider of workforce management solutions, has introduced the UKG Pro Benefits Hub, offering a contemporary benefits experience for employees. The hub enables employees to better understand their complete range of benefits options, providing concise and clear insights, plan comparisons, and guidance to assist them in making informed decisions during the enrolment process.
• Sep-2022: Oracle Corporation has introduced the NetSuite SuitePeople Workforce Management solution, designed to enhance employee engagement and optimize organizational efficiency. This system automates tasks such as staff scheduling, employee hours tracking, and wage calculation, thereby streamlining processes. It also offers valuable insights by suggesting improvements in staff scheduling. Furthermore, SuitePeople contributes to increased employee engagement, reinforcing their dedication to assisting customers.
• Apr-2022: Oracle Corporation has introduced Oracle ME, a platform designed to enhance the employee experience. This innovative solution is set to integrate into Oracle's Fusion Cloud Human Capital Management (HCM). Through Oracle ME, HR and business leaders gain the capability to enhance talent retention by fostering a supportive and reliable workplace atmosphere, elevate productivity by assisting employees in tackling complex tasks, and optimize communication across the entire organization.
• Jun-2021: WorkForce Software LLC has expanded the capabilities of its Workforce Suite, an enterprise-grade workforce management solution. The upgraded package now enables real-time interactions between managers and employees, allowing for in-the-moment engagement. Furthermore, the suite empowers managers to actively connect with staff, gather feedback, and respond to employee sentiment through its two-way communication and real-time workforce data management capabilities.
• May-2020: Blue Yonder Group Inc. has unveiled its Luminate Planning portfolio, emphasizing the anticipation of demand as a key element to enhance the company's operations through the application of artificial intelligence (AI) and machine learning (ML). The suite introduces boundary-less planning, providing companies with integrated sales and operations execution (S&OE), constant and limitless planning capabilities, and an intelligent engine capable of foreseeing and adapting to facilitate an autonomous supply chain.

» Acquisitions and Mergers:

• Nov-2023: Blue Yonder Group Inc. has successfully finalized the acquisition of Doddle Parcel Services Ltd., a company specializing in parcel services. Through this strategic acquisition, Blue Yonder is extending its comprehensive logistics suite to enhance growth opportunities and provide an enhanced experience for customers within self-service and pick-up, drop-off (PUDO) networks. This move is aimed at making the business more profitable and sustainable.
• Oct-2023: NICE Ltd. signed an agreement with LiveVox Inc., an AI based proactive outreach provider. With this agreement Nice Ltd. wants to acquiree LiveVox Inc. Together, they aim to enhance their customer experience (CX) operations using smart conversational AI, merging NICE's CXone platform with LiveVox's proactive outreach portfolio. The unified platform will cover all interactions, combining voice and digital, attended and unattended, inbound and outbound, marking a significant move into the digital era.
• Jul-2023: UKG, Inc. has completed the acquisition of Immedis Limited, a company specializing in payroll technology and services. In light of this acquisition, UKG Inc. is introducing UKG One View, a global payroll experience aimed at revitalizing and reimagining the conventional, fragmented, cumbersome, and expensive global payroll model. This strategic move is set to expedite the evolution of UKG's existing marketplace, addressing the challenges associated with multi-country footprints.
• Nov-2022: UKG Inc., took over Quorbit Limited, a workforce planning solution provider based in U.K. With this acquisition, UKG will get benefits of experience of Quorbit in workforce planning, thus strenthening and meeting needs of both business and people of the company by advancing its workforce management solutions.
• Jun-2022: Oracle Corporation has acquired Adi Insights Inc., a provider of workforce management solutions. As part of this acquisition, the team from Adi Insights Inc. will join the Oracle NetSuite organization. Their expertise will contribute to enhancing the capabilities of SuitePeople by offering workforce management solutions such as time capture, shift scheduling, and on-demand forecasting.
• Oct-2021: Infor Inc. has completed the acquisition of Lighthouse Systems Inc., an MES software provider. Under this acquisition, the companies will provide ERP and MES solutions together to address customers' needs of 24x7 manufacturing operations. The companies will combine Lighthouse Systems's Shopfloor-Online and Infor's CloudSuite ERP (enterprise resource planning) systems to improve manufacturing operations across production, quality, inventory, and maintenance of manufacturing operations.
• Aug-2021: SAP SE acquired SwoopTalent, a talent data intelligence company. Under this acquisition, the companies will integrate SAP's SuccessFactors solutions with DML technology of SwoopTalent, to futher improve the human experience management. The company will give priority to personalized employee experiences and dynamic opportunities to uplift engagement, improve organizational agility and eventually help business transformation, thus making workforce data easily accessible and dependable.

Scope of the Study

Market Segments Covered in the Report:

By Deployment

• On-premises
• Cloud

By Organization Size

• Large Enterprises
• Small & Medium Enterprises

By Solution

• Time & Attendance Management
• Workforce Scheduling
• Embedded Analytics
• Absence Management
• Others

By Application

• BFSI
• Automotive & Manufacturing
• Academia
• Healthcare
• Government
• Retail
• Others

By Geography

• North America
  • US
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
• LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Key Market Players

List of Companies Profiled in the Report:

• UKG, Inc.
• SAP SE
• Oracle Corporation
• WorkForce Software, LLC
• NICE Ltd.
• ActiveOps PLC
• Infor, Inc. (Koch Industries)
• EG Workforce Solutions
• SISQUAL Workforce Management, Lda.
• Blue Yonder Group, Inc. (Panasonic Holdings Corporation)