Market Analysis
published on Oct 08, 2024
Report Overview:
NelsonHall’s market analysis of New World Workforce Management services and industry trends consists of 78 pages
Who is this Report for:
NelsonHall’s New World Workforce Management report is a comprehensive market assessment report designed for:
- Sourcing managers monitoring the capabilities of existing suppliers of Workforce Management and identifying vendor suitability for Workforce Management RFPs
- Vendor marketing, sales, and business managers looking to managers developing strategies to target service opportunities and benchmark themselves against their peers
- Financial analysts and investors specializing in the Workforce Management services sector.
Scope of this Report:
The report analyzes the worldwide market for Workforce Management services and addresses the following questions:
- What is the market size and projected growth?
- What is the profile of activity in the Workforce Management market by industry sector?
- What are the top drivers for adoption of Workforce Management services?
- What are the benefits currently achieved by users of Workforce Management?
- What factors are inhibiting user adoption of Workforce Management software?
- What pricing mechanisms are typically used within the Workforce Management market and how is this changing?
- Which are the leading Workforce Management services vendors globally?
- What combination of services is typically provided within Workforce Management offerings and what new services are being added?
- What is the current pattern of delivery location used for Workforce Management and how is this changing?
- What are the challenges and success factors within Workforce Management market?
Key Findings & Highlights:
The workforce management market continues to adapt across the HR spectrum to meet evolving needs for hybrid work models, specifically as it relates to supporting hourly, shift, and deskless workers with flexible workforce requirements.
Reimagined solutions use industry-leading and innovative technology to facilitate both local and global administration, manage risk assessments, and offer adaptable workplaces. This includes the ability to reinvent and digitalize workforce management solutions to support transformed workplace practices, focus on more holistic employee experiences, attract and retain top talent, and use in-depth prescriptive analytics. There continues to be a strong focus on digitalized offerings that enhance automation to better manage the speed of business change through emerging technologies such as Gen AI, AI, and ML.
Buyers continue to look to providers for industry best practices, as well as innovation that adapts to long-term business goals. Employee engagement tools are a key development focus in 2024, providing the democratization of workplace practices and more robust communication functionality. AI-driven enhancements enabled advanced scheduling capability across vendors through recommendation engines and automated scheduling and approvals, while GenAI is being integrated for stronger communication and employee support tools. Additionally, vendors are strengthening API capabilities with solutions and expanded marketplaces that help organizations more easily integrate with new and emerging applications.
The workforce management market has also experienced significant progress with acquisitions, including Sheepblue and Gavdi Poland by SD Worx, and technology and service partnerships, such as UKG’s expanded relationships with Microsoft and Google Cloud.