According to our latest market study on "Back Office Workforce Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Solution and End-Use Industry," 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 10.9% from 2022 to 2028.
Increase in Demand for Cloud-Based Platforms for Workforce Management Fuels Market Growth
The adoption of cloud computing has simplified optimizing businesses, leading to a surge in the global demand for cloud-based workforce management tools. The convenience of accessing these solutions using mobile devices with self-service capabilities reduces the need for manual labor and improves security by preventing data loss. Moreover, hosting real-time data and other enterprise software on cloud-based platforms facilitates remote access and enhances team management productivity. Additionally, Big Data analysis tools can be used to make well-informed decisions, which workforce management solutions can leverage to optimize operations. For example, in June 2022, Verint launched One Workforce, a cloud-based platform that utilizes analytics and automation to increase enterprise resources' capacity, flexibility, and agility. The platform offers a unified approach to managing customer engagement across contact centers, back offices, and branches, boosting the demand for back office workforce management solutions and driving the market's growth during the forecast period.
Governments in South American countries have implemented various measures to protect their citizens and contain the spread of SARS-CoV-2, with Brazil being the worst-hit country in the region. The COVID-19 pandemic has adversely affected manufacturing volume and trade, impacting the supply side of back office workforce management market players. Despite the challenges, multiple industries continued their back office operations remotely, leading to the adoption of efficient cloud-based workforce management solutions. These solutions streamline and automate processes, manage employee time, and track productivity. Desktop analytics monitor employee performance, including their activities, job allocation and management, and manual check-ins and check-outs. These factors are anticipated to drive the growth of the back office workforce management market in South America during the forecast period.
The back office workforce management market report provides detailed market insights that would help the key players strategize the growth in the coming years. It also forecasts the upcoming trends and developments in the back office workforce management market.
Key Findings of Study:
The back office workforce management market is categorized into three segments: solution, end-use industry, and geography. Under the solution segment, the market is divided into robotic process automation, performance management, back office optimization, process analytics, and others. The end-use industry segment includes IT and Telecom, BFSI, transportation, retail and e-commerce, government, and others. Geographically, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. North America had the largest market share in 2021, primarily due to the presence of over 120 Fortune 500 companies in the US and the country's inclination towards adopting modern technologies. In 2020, there were 18,234 functional small and medium enterprises (SMEs) in the US, according to the World Bank report. Additionally, despite facing health hazards and economic downturns, start-up activities in the US have managed to thrive in recent years.
The number of businesses established in the US increased by 24% from 3.5 million in 2019 to 4.4 million in 2020, providing a large potential customer base for companies operating in the back office workforce management market. The market growth in North America is also driven by the widespread adoption of robotic process automation (RPA) in various industries. The banking and financial services sector is the largest adopter of RPA, followed by insurance, healthcare, and government agencies. Back office workforce management solutions are expected to experience further growth due to the increasing adoption of RPA and greater awareness of the benefits of workforce optimization. Many companies in North America are focusing on expanding their product offerings through organic growth strategies and new product launches to meet the growing demand. For example, Verint provides a suite of back office workforce management solutions tailored to various industry verticals, allowing customers to improve their operations' efficiency, accuracy, and customer support while also optimizing human and digital operations by capturing real-time data and promoting transparency and control across departments.
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