The global workforce management market is anticipated to expand at around 10% CAGR throughout the period of 2021 to 2031. With growing adoption of advanced solutions and development of new business models after the advent of artificial intelligence and machine learning, countries in East Asia and Europe are expected to witness potential growth opportunities. Also, these regions are witnessing rapid growth in their IT infrastructure with rising penetration of digitization at workplaces. Therefore, workforce management solution vendors can focus on expanding their operations in these regional markets in order to reach new growth avenues.
Overall, workforce management is increasingly being implemented across different industry verticals such as education, government, transportation, and BFSI, among others. The BFSI industry vertical accounts for more than 15% of the global market share, whereas, retail & CPG is anticipated to hold the largest share of more than 22% of the market.
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Key Takeaways from Market Study
- North America was the leading market in 2020 in terms of value for workforce management. Over the coming years, East Asia is expected to be a key market for sustainable revenue, with rising demand for workforce management solutions from various industry verticals.
- The retail and CPG industry is expected to offer higher incremental opportunity during the forecast period, as demand for workforce management is increasing significantly, owing to rise in demand for the automation of processes.
- There has been rise in demand for workforce management solutions across retail, BFSI, and IT and telecom, verticals owing to increasing demand for automated processes and cloud-based workforce management solutions.
- With growing adoption of workforce management solutions and services, countries in Asia Pacific such as India, China, and Japan are expected to witness potential growth opportunities.
- The market in the U.S. is projected to expand at a CAGR of over 9% through 2031.
- China and India are expected to progress at an impressive CAGR of more than 10% each, through 2031.
“Growing demand for cloud-based workforce management solutions one of the major factors driving sales of workforce management solutions,” says a Persistence Market Research analyst.
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COVID-19 Pandemic Impact Analysis
The COVID-19 pandemic has disrupted many industries, including the workforce management market. The spread of COVID-19 has affected industries in Europe, Asia, and North America, and partially in the Middle East, Africa, and Latin America. A lot of industry verticals have been affected during the pandemic, and as a result, there has been a considerable effect on workforce management. While coping with the disastrous pandemic, there has been an increase in demand for active workplaces, and many companies are striving to maintain a balance between ease-of-use technologies and high-performance operations.