Workforce Management Market is expected to reach a whopping $7.82 Billion by 2023
By the year 2030, workforce management market is expected to reach 7.82 Billion USD, as per the report revealed by a research and consulting company.
The analysis comprises Services and Solutions; On-premise and Cloud deployment type; whether SMEs or Large Enterprises in industries like Retail, Banking, Financial services and Insurance, Telecom and Information Technology. The leading factors behind this market growth are the increasing use of cloud deployment type workforce management solutions and ever-changing workforce dynamics in the promising economies.
The market consists of automated business processes that aim at reducing manual labor, bringing data accuracy; enhancing productivity and performance of the employee. Some of the examples of automated business processes are forecasting, real-time management, scheduling, self-service, absence and leave management, time and attendance and many such processes.
Among workforce management services and solutions that are swaying away the market, solutions dominate 74% of the global market. During the period of forecast, it is predicted that more and more companies will adopt workforce management services which will ensure 36% rise in the market share by 2023.
The Banking, Financial services and Insurance industry are likely to escalate by 6.7% compound annual growth rate. At present it holds 55% shares of the global market revenues, 2016. As the USA nestle a huge number of high-end enterprises aside from its fat BFSI industry, it will dominate the workforce management software market globally with regard to its contribution to market revenues.
Being a leading cloud-based workforce management solutions provider, Simplify VMS is making operational tasks easy for businesses around the U.S.A. Our bespoke solutions and software empower organizations and to completely automate workforce scheduling processes, hiring and recruitment, time and attendance, contingent workforce management, absence and leave management; thereby enabling strategic business insight. With real-time visibility and flawless integration, our workforce management solutions aid enterprises handle their most complex compliance concerns and policies with ease. Reduce expenses, bang on employee satisfaction and maximize efficiencies.