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Back Office Workforce Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Solution and End-Use Industry

·5-min read

The back office workforce management market size is projected to reach US$ 6,713. 2 million by 2028 from US$ 3,601. 4 million in 2022; the back office workforce management market share is expected to grow at a CAGR of 10.

New York, Aug. 26, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Back Office Workforce Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Solution and End-Use Industry" -
9% from 2022 to 2028.

Artificial intelligence (AI) has proven to be significant in workforce management tasks as it assists companies in maximizing performance, costs, and employee satisfaction.Organizations with huge employee strength—reflecting enormous opportunities across different business segments and geographies—may find it challenging to understand relevant and necessary skills and cross-check the eligibility criteria with the skills of job candidates.

Employers can use AI in workforce management to examine the skill sets of their current employees and to match them with the required skillsets defined by managers by considering their abilities, prior work experience, and preferred career choices.AI can also be utilized in performance evaluation, which is another area of workforce management.

AI-integrated solutions are capable of managing huge data; having reliable data at their disposal, they can produce reviews based on objective data rather than subjective human assessments, thereby enabling managers to evaluate employee performance fairly, without leading to any bias.For instance, Kloud9, a key player in the market, provides Kloud9 Intelligent Workforce management talent studio, capable of performing analytics, forecasting, and capacity planning with the help of AI capabilities.

Thus, the integration of AI with workforce management solutions is likely to introduce new trends in the back office workforce management market in the coming years.

Asia Pacific is one of the biggest producers and exporters of commodities in the world.India, China, South Asian countries, Indonesia, Japan, and Australia are the major contributors to such huge commodity production volumes.

This region is known for the availability of a skilled workforce, supporting the operations of software, cars, food, medicine, cosmetics, machinery, and cloth manufacturing industries, among others.Hence, large companies are progressively adopting workforce automation solutions to efficiently manage these workforces to streamline their productivity.

Therefore, with the growing adoption of automation-based practices, employees are now turning to harness self-service technologies that can be accessed from anywhere without major barriers, which is propelling the growth of the market across the region.Cloud-based workforce management solutions are gaining significant traction among Asian companies, which continuously feel the urge to maximize workplace productivity and reduce operating costs.

In the current economic scenario of uncertainty and instability, all processes of organizations must be managed and implemented seamlessly. Workforce management systems play an important role in ensuring the smooth and flexible functioning of an organization. The back office workforce management market growth in Asia Pacific is highly fragmented due to the presence of players such as Infor, IBM Corporation, Oracle, ADP, Krones Incorporated, and Workday Inc. These companies are making substantial investments in research and development and are collaborating with other stakeholders on various projects. For example, in June 2021, ADP and Omnia partnered to provide payroll and human resource management solutions to government and educational organizations. The deal involved country governments and local government agencies, and with ~50 educational institutions in all states and ADP gained access to these solutions

Many manufacturers and users of back office workforce management solutions are operating in India, China, and Japan.As these countries have eased the containment measures, many industrial manufacturers were fully operational from late 2020.

However, several major tech giants had to cease operations at their manufacturing facilities in Malaysia for as many as 14 days due to the surging number of COVID-19 cases across the country in Q3 of 2021.Asia Pacific is known for its robust industrialization.

Many companies from diverse industries experience significant data storage needs to run their operations virtually.Amid social restrictions in 2020, most industries were working with either a limited workforce on-site or asked their back office employees to work from home, which triggered the demand for remote cloud-based employee performance tracking and scheduling solutions in the region.

Also, the sophistication offered through real-time tracking and automation of back office tasks fuels the demand for back office workforce management solutions.

The back office workforce management market is segmented on the basis of solution, end-use industry, and geography.The back office workforce management market analysis by solution, the back office workforce management market is segmented into robotic process automation, performance management, back office optimization, process analytics, and others.

The back office workforce management market analysis by end-use industry, the back office workforce management market is segmented into IT and Telecom, BFSI, transportation, retail and e-commerce, government, and others. By geography, the back office workforce management market is divided into five regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

The overall back office workforce management market size has been derived using both primary and secondary sources.Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the back office workforce management market.

The process also serves the purpose of obtaining an overview and forecast for the back office workforce management market with respect to all the segments.Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights.

The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants—valuation experts, research analysts, and key opinion leaders—specializing in the back office workforce management market.
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