Workforce Management Software Market size to grow by USD 2.30 billion between 2022 – 2027, Growth Driven by Need for regulatory compliance – Technavio

NEW YORK, Jan. 5, 2024 /PRNewswire/ — The Workforce Management Software Market report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the workforce management software market between 2022 and 2027 is USD 2.30 billion. The need for regulatory compliance is driving the market growth. Large organizations need to comply with the regulations enacted in the countries where they operate as well as international regulations. According to the FDA and ISO, companies have to implement and document employee activities. Most vendors, such as ADP, offer compliance management feature that is integrated with workforce management software. It is easy to use, which helps companies attain and sustain compliance every year. Therefore, regulatory compliance is expected to fuel the growth of the global workforce management software market during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

Market Challenge -High implementation and maintenance costs are challenging the market growth.The price of workforce management software includes the software licensing price, system designing and customization cost, implementation cost, training cost, and maintenance cost.Organizations also need to hire IT staff for the implementation of the software.In addition, they need to train their employees on the use of the application.Continuous upgrades are also required to keep pace with the current market trends.Learn about additional key drivers, trends, and challenges available with Technavio. Read Sample PDF Report Now

The workforce management software market is segmented by Deployment (Cloud-based and On-premise), End-user (IT and telecom, BFSI, Healthcare, Manufacturing, and Others), and Geography (North America, Europe, APAC, Middle East and Africa, and South America). 

The cloud-based segment will account for a significant share of the market growth during the forecast period. Cloud-based workforce management solutions gather, store, and provide global information from a unified point of access, which is driving the growth of this segment. Cloud-based applications help enterprises to ensure reliability, gain visibility, and accommodate unique HR business requirements across the world.North America is estimated to account for 36% of the growth of the global market during the forecast period.  View a Free Sample Report for insights into the contribution of all the segments and regional opportunities in the report.

Key Companies in the Workforce Management Software Market:

ATOSS Software AG, Automatic Data Processing Inc., Bamboo HR LLC, Blue Yonder Group Inc., Ceridian HCM Holding Inc., International Business Machines Corp., Koch Industries Inc., Kronos Inc., NICE Ltd., Oracle Corp., Paycor Inc., Performly International Inc., Reflexis Systems Inc., Rippling People Center Inc., Sage Group Plc, SAP SE, UKG Inc., Verint Systems Inc., Workday Inc., Zoho Corp. Pvt. Ltd.

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The property management market is estimated to grow at a CAGR of 2.73% between 2022 and 2027. The size of the market is forecasted to increase by USD 49.45 billion.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Deployment

Market Segmentation by End-user

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

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SOURCE Technavio