The global Hospital Workforce Management Market is expected to be valued at USD 1,533.2 million in 2023. In seeking an optimal hospital workforce, striking a neat balance between working staff and the job at hand and alternating between clinicians and administrative staff in defining work, thus giving doctors more time to spend with patients.
According to the FMI market analysis report, the global demand for hospital workforce management is projected to record a CAGR of 10.6% between 2023 and 2033. The overall market value is projected to strengthen with this robust growth rate, totaling around USD 4,209.5 million by 2033.
The hospital workforce management market enforces rules and regulations to manage the productive workforce in healthcare organizations. The solution encompasses the software and services for workforce management, cost schedules, and employee engagement.
It also comprises filling timesheets, labor management forecasting, performance highlights, and absence management. Moreover, it is useful in seeking a reduction in labor costs.
Several healthcare institutes and organizations are using workforce management solutions to overcome management woes.
Additionally, with enhanced discipline regarding the workforce, one can alter workloads overseen by clinicians to them coming under the purview of administrative personnel. This ensures that patients get more time to spend with doctors.
| Report Attributes or Data Points | Details |
|---|---|
| Global Hospital Workforce Management Market Valuation in 2022 | USD 1,413.8 million |
| Estimated Global Market Share in 2023 | USD 1,533.2 million |
| Forecasted Global Market Size by 2033 | USD 4,209.5 million |
| Projected Global Market Growth Rate from 2023 to 2033 | 10.6% CAGR |
| Historical Market Growth Rate from 2018 to 2022 | 7.1% CAGR |
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The global demand for the hospital workforce management market is projected to increase at a CAGR of 10.6% during the forecast period, reaching a total of USD 4,209.5 million in 2033. From 2018 to 2022, sales experienced significant growth, registering a CAGR of 7.1%.
Due to its efficiency, the healthcare workforce management software market is likely to grow in the upcoming years. In the healthcare sector, high worker turnout can run up a high bill for the healthcare workplace, whereas understaffing might likely create a less competitive environment.
In such a vexed atmosphere at the healthcare workplace, the hospital workplace management solution comes to its aid by managing the idle staff and striking a correct balance between workers and job schedules.
As per WHO data, the global geriatric population by 2050 is expected to reach 2 billion from 524 million in 2010. This forecast is expected to leverage market growth for the industry.
The countries that witness this growth are the United States, the United Kingdom, and Japan. Increasing integrated reforms in the healthcare sector are expected to improve healthcare vertical adoption of workforce management solutions.
The global market for hospital workforce management is highly consolidated, and a few industry leaders comprise 75% of the entire market, including IBM, Mckesson Corporation, and Atoss Software.
On the other hand, increasing new entrants in this market are expected to create an intense rivalry in the coming years. New entrants are coming with unique hospital workforce management solutions to reduce the existing travails and address the unacknowledged needs in the market.
Rise in the Demand for Truncating Massive Operational Costs in Hospitals and Healthcare Facilities to Drive the Market
The growing need to cut labor costs in hospitals and various other healthcare facilities and increase performance management and healthcare consolidation is likely to fuel the growth of the global healthcare workforce management systems market.
Furthermore, the rising need for healthcare professional workforces and the many benefits of workforce management systems, including clarity and flexibility of workforce scheduling in the healthcare industry, is projected to drive its adoption in the healthcare industry.
The lack of nurses, aging workforces, plunging reimbursement outlook, and the soaring cost of patient care and management are a few of the vital factors responsible for the growth of the North America hospital workforce management market.
Thriving workforce management solutions to care for the hospital workforce was the main driver for the overall market. Furthermore, a rising geriatric population and rising expenditure in related IT software tools promote healthcare service providers to adopt hospital workforce management solutions.
The healthcare workforce management software system concentrates on enhancing the productivity necessary to boost the healthcare sector. In addition, efficient workforce management software maintains an easy flow of communication between the workforce and the authorities.
The increasing adoption of the Internet of Things (IoT) and cloud-based solutions may offer growth opportunities for the market. Additionally, the growing adoption of analytical solutions and Workforce Management solutions (WFM) by SMEs is estimated to generate numerous lucrative opportunities for the market.
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However, increasing complications arising from data security and recurring costs associated with cloud and data management services might hinder market growth in the forecast period.
| Regional Market Comparison | Global Market Share in Percentage |
|---|---|
| North America | 36.8% |
| Europe | 29.4% |
Geographically, the overall market is classified into regions viz. North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan, Middle East, and Africa. North America is slated to dominate the global hospital workforce management market over the forecast period. North America maintained a market share value of 36.8 % in 2022.
North America is projected as a leader in the global healthcare workforce management systems market due to increasing awareness about efficient labor management solutions in the healthcare sector. With increasing growth and a high impetus to technology in the region, the industry is likely to grow unabated in the forecast period.
| Regional Market Comparison | Global Market Share in Percentage |
|---|---|
| United States | 33.1% |
| Germany | 5% |
| Japan | 4.5% |
Europe maintained a market share of 29.4% in 2022 in the hospital workforce management market.
Europe is expected to be the second-leading market for hospital workforce management as the region's aging populace is forestalled to expand, bringing to light the use of healthcare workforce management systems to supply effective healthcare solutions.
The rise in the demand for workforce optimization and an upsurge in the adoption rate of cloud-based workforce management solutions are the swift drivers orienting the market growth rate. Furthermore, new product offerings, along with the integration of machine learning and artificial intelligence, may accelerate the growth of the workforce management market.
Other factors, such as rising automation in workplaces, increasing penetration of smartphones, and the growing trend of Bring-Your-Own-Devices (BYOD), may impact the market's growth rate.
Owing to such minimum employee engagement, the adoption of workforce management software across the region is projected to increase even further, and enterprises are ready to spend on employee engagement to keep the workforce satisfied and engaged and, indirectly, gain productivity and retention.
| Regional Markets | CAGR (2023 to 2033) |
|---|---|
| United Kingdom | 8.2% |
| China | 8.1% |
| India | 6.6% |
| Australia | 5.9% |
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According to Future Market Insights, demand for the hospital workforce management market is expected to rise at a CAGR of 10.6% from 2023 to 2033. The global market has been segmented based on type into software, hardware, and services. Software is further segmented into standalone and integrated software.
The software segment is expected to account for a significantly large revenue share in the global market over the forecast period owing to increasing demand and the incorporation of time and attendance and scheduling solutions to optimize workflow management in hospital settings.
Time and attendance management automates hospital workforce management and provides a real-time record of healthcare professionals on-site to respond to emergencies quickly.
These solutions improve the efficiency of employees, minimize absenteeism, and enhance productivity. These other factors are expected to contribute to revenue growth of the segment between the patient and the doctor.
| Category | By Product Type |
|---|---|
| Top Segment | Integrated Software |
| Market Share in Percentage | 33.8% |
| Category | By Mode of Delivery |
|---|---|
| Top Segment | On-premise |
| Market Share in Percentage | 44.5% |
In March 2022, QGenda Introduced ProviderCloud, the Scheduling-Centric Provider Operations Platform for Healthcare. ProviderCloudTM brings together standalone provider systems to centralize provider operations information so healthcare organizations can effectively manage their entire workforce and provide an immersive product experience.
Some leading players in the market include McKesson Corporation GE Healthcare, Kronos, Inc. SAP AG, Infor, Inc., Automatic Data Processing, Inc., Atoss Software, IBM Corporation, Cornerstone On-demand, Inc., and Ultimate Software Group, Inc. among others.
The players are emphasizing introducing unique product experiences to garner a wider customer base. Besides, other growth strategies such as collaborations to strengthen distribution networks, strengthening supply chains, and acquisitions are also relied upon.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 10.6% from 2023 to 2033 |
| Market Value in 2022 | USD 1,413.8 million |
| Market Value in 2033 | USD 4,209.5 million |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Product Type, Service, Mode of Delivery, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; The Middle East and Africa |
| Key Countries Profiled | United States of America, Canada, Germany, United Kingdom, France, Spain, Italy, China, Japan, South Korea, Malaysia, Singapore, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Companies Profiled | Automatic Data Processing, Inc.; Cornerstone on Demand, Inc.; GE Healthcare; IBM Corporation; Infor; Kronos, Inc.; McKesson Corporation; Oracle Corporation |
The market is valued at USD 1.5 billion in 2023.
The market is forecast to register a CAGR of 10.6% through 2033.
Automatic Data Processing, Inc., and GE Healthcare are the leading market players.
The integrated software segment is likely to remain preferred through 2033.
The market is predicted to reach USD 4.2 billion by 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Standalone Software 5.2. Time and Attendance 5.3. HR and Payroll 5.4. Scheduling 5.5. Talent Management 5.6. Analytics 5.7. Others 5.8. Integrated Software 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Service 6.1. Implementation Services 6.2. Support and Maintenance 6.3. Optimization Services 6.4. Training/Education Services 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Mode of Delivery 7.1. Web-based 7.2. Cloud-based 7.3. On-premise 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Automatic Data Processing, Inc. 18.2. Cornerstone On Demand, Inc. 18.3. GE Healthcare 18.4. IBM Corporation 18.5. Infor 18.6. Kronos, Inc. 18.7. McKesson Corporation 18.8. Oracle Corporation 18.9. SAP AG 18.10. Atoss Software 18.11. IBM 18.12. Cornerstone OnDemand 18.13. Ultimate Software Group 18.14. WorkForce Software 18.15. Verint Systems Inc. 18.16. Workday 19. Assumptions & Acronyms Used 20. Research Methodology
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Hospital Workforce Management Market
