North America Workforce Management Software Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 7.41 Billion |
| Market Size (2029) | USD 10.35 Billion |
| CAGR (2024 - 2029) | 6.91 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Workforce Management Software Market Analysis
The North America Workforce Management Software Market size is estimated at USD 7.41 billion in 2024, and is expected to reach USD 10.35 billion by 2029, growing at a CAGR of 6.91% during the forecast period (2024-2029).
The North American workforce management market has thrived over the past few years. Increasing labor efficiency and productivity are this region's primary concerns. As a result, the region occupied a significant market share, with trade volumes increasing twice to move past other regions to establish itself as the leading trader in the retail venture market. This position can be attributed to countries like the United States and Canada.
- Workforce management software optimizes organizational performance by effectively administering work schedules, business processes, labor costs, and talent management.
- The main goal of workforce management software is to lend credibility to business metrics through mobile and desktop applications. In addition, these solutions offer long-term cost and resource advantages to organizations by helping them streamline business activities and increase data security those benefits.
- Further, such enterprises are increasingly adopting solutions to manage their workforce better and optimize their operations; such applications are designed to help them achieve this goal. The manufacturing, travel and transport, and retail sectors are expanding rapidly, leading the market to adopt these management software systems.
- Previously, resource management was carried out manually or through spreadsheets, which could have been more time-consuming, leading to data discrepancies. Introducing IoT checkpoints to workforce management software eases the job by enhancing technological capabilities. However, integrating the new workforce management software with the existing manual measures and exiting the system still stands as a significant hurdle in the mass adoption of the system and hence, in the flourishment of the market.
- The region witnessed the demand for workforce management with the outbreak of the COVID-19 pandemic, with companies leveraging the features offered by the management software to manage remote functioning. This also boosted the market, helping increase the popularity of workforce management software among the masses.
North America Workforce Management Software Market Trends
Increasing Adoption of Internet of Things (IoT) and Cloud-based Solutions is Expected to Drive the Market Growth
- Cloud computing in workforce management software offers customers several advantages, including flexibility, mobility, and security. The software gives the organization's administrator access to all information needed to evaluate an employee, productivity metrics, or device at any moment.
- Furthermore, modifications may be made depending on the administrator's location, or any workforce-related task can be planned. This contributes to remote working, saving significant time and money as the company determines the necessary technical specifications and storage.
- According to SWZD, in the current year, the most popular information technology trend either implemented or planned to be implemented in North American organizations in 2023 is gigabit Wi-Fi networking, followed by IT automation technology.
- Businesses are introducing services and flexible cloud access to benefit their companies. Oracle Corporation introduced a platform with Oracle Fusion Cloud Human Capital Management in April 2022, aiming for employee success by facilitating increased communication, listening, productivity, and engagement on the employee front.
- Companies provide such software solutions through the private cloud to provide multi-level physical and logical security features; as a result, private cloud investment is expanding. The growing requirement for process transparency benefits the industry and software preference via the cloud.
United States to Witness Significant Growth Rate
- Good productivity is crucial for the success of any organization. Enterprises are striving hard to enhance the productivity of their employees, reduce costs, and improve business process efficiency.
- Enterprises are increasingly adopting solutions to manage their workforce and optimize their operations; such applications are designed to help them achieve this goal. The manufacturing, travel and transport, and retail sectors are expanding rapidly. Moreover, they lead the market regarding the adoption rate of these management software systems.
- According to International Labour Organization, the estimated employment-to-population ratio in 2022 accounted for 59.70% in the United States. The significant employment rates also demand efficient software backing the management of the same.
- The United States occupied a significant market share, with trade volumes increasing twice to move past other regions to establish itself as the leading trader in the retail venture market.
- This holistic employee management avoids risk, ensures fairness, and drives employee satisfaction. The retail markets experienced a high-volume growth of the original stock volume last year.
- Also, the focus has been increased on improving the labor force's productivity. Workforce management software has helped increase the usefulness of the present labor force, adding profitability on a large scale through businesses belonging to almost all end-user industries. This has bolstered the region's dominance of a major market share.
North America Workforce Management Software Industry Overview
The North America Workforce Management Software Market is semi-consolidated with the presence of major players like IBM Corporation, Workday, Inc., WorkForce Software LLC, Oracle Corporation, and Ultimate Software Group, Inc.Players in the market are adopting strategies such as partnerships, innovations, mergers, and acquisitions to enhance their product offerings and gain sustainable competitive advantage.
- October 2023 - Workforce Software has launched its new prebuilt integration to SAP SuccessFactors Human Experience Management (HXM) Suite, leveraging SAP Integration Suite and forming part of the SAP Business Technology Platform (SAP BTP), Where A human resources technology provider, WorkForce Software looks to deliver an integrated employee experience and workforce management solutions for large, complex employers across the world
- November 2022 - IBM collaborated with Amazon Web Services (AWS). Earlier this year, the companies announced the availability of IBM Software products as Software-as-a-Service (SaaS) on the AWS Marketplace, making IBM solutions more accessible. As a result, clients reported better business results. The partnership makes it easier for them to build their businesses and profits.
- March 2022 - ActiveOps and ReturnSafe announced a strategic partnership to combine the effective vaccination, testing, and case management capabilities of ReturnSafe with ActiveOps' hybrid workforce intelligence and planning solutions. The partnership combines the technology and expertise of both companies to handle the ever-changing landscape of hybrid working due to the COVID-19 pandemic and the various protocols, mandates, and policies implemented to protect people from the virus.
North America Workforce Management Software Market Leaders
IBM Corporation
Workday, Inc.
WorkForce Software LLC
Oracle Corporation
Ultimate Software Group, Inc.
*Disclaimer: Major Players sorted in no particular order
North America Workforce Management Software Market News
- October 2023 - The EY organization and IBM have announced the launch of EY.ai Workforce, an innovative HR solution that helps enable organizations to integrate artificial intelligence (AI) into their key HR business processes where it makes pivotal next step in the collaboration between the companies and a significant milestone in the role of AI increasing productivity within the HR function.
- October 2022 - WorkForce Software was exhibited at the Gartner ReimagineHR Conference to showcase modern workforce management solutions for global employers. Shaw Industries and WorkForce Software share their HR digital transformation journey and how updating their workforce management system provided a result for the business and global workers.
- June 2022 - ActiveOps PLC announced the launch of CaseworkiQ. It is a workforce management solution to bolster operations with large caseloads and high compliance scenarios. The new solution, CaseworkiQ, builds and expands on existing ActiveOps workforce optimization solutions, supporting case environments. The product enables customers to plan resources in line with caseload demand and service level agreements (SLAs), delivering optimized performance, reduced risk, and costs.
North America Workforce Management Software Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Assessment of COVID-19 impact on the industry
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing Adoption of Internet of Things (IoT) and Cloud-based Solutions is Expanding the Market
5.1.2 Growing Adoption of Analytical Solutions and WFM by SMEs is Driving the Market Growth
5.2 Market Challenges
5.2.1 Implementation and Integration Concerns Hindering the Market
6. MARKET SEGMENTATION
6.1 By Type
6.1.1 Workforce Scheduling and Workforce Analytics
6.1.2 Time and Attendance Management
6.1.3 Performance and Goal Management
6.1.4 Absence and Leave Management
6.1.5 Other Software (Fatigue Management, Task Management, etc.)
6.2 By Deployment Mode
6.2.1 On-premise
6.2.2 Cloud
6.3 By End-user Industry
6.3.1 BFSI
6.3.2 Consumer Goods and Retail
6.3.3 Automotive
6.3.4 Energy and Utilities
6.3.5 Healthcare
6.3.6 Manufacturing
6.3.7 Other End-user Industries
6.4 By Country
6.4.1 United States
6.4.2 Canada
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 IBM Corporation
7.1.2 Workday, Inc.
7.1.3 WorkForce Software LLC
7.1.4 Oracle Corporation
7.1.5 Ultimate Software Group, Inc.
7.1.6 Kronos (US) Inc
7.1.7 TimeClock Plus LLC
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
North America Workforce Management Software Industry Segmentation
Workforce management software enables organizations to centralize resource usage data and better plan future utilization. It allows companies to create custom workflows to be more efficient in their decision-making processes and protect data integrity. Therefore, to manage several aspects of the workforce for better productivity, the market software solutions include workforce forecast and scheduling, time and attendance management, task management, HR management, and other solutions, including workforce analytics.
The North American workforce management software market is segmented into type (workforce scheduling and workforce analytics, time and attendance management, performance and goal management, absence and leave management), deployment mode (on-premise, cloud), end-user industry (BFSI, consumer goods and retail, automotive, energy and utilities, healthcare, manufacturing), and country (United States, Canada). The report offers market forecasts and size in value (USD) for all the above segments.
| By Type | |
| Workforce Scheduling and Workforce Analytics | |
| Time and Attendance Management | |
| Performance and Goal Management | |
| Absence and Leave Management | |
| Other Software (Fatigue Management, Task Management, etc.) |
| By Deployment Mode | |
| On-premise | |
| Cloud |
| By End-user Industry | |
| BFSI | |
| Consumer Goods and Retail | |
| Automotive | |
| Energy and Utilities | |
| Healthcare | |
| Manufacturing | |
| Other End-user Industries |
| By Country | |
| United States | |
| Canada |
North America Workforce Management Software Market Research FAQs
How big is the North America Workforce Management Software Market?
The North America Workforce Management Software Market size is expected to reach USD 7.41 billion in 2024 and grow at a CAGR of 6.91% to reach USD 10.35 billion by 2029.
What is the current North America Workforce Management Software Market size?
In 2024, the North America Workforce Management Software Market size is expected to reach USD 7.41 billion.
Who are the key players in North America Workforce Management Software Market?
IBM Corporation, Workday, Inc., WorkForce Software LLC, Oracle Corporation and Ultimate Software Group, Inc. are the major companies operating in the North America Workforce Management Software Market.
What years does this North America Workforce Management Software Market cover, and what was the market size in 2023?
In 2023, the North America Workforce Management Software Market size was estimated at USD 6.93 billion. The report covers the North America Workforce Management Software Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the North America Workforce Management Software Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
North America Workforce Management Software Industry Report
Statistics for the 2024 North America Workforce Management Software market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. North America Workforce Management Software analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
