Research Nester’s recent market research analysis on “Workforce Management Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global workforce management market in terms of market segmentation by component, organization size, operating system, deployment model, end user, and by region.
Intensifying Trend of Digitalization to Boost the Growth of the Global Workforce Management Market
The global workforce management market is anticipated to grow on account of the intensifying trend of digitalization. For instance, recent research predicted that 64% of the global GDP would be digital by 2022. In 2019, there were 72% of digital transformation strategies. 55% of startups in 2019 have already embraced the digital business model. A rise in demand for software systems that may assist in managing employee data, attendance, payroll, and other HR functions is being brought on by the increasing digitalization of businesses and organizations.
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The market growth for workforce management is also predicted to be further boosted by the increased acceptance of cloud-based workforce management systems. It is undeniably proven that companies may save money by using cloud-based mobile workforce software solutions by avoiding the expenditures of installing improved hardware. Additionally, it improves security and teamwork among individuals and groups within mobile workforces.
Some of the major growth factors and challenges that are associated with the growth of the global workforce management market are:
Growth Drivers:
• Growing Government Initiatives to Encourage Digital Transformation
• Surge in Deployment of Workforce Management Software in the Healthcare Workforce
Challenges:
These systems involve considerable capital inputs, thus the cost of establishing and maintaining them may be extremely high for businesses. It may be challenging for businesses to justify the charges given the training expenses and ongoing software updates that might pile up.
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By deployment model, the market for global workforce management market is segmented into on-premises and cloud. Out of these segments, the cloud segment is anticipated to garner the highest share of ~57% over the forecast period. The demand for cost-effective solutions, easy scalability, increased flexibility, and quick deployment of cloud-based solutions are all factors that have contributed to the segment's rise. For instance, by 2025, it is anticipated that there will be more than 100 zettabytes of data stored in the cloud. Cloud data centers handled over 93% of all workloads in 2021. One of the top, most well-known, and commonly utilized cloud services in the world is Amazon Web Services' (AWS) cloud infrastructure as a service (IaaS). Another factor influencing the growth of this market is the improved visibility of organizational operations and improved departmental communication offered by cloud-based solutions. Along with higher scalability and cost savings, cloud-based solutions also provide better security and data management.
By region, the North American workforce management market is anticipated to generate the largest share of ~35% by the end of 2035. Given the presence of significant businesses that are consistently investing in this technology and creating new labor management solutions, the North American region has been adopting them more quickly. The region also benefits from a robust regulatory environment that promotes the adoption of cutting-edge technology for improved personnel management. Additionally, North American businesses have access to a sizable talent pool and are well-equipped with the newest technologies. They have been able to do this since it has allowed them to make significant investments in cloud, AI, and ML technologies to boost productivity and stay competitive.
This report also provides the existing competitive scenario of some of the key players of the global workforce management market which includes company profiling of Verint Systems Inc., Infor., Broadcom, Oracle, ActiveOps PLC., NICE Ltd., Kronos Incorporated., IBM, SAP, UKG Inc., and others.
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