Workforce Management Market Size Thrives with Adoption of Predictive Analytics | Expected to Hit USD 9.4 Million by 2027

Digital transformation, remote work trends, and demand for automation are key drivers boosting the workforce management market growth.

PORTLAND, OREGON, UNITED STATES, August 2, 2023/EINPresswire.com/ -- The Global Workforce Management Market was worth $4,350 million in 2019, and it is anticipated to rise to $9,391 million by 2027, at a CAGR of 10.2%.

The workforce is a company's most valuable asset since it is essential to daily operations and provides the biggest competitive edge in a highly competitive market. As a result, many corporate executives use workforce management solutions to aid in the optimization of their workforce operations and the scheduling of tasks based on their importance and availability of trained employees. This in turn is a factor that, over the course of the projected period, propels the workforce management market.

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Depending upon the deployment mode the workforce management market is divided into on-premises and cloud. The cloud segment dominated the market in 2019, whereas on-premises deployment were widely preferred among large enterprises owing to high availability of infrastructure. Adoption of cloud technology have proliferated the number of applications launched that offer high volume of data storage and access to data at anytime and anywhere. Hence, increase in adoption of cloud-based workforce management is widely witnessed as an on-going trend in the global workforce management market. Moreover, necessity to achieve competitive advantage many companies prefer for pay-as-you-go model, due to which cloud-based workforce management solutions dominates the market during the forecast period.

In the rapidly evolving landscape of workforce management, several trends are shaping the industry and influencing businesses' strategies and practices. Firstly, the increasing adoption of cloud-based solutions is a prominent trend. Cloud-based workforce management platforms offer flexibility, scalability, and ease of access, making them attractive to organizations of all sizes. These solutions enable real-time updates, remote access, and seamless integration with other HR and operational systems, enhancing overall efficiency and workforce productivity.

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AI and automation are revolutionizing workforce management practices. AI-powered algorithms can analyze vast amounts of workforce data to optimize scheduling, predict staffing needs, and identify potential bottlenecks. Automated systems for time tracking, leave management, and employee self-service are becoming more prevalent, streamlining administrative tasks and enabling HR teams to focus on strategic initiatives and employee engagement.

The shift towards a more mobile and remote workforce is reshaping workforce management approaches. With the rise of remote work and flexible arrangements, organizations are embracing mobile workforce management solutions. Mobile apps and digital platforms enable employees to access schedules, submit time-off requests, and communicate with supervisors easily, fostering better collaboration and work-life balance.

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Some of the key market players profiled in the workforce management market analysis include ADP, LLC, Infor, IBM Corporation, Kronos Incorporated, Oracle Corporation, SAP SE, SumTotal Systems, LLC, Verint Systems Inc., Workday, Inc., and WorkForce Software, LLC.

Major players operating in this market have witnessed significant adoption of strategies such as business expansion and partnership to reduce supply–demand gap. With increase in remote working and lockdown initiatives across the globe, major players have collaborated their product portfolio to provide differentiated and innovative cloud-based workforce management products.

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Allied Analytics LLP
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