Workforce Management Software Market Size & Share, by Component (Software, Services); Deployment (On-Premise, Cloud); End-user {IT & Telecom, Banking, Financial Services, Insurance (BFSI), Healthcare, Retail, Transportation) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 5069
  • Published Date: Jun 25, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Workforce Management Software Market size is anticipated to cross USD 24 Billion by the end of 2035, growing at a CAGR of 6% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of workforce management software was over USD 9 Billion. The rising adoption of cutting-edge technologies such as cloud computing, and artificial intelligence (AI), in several businesses, processes, services, and industry verticals is positively impacting the demand for workflow management software.

The continuous need to modernize corporate processes by most of the end-use industries is leading to the rapid advancements of technology infrastructure and the improvement of data capabilities. There is growing adoption of innovation plans by businesses to adopt a digital-first approach for enabling smooth end-to-end interactions. This is predicted to bring in numerous market growth opportunities in the upcoming years.


Workforce Management Software Market
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Workforce Management Software Market: Growth Drivers and Challenges

Growth Drivers

  • Increasing Workflow Automation – It is estimated that 69% of all global managerial work will be automated by 2024. The market growth can be attributed to the rise in the adoption of workflow automation software to handle repetitive tasks, to reduce the need for manual work. Also, as this software enables streamlined communication, empowered employees, improved transparency, and higher efficiency and productivity, it is becoming essential for organizations so they can tweak it as per their unique needs.
  • Diversification in Work Practices – the increasing pool of remote workforce since the Covid-19 pandemic, has leveraged the features offered by the management software to manage remote functioning, which has increased the popularity of workforce management software among enterprises. 
  • Increasing Demand for Workforce Management Software Systems from Various End-Use Industries – It was observed that in 2022, no-code low-code process automation solutions have been implemented by more than 25% of businesses. The industry is in dire need to establish a streamlined workflow management system to ensure smooth and productive workflows, monitoring, and optimizing business operations. Even leading high-tech organizations need workflow management software to manage unorganized documents, and unstructured and disconnected tasks in place.

Challenges

  • Higher Implementation Costs - the cost of developing and upgrading such software is high and obtaining license agreements are further highly complex, costly, and time-consuming. Moreover, any additional integration and customizations result in additional charges as the maintenance and support cost of software exclusively covers the standard software cost only. All these factors make such software costly and act as a hindrance to workforce management software market growth.
  • High Complexity in Handling the Overall Process
  • Challenges associated with the ever-changing regulatory framework

Workforce Management Software Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~6%

Base Year Market Size (2022)

~ USD 9 Billion

Forecast Year Market Size (2035)

~ USD 24 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Workforce Management Software Segmentation

Deployment (On-Premise, Cloud)

The cloud segment in the workforce management software market is estimated to garner a share of 65% by the end of 2035. The growth is backed by the rapid adoption of cloud-based data storage systems worldwide by various business enterprises to store and access a large amount of data at a given point in time and on any device. For instance, it was observed that the total amount of data stored in the cloud globally is anticipated to reach 50% by 2025, up from about 25% of data stored in the cloud in the year 2015. The rise in the segment is accredited to the advantages of a cloud-based workflow management software that includes quick implementation, low cost of infrastructure, and anytime anywhere access.

Component (Software, Services)

The software segment in the workforce management software market is expected to augment with a growth rate of 70% by 2035. With the rising adoption of automation software programs for various business processes, the involvement of software is anticipated to brew up in overall workflow management. As of 2023, around 75% of companies are using marketing automation software. The workflow management software is significantly in demand by small and medium businesses with a low to medium complexity level of operations as it helps companies define and manage business activities and task sequences.

Our in-depth analysis of the global workforce management software market includes the following segments:

            Component

  • Software
  • Services

            Deployment

  • On-Premise
  •  Cloud

             End User Industry

  • IT & Telecom
  • Banking, Financial Services, and Insurance (BFSI)
  • Healthcare
  • Retail
  • Transportation
 

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Workforce Management Software Industry - Regional Synopsis

North American Market Forecast

The workforce management software market in North America is projected to be the largest with a share of about 32% by 2035. The presence of a strong information technology (IT) infrastructure in the region and the rising adoption of ERP, CRM, and cloud services with growing automation across various industries of the United States, Canada, and others are anticipated to boost the regional market growth. As per recent research, it was found that over 50% of US companies are planning to increase automation investments after Covid-19.

APAC Market Statistics

The Asia Pacific workforce management software market is slated to register a share of about 27% by the end of 2035. The growth of the regional market can be attributed majorly to the growing digital transformation in emerging economies such as China as well as the increasing adoption of automation in various business processes across diverse sectors in the region.

Research Nester
Workforce Management Software Market Size
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Companies Dominating the Workforce Management Software Landscape

top-features-companies
    • Oracle Corporation
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Appian Corporation Inc.
    • Software AG
    • International Business Machines Corporation
    • Pegasystems Inc.
    • Bizagi
    • Nintex Global Ltd.
    • Newgen Software Technologies Limited
    • SourceCode Technology Holdings, Inc.
    • Xerox Corporation

In-the-news

In The News

  • Oracle Corporation has introduced new AI and automation capabilities to help customers optimize supply chain management to help organizations achieve more with less.
  • Appian Corporation Inc. announced the availability of the latest version of the Appian Platform for process automation.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 5069
  • Published Date: Jun 25, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The increasing workflow automation and surge in demand for workforce management software from various end-use industries are the major factors driving the market growth

The market size of workforce management software is anticipated to attain a CAGR of 6% over the forecast period, i.e., 2023 – 2035.

The major players in the market are Oracle Corporation, Appian Corporation Inc., International Business Machines Corporation, Bizagi, Nintex Global Ltd., Newgen Software Technologies Limited, and Pegasystems Inc.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by component, deployment, end-user industry, and region.

The cloud segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The high-cost need for implementation of such software is estimated to be the growth hindering factor for the market expansion.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Workforce Management Software Market Report Scope
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