Healthcare Workforce Management System Market Worth $2.8 billion | MarketsandMarkets™

CHICAGO, June 3, 2024 /PRNewswire/ — Healthcare Workforce Management System Market in terms of revenue was estimated to be worth $1.7 billion in 2024 and is poised to reach $2.8 billion by 2029, growing at a CAGR of 10.1% from 2024 to 2029 according to a new report by MarketsandMarkets™.

WHO estimated a shortage of 10 million health workers by 2030, primarily affecting low- and lower-middle-income countries. Through the use of predictive analytics, artificial intelligence (AI) is bringing about a revolution in the management of healthcare workforces. Mobile workforce management solutions are becoming gradually popular, which is causing a shift in the way that healthcare workers access and manage their schedules. The healthcare workforce management systems report delves into key industry trends, technology analysis, regulatory analysis, key stakeholders & buying criteria, key conferences & events & others such nuances. Growth in the market is attributed to increasing adoption of cloud-based healthcare workforce management solutions and strengthening need to curtail healthcare costs through effective management of the healthcare workforce.

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146 – Tables
46 – Figures
316 – Pages

Healthcare Workforce Management System Market Scope:

Standalone software segment holds the highest share in 2024.

On the basis of software segment, the healthcare workforce management market is bifurcated into standalone software and integrated software. In 2023, the standalone software segment accounted for the largest share of the healthcare workforce management market. Standalone software allows healthcare organizations to customize the system according to their specific needs, workflows, and compliance requirements, providing a more tailored solution compared to cloud-based options.

Large organizations are projected to dominate the healthcare workforce management systems market in 2023, by organization size.

On the basis of organization size, the healthcare workforce management systems market is segmented into large, medium & small organization size. Large organization accounted for the largest share the healthcare workforce management systems market in 2024. Increasing demand to analyze workforce management data for achieving organizational goals is expected to drive healthcare workforce management solutions and services adoption among large enterprises.

Time and attendance management segment accounted for the largest share of the healthcare workforce management systems market in 2023, by standalone software.

On the basis of standalone software, healthcare workforce management systems market is bifurcated into time and attendance management, scheduling software, HR and payroll management, talent management, workforce analytics, and other standalone software. In 2024, time and attendance management software accounted for the largest share of the global standalone healthcare workforce management software market. The growth of the time and attendance solutions market for the healthcare can be mainly attributed to the need to reduce labor costs, increase operational efficiency, and avoid compliance risks.

By region, North America to dominate the market for healthcare workforce management systems in 2024

In 2024, North America is projected to dominate the market followed by Europe. Factors such as the existence of key players in the region, the healthcare workforce management systems have many opportunities within the US considering the availability of many large hospitals and health systems, changing regulations, increasing demand for health professional workforce and driving the market growth in North America.

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Healthcare Workforce Management System Market Dynamics:

Drivers:

1. Increasing adoption of cloud-based healthcare workforce management solutions

Restraints:

1. Privacy & Data Security Concerns to restrain the growth of healthcare workforce management systems market

Opportunities:

1. Growing competitiveness to drive workforce optimization in the healthcare industry

Challenge:

1. Integration Concerns Hindering the Market

Key Market Players of Healthcare Workforce Management System Industry:

Prominent players offering healthcare workforce management systems software and services include Infor (US), UKG Inc. (US), Oracle Corporation (US), Automatic Data Processing, Inc. (US), SAP SE (Germany), Workday, Inc. (US), ATOSS Software AG (Germany), WorkForce Software, LLC. (US), Paycor HCM, Inc. (US), Dayforce, Inc. (US), Zoho Corporation Pvt. Ltd. (US), Connecteam (US), Cornerstone (US), Strata Decision Technology (US), symplr (US), Rippling People Center Inc. (US), Bamboo HR LLC. (US), Hireology (US), Deputy (Australia), Paylocity Holding Corporation (US), Shiftboard, Inc. (US), Humanforce Holdings Pty Ltd (Australia), T3 Workforce (Australia), Legion Technologies, Inc. (US), and Quinyx AB (Sweden).

The primary interviews conducted for this report can be categorized as follows:

• By Company Type – Tier 1: 57%, Tier 2: 30%, and Tier 3: 13%
• By Designation – C-level: 30%, D-level: 45%, and Others: 25%
• By Region – North America: 40%, Europe: 19%, Asia Pacific: 29%, Latin America: 7% and Middle East and Africa: 5%

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Recent Developments of Healthcare Workforce Management Systems Industry:

• In May 2024 Cornerstone (US) launched Cornerstone Galaxy, an AI-powered workforce agility platform, aimed at solving the workforce readiness gap. The workforce readiness gap is created by the pace of change from innovation, market changes, and other factors becoming out of sync with a workforce’s ability to adapt. The Workforce Readiness Gap Report launched in partnership with Lighthouse Research, revealed this gap is widening with 63% of enterprise leaders responding that they don’t believe their workforce is adaptable to change and 60% who believe that AI has increased the pace of workplace change.
• In February 2024, Workday, Inc. (US) partnered with Insperity, Inc. (US) (NYSE: NSP) to jointly develop, brand, market, and sell a preeminent full-service HR solution for small and midsize businesses. Through this partnership customers will have the benefit of Insperity’s Workforce Optimization premium service experience, which includes dedicated HR specialists, payroll and benefits, risk management, and compliance support, along with Workday Human Capital Management (HCM).
• In February 2023, Infor (US) revealed Infor Clinical Science, part of the Infor Workforce Management suite. This application usages an evidence-based methodology to determine the workload of each patient, accounting for both direct and indirect workloads, to provide leaders with a whole picture of labor requirements for each shift, unit, or department, all based on documents already arising in the electronic medical record (EMR).
• In January 2023, Strata Decision Technology launched a (US) Real-Time Workforce Management (RTWM) solution, designed to address the financial and operational goals of nursing leaders. Building upon the robust StrataJazz platform, the RTWM solution equips nursing leadership with precise, actionable data aimed at enhancing communication between leaders and staff.

Healthcare Workforce Management System Market – Key Benefits of Buying the Report:

The report dives into the global healthcare workforce management systems market, aiming to assess its current size and predict its future growth. It accomplishes this by segmenting the market based on various factors including component, deployment, organization size, end user, and geographical location. By understanding these market segments, the report offers insights into the opportunities available for businesses in this field. Additionally, it analyzes the factors that can influence the market’s growth, such as drivers, restraints, and opportunities. It also examines the competitive landscape, providing details on the major players in the market. Lastly, the report forecasts revenue for the market segments across four major regions.

The report provides insights on the following pointers:

• Market Penetration: extensive information on healthcare workforce management systems offered by the top 25 players in the healthcare workforce management systems market. The report analyses the healthcare workforce management systems market by component, deployment, organization size, end user, and region.
• Analysis of key drivers (growing need to curtail healthcare costs through effective management of healthcare workforce, increasing need to manage regulatory compliance through effective utilization of workforce management systems, and increasing adoption of cloud-based healthcare workforce management solutions), restrains (data security concerns to inhibit the growth of the healthcare workforce management systems, and higher costs of deployment workforce management systems), opportunities (increasing demand of healthcare professionals across the world, and growing competitiveness to drive workforce optimization in the healthcare industry), and challenges (integration concerns hindering the market) are contributing the growth of the healthcare workforce management systems market.
• Market Development: Comprehensive information about economic emerging markets. The report analyses the markets for various healthcare workforce management systems across key geographic regions.
• Product Development/Innovation: Detailed insights on upcoming trends, research & development activities, and new product/service launches in the healthcare workforce management systems market.
• Market Diversification: Exhaustive information about new products and services, untapped geographies, recent developments, and investments in the healthcare workforce management systems market.
• Company profiling: In-depth assessment of company profiling and their market ranking and strategies of the leading players in the healthcare workforce management systems market.

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