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Workforce Management Software Market to Grow by USD 3.08 Billion (2024-2028), Driven by Regulatory Compliance, AI-Powered Report Highlights Market Trends – Technavio

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  NEW YORK, Nov. 12, 2024 /PRNewswire/ — Report on how AI is redefining market landscape – The global workforce management software market size is estimated to grow by USD 3.08 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  7.66%  during the forecast period. Regulatory compliance associated with workforce management is driving market growth, with a trend towards rising adoption of digital HR technology. However, high implementation and maintenance cost of WFM software  poses a challenge.Key market players include 7shifts, ActiveOps PLC, Advanced Computer Software Group Ltd., ATOSS Software AG, Automatic Data Processing Inc., Bamboo HR LLC, International Business Machines Corp., Koch Industries Inc., NICE Ltd., Oracle Corp., Panasonic Holdings Corp., Paycor Inc., PTC Inc., Rippling People Center Inc., Sage Group Plc, SAP SE, UKG Inc., Verint Systems Inc., Workday Inc., Zoho Corp. Pvt. Ltd., and Ceridian HCM Holding Inc..

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Workforce Management Software Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 7.66%

Market growth 2024-2028

USD 3077.64 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

7.46

Regional analysis

North America, Europe, APAC, Middle East and Africa, and South America

Performing market contribution

North America at 38%

Key countries

US, Canada, China, UK, and Germany

Key companies profiled

7shifts, ActiveOps PLC, Advanced Computer Software Group Ltd., ATOSS Software AG, Automatic Data Processing Inc., Bamboo HR LLC, International Business Machines Corp., Koch Industries Inc., NICE Ltd., Oracle Corp., Panasonic Holdings Corp., Paycor Inc., PTC Inc., Rippling People Center Inc., Sage Group Plc, SAP SE, UKG Inc., Verint Systems Inc., Workday Inc., Zoho Corp. Pvt. Ltd., and Ceridian HCM Holding Inc.

Market Driver

The Workforce Management Software market is witnessing significant growth due to the increasing trend of remote work and the need for efficient Employee Management, Labor Management, and HR Management in various industries. Healthcare, Construction, Packaging, Aerospace, and Manufacturing sectors are major end-users. Cloud computing, including private cloud, is driving the market with its benefits of process transparency and scalability. Key features include workforce prediction, scheduling, task management, rewards, and time and attendance. Vendors offer employee scheduling software, labor analytics, forecasting, and scheduling optimization. Big data, budgeting, and workforce scheduling are essential for workforce optimization. Remote workforces, including contact centers, back offices, and field service providers, require workforce management solutions for productivity and compliance with labor laws. AI and Machine Learning are integral for data analyzing and predictive analytics. The market is expected to grow further with the adoption of digital solutions, mobile applications, and hybrid workforces. 

Organizations are shifting their focus towards enhancing the employee experience by digitalizing HR processes and systems. This trend is driven by the increasing use of mobiles as a preferred channel for work by employees. Mobile applications, social media, analytics, and cloud technologies are key digital HR technologies playing a pivotal role in this transformation. By integrating these technologies, organizations can provide a single platform for managing HR functions, improving communication, and enhancing employee engagement. Digital HR technology enables the creation of mobile apps for various HR disciplines, leveraging video, social, and mobile technologies to enrich the employee experience. It also offers advanced analytics capabilities to gain insights into workforce performance and trends, enabling data-driven decision-making. Overall, digital HR technology is a game-changer for organizations, enabling them to streamline HR processes, improve employee engagement, and stay competitive in today’s digital world. 

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 Market Challenges

The Workforce Management Software market is experiencing significant growth due to the increasing need for efficient employee and labor management in various industries. Remote work and healthcare sectors face unique challenges in managing their workforces, requiring advanced software solutions for scheduling, task management, and time tracking. Businesses in industries such as construction, packaging, aerospace, and manufacturing require labor management software for optimizing workforce prediction, scheduling, and resource allocation. Cloud computing plays a crucial role in workforce management, with both public and private cloud solutions offering process transparency, scalability, and accessibility. HR management, employee scheduling, time and attendance, and labor analytics are key features of these software solutions. Workforce optimization, including predictive analytics and budgeting, is essential for businesses to stay competitive. AI and machine learning technologies are being adopted to improve productivity, customer service, and employee training. Compliance with labor laws and regulations is also a critical consideration. Vendors offering workforce management software must provide solutions that cater to hybrid workforces, including remote employees, in-store employees, field service providers, and contact centers. Big data and real-time analytics enable businesses to make informed decisions about workforce scheduling, forecasting, and budgeting. Overall, workforce management software is essential for businesses to effectively manage their workforces, ensuring productivity, compliance, and employee satisfaction.The workforce management software market faces a significant challenge due to the high cost of deployment. This expense consists of the software licensing fee, system design and customization costs, implementation costs, employee training expenses, and ongoing maintenance fees. Following the software purchase, organizations must hire IT personnel for proper implementation. Post-implementation, continuous upgrades are necessary to remain competitive. Consequently, the high implementation and maintenance costs may impede the expansion of the global workforce management software market during the forecast period.

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Segment Overview 

This workforce management software market report extensively covers market segmentation by  

End-user 1.1 IT and telecom1.2 BFSI1.3 Healthcare1.4 Manufacturing1.5 Consumer goods and retail and othersDeployment 2.1 Cloud based2.2 On-premisesGeography 3.1 North America3.2 Europe3.3 APAC3.4 Middle East and Africa3.5 South America

1.1 IT and telecom-  Cloud-based workforce management software allows employees to access the system from anywhere with an internet connection, enabling remote workforce management, time tracking, scheduling, and communication. The cloud- segment is projected to expand rapidly due to its ability to collect, store, and provide global information from a single access point. This information can be updated in real-time and is accessible anytime, anywhere. Cloud-based applications ensure reliability, offer enterprise visibility, and accommodate unique HR requirements worldwide. Deployment is faster compared to on-premises solutions, and updates and new features can be seamlessly rolled out by providers. These benefits have fueled the growing demand for cloud-based workforce management software, particularly in dynamic and remote work environments. This trend is expected to continue driving the growth of the global workforce management software market during the forecast period.

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Research Analysis

The Workforce Management Software market is a dynamic and evolving industry that caters to businesses seeking to optimize their workforce and streamline operations. This software is essential for managing remote teams, healthcare organizations, and various industries such as retail, hospitality, and field services. Employee management, labor management, and staff management are key functionalities, enabling businesses to schedule, track time, and manage tasks effectively. Workforce prediction, forecasting, and scheduling optimization use big data and AI for productivity gains. Mobile applications allow for real-time access to in-store employees and field service providers. Compliance with labor laws is ensured through integrated features. Additionally, employee training, labor analytics, and customer service are enhanced with business intelligence solutions, contact center platforms, and predictive analytics. Hybrid workforces require flexible solutions that cater to IT resources and various work environments.

Market Research Overview

The Workforce Management Software market is a dynamic and evolving industry that caters to businesses seeking to optimize their workforce in various sectors. This software enables effective Employee management, Labor management, and HR management through features like Remote work support, Scheduling, Task management, and Time and Attendance tracking. The market spans across industries such as Healthcare, Construction, Packaging, Aerospace, and Manufacturing, among others. Cloud computing, including Private cloud, plays a significant role in the market’s growth, ensuring Process transparency, scalability, and Accessibility. Workforce prediction, Forecasting, and Scheduling Optimization are crucial components, utilizing Big Data, AI, and Machine Learning for improved efficiency. Remote workforces, including Contact centers, Back offices, and Field service providers, are increasingly adopting these digital solutions for productivity enhancement. The market also caters to in-store employees, IT resources, and Hybrid workforces, addressing the need for Workforce optimization. Employment-to-population ratio, Budgeting, and Resource allocation are essential aspects of Workforce Management, with the market offering advanced Labor analytics and Fatigue management tools. The market is subject to various Labor laws and regulations, making compliance a priority for Workforce Management vendors. Mobile applications and Business Intelligence solutions are transforming the industry, providing real-time insights and enhancing workforce management capabilities. The market continues to evolve, incorporating Predictive analytics, AI, and Rewards systems to boost productivity and customer service.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

End-userIT And TelecomBFSIHealthcareManufacturingConsumer Goods And Retail And OthersDeploymentCloud BasedOn-premisesGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

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

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Gentoo Media – Mandatory notification of trade

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ST JULIANS, Malta, Nov. 14, 2024 /PRNewswire/ — MJ Foundation Fundacja Rodzinna, a company related to Mateusz Juroszek, Board Member and primary insider of Gentoo Media Inc. (Gentoo) has today acquired 115,604 shares in Gentoo at a price of SEK 24,996 per share. After this transaction, close associates of Mateusz Juroszek hold 24,027,766 shares in Gentoo.

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

For further information, contact:
Tore Formo, Group CFO, tore.formo@g2m.com, +47 91668678

About Gentoo Media

Gentoo Media is a market-leading affiliate connecting operators and players in the online gambling and sports betting industry. Gentoo Media offers an array of iGaming affiliate solutions, such as paid marketing expertise and quality traffic through our prominent industry sites including AskGamblers, Time2Play, CasinoTopsOnline, WSN and Casinomeister. In 2024, Gentoo Media (formerly GiG Media) became Gentoo Media Inc. following a legal split separating the Media and Platform and Sportsbook business in Gaming Innovation Group (GiG) into two independently listed companies. Gentoo Media Inc. is dual listed on the Oslo Stock Exchange (ticker “G2MNO”) and Nasdaq Stockholm (ticker “G2M”). www.gentoomedia.com

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/gentoo-media-inc/r/gentoo-media—mandatory-notification-of-trade,c4066199

View original content:https://www.prnewswire.co.uk/news-releases/gentoo-media—mandatory-notification-of-trade-302305030.html

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Xinhua Silk Road: World IoT expo 2024 opens in E. China’s Wuxi to showcase future of smart connectivity

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BEIJING, Nov. 14, 2024 /PRNewswire/ — The World Internet of Things (IoT) Exposition 2024 kicked off on Monday in Wuxi City of east China’s Jiangsu Province, attracting industry leaders, representatives of enterprises and experts from across the globe to discuss industry trends and demonstrate innovative applications.

At the expo’s opening ceremony, Wuxi unveiled a national pilot project in intelligent connected vehicles, which aims to create a cohesive mode for car owners, vehicles and cities connection, contributing Wuxi’s expertise to smart vehicle initiatives.

Additionally, a new smart sensing chip engineering center was launched, representing an investment of over 1 billion yuan and focusing on high-density large-scale substrates and other advanced chip technologies to strengthen the city’s integrated circuit development.

The event also saw the release of several major IoT research achievements, including the 2024 IoT innovation development Taihu index and the 2024 white paper on advanced sensing technology and applications.

The three-day event features exhibitions, panel discussions, and thematic sessions that showcase the latest development in IoT innovations and applications. This year’s expo is poised to drive Wuxi’s high-quality growth in IoT while promoting global tech collaboration and knowledge sharing in the IoT field.

Wuxi has become a navigator of the IoT industry in China. The latest statistics show that in 2023, the scale of the IoT industrial cluster in Wuxi surpassed 450 billion yuan, taking the lead in Jiangsu Province.

Original link: https://en.imsilkroad.com/p/343117.html

SOURCE Xinhua Silk Road

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Agoda Highlights Five Urban Hikes for Adventurous Travelers

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SINGAPORE, Nov. 14, 2024 /PRNewswire/ — Digital travel platform Agoda introduces five urban hikes across Asia, offering travelers a chance to experience the perfect blend of city life and nature. These hikes, ranging from family-friendly to more challenging trails, provide an unmatched perspective on some of Asia’s most dynamic cities.

Whether it’s Elephant Hill in Taipei, with its stunning views of the Taipei 101, or Hong Kong’s famous Dragon Back, active travelers are in for a treat when embarking on these city hike adventures.

Andrew Smith, Senior Vice President, Supply at Agoda said: “Asia is special to have so many incredible hike routes right in the heart of these popular cities. The five highlighted hikes are just a sample of the many breathtaking city trails the continent has to offer. Adventurous travelers will want to try them all and thankfully Agoda helps make travel affordable with great value deals on over 4.5 million properties globally.”

These are the five city hikes, ranked from easiest to most challenging:

Kuala Lumpur’s Bukit Nanas Forest Reserve offers a unique experience of trekking through a tropical rainforest right in the city center. The trail is relatively easy, with well-marked paths and informative signboards about the local flora and fauna, making it a great choice for families and nature enthusiasts.

Elephant Hill in Taipei offers a short but rewarding climb. The trail is well-maintained and provides stunning views of Taipei’s skyline, including the famous Taipei 101. It’s an ideal spot for those looking to enjoy a quick escape into nature without straying far from the city.

In Singapore, the Southern Ridges trail offers a moderate hike through a series of interconnected parks and gardens. Spanning 10 kilometers, this trail provides a lush green corridor amidst the urban environment, with highlights including the Henderson Waves bridge and panoramic views of the city.

Namsan in Seoul presents a slightly more challenging hike, leading to the N Seoul Tower. The trail is popular among locals and tourists alike, offering a mix of natural beauty and cultural landmarks, with several routes to choose from depending on the desired difficulty level.

Finally, Hong Kong’s Dragon’s Back is a favorite for its breathtaking views of the coastline and the South China Sea. This moderately challenging hike is known for its undulating ridges and scenic vistas, providing a rewarding experience for those willing to tackle its ups and downs.

In each of these city hike destinations, Agoda offers great value accommodation. In addition to holiday properties, Agoda’s 130,000 flight routes and 300,000 activities ensure the platform is the one-stop travel solution to help booking an entire trip. The latest Agoda deals can be found in the Agoda app or on agoda.com/deals.

— ENDS —

 

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