New York, July 27, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on "Back Office Workforce Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Solution (Robotic Automation Process, Performance Management, Back Office Optimization, Process Analytics, and Others) and End-User Industry (IT and Telecom, BFSI, Transportation, Retail and E-Commerce, Government, and Others)" The global back office workforce management market growth is driven by rise in demand for cloud-based platforms for workforce management and growing need for automation in workforce tasks.
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|Market Size Value in||US$ 3.60 billion in 2022|
|Market Size Value by||US$ 6.71 billion by 2028|
|Growth rate||CAGR of 10.9% from 2022 to 2028|
|No. of Pages||159|
|No. of Charts & Figures||76|
|Historical data available||Yes|
|Segments covered||Solution and End-Use Industry|
|Regional scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Country scope||US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
In 2020, many IT sector developers, including back office workforce management solution developers, were operating with a limited workforce or production. As a result, the back office workforce management market players failed to meet their delivery timelines in the initial phase of the COVID-19 pandemic. The US is a prominent market for back office workforce management solutions due to the large dependency of industries on IT-based solutions and the rising focus on the large-scale adoption of advanced remote working technologies. North America has the highest acceptance and development rate of advanced technologies due to the favorable government policies to boost innovation and reinforce infrastructure capabilities. With the work-from-home model becoming a norm for many organizations, the demand for cloud-based workforce management solutions started to rise in the region, as these solutions assist them in tracking working hours and productivity of employees working from remote locations.
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Back Office Workforce Management Market: Competitive Landscape and Key Developments:
NICE Ltd.; Open Text Corporation; Oracle Corporation; Genesys; Alvaria, Inc.; Verint Systems, Inc.; ActiveOps PLC; Calabrio Inc.; Intradiem; and Team Software are among the key players profiled in the back office workforce management market report. In addition, several other essential back office workforce management market players were studied and analyzed to get a holistic view of the back office workforce management market and its ecosystem. The report provides detailed market insights, which help the key players to strategize their growth.
- In 2022, NICE and its Enlighten AI for Customer Satisfaction (CSAT) solution received the 2022 "Workforce Innovation of the Year" award from the Customer Contact Week Digital (CCW). The 2022 Workforce Innovation Award recognizes vendors, individuals, and teams committed to driving superior contact center and CX performance. The winner is evaluated based on their ability to address a unique challenge in workforce optimization; deliver cost savings, regardless of size and scope; increase agent productivity and reduce customer effort through tangible metrics; and support rapidly evolving client needs (especially during the COVID-19 pandemic).
- In 2022, ActiveOps PLC launched WorkiQ 8.0 with a significant update to its leading workforce intelligence solution. The updated solution gives operation managers enhanced insights to effectively manage teams in a hybrid environment as well as make decisions about workload and work location, thus allowing them to function efficiently with optimum performance while protecting wellbeing.
- In 2022, TriHealth, an integrated health system, chose Oracle Fusion Cloud Human Capital Management (HCM) to simplify and consolidate its existing HR systems on a single platform. With Oracle Cloud HCM, the company's HR team will be able to eliminate manual processes and Boost the employee experience to allow team members and physicians to spend less time on administrative tasks.
- In 2022, Transport for NSW, a government agency in Australia, chose the Alvaria WEM Suite to seamlessly integrate the entire workforce planning cycle with their omnichannel contact center. The suite includes voice, live chat, and back office functionality, and assists the agency in superior forecasting, scheduling, and monitoring capacities.
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Rise in Demand for Cloud-Based Platforms for Workforce Management Propels Back Office Workforce Management Market Growth
The introduction of cloud computing has made the process of optimizing businesses hassle-free. The global demand for cloud-based workforce management tools is rising as these solutions can be accessed with ease using mobile devices. The self-service capabilities of these solutions help lower the need for manual efforts required to complete labor-intensive jobs. Moreover, as data is not lost when a computer, system, or laptop crash, cloud-based solutions seem highly secure. Real-time data and other enterprise software can be hosted on cloud-based platforms and accessed from any place at any time. Being able to access these solutions from remote locations helps enhance the productivity of managing teams. Also, the teams may use Big Data analysis tools to make smarter, more well-informed decisions. The workforce management solutions use the processed information to make recommendations on how to optimize the operations of workforces. For instance, in June 2022, Verint launched One Workforce based on its cloud platform; the solution utilizes analytics and automation capabilities to benefit enterprise resources with improved capacity, flexibility, and agility. The platform provides one workforce approach to provide the entire customer engagement across contact centers, back offices, and branches. These factors help boost the demand for back office workforce management solutions, thereby driving the market growth during the forecast period.
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Back Office Workforce Management Market: Industry Overview
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. In North America, the US is one of the most important markets for back office workforce management vendors, as more than 120 of the Fortune 500 companies are headquartered in the country. Moreover, the country is a leading adopter of modern technologies. Based on the World Bank report, 18,234 small and medium enterprises (SMEs) were functional in the US in 2020. Furthermore, despite being at an epicenter of health hazards and recessions in modern history, start-up activities in the US have managed to flourish in the last few years. The number of enterprises formed in the US rose from 3.5 million in 2019 to 4.4 million in 2020, recording an increase of 24%. Thus, the country has a significant customer base for the back office workforce management market players. The growing adoption of robotic process automation (RPA) across various industries is also fueling the back office workforce management market growth in North America. Based on a report by Datamatics, the banking and financial service industry is the largest adopter of the RPA in the US, accounting for 40% of the total adoption, followed by the insurance and healthcare sector with the adoption rate of 30%. RPA is also being rapidly adopted by government agencies. The US government included RPA in the budget for the fiscal year 2020; it was mentioned in a dialog box to emphasize its importance. Hence, the growing adoption of RPA, coupled with rising awareness of workforce optimizations, is anticipated to propel the use of back office workforce management solutions during the forecast period. Various companies in North America focus on organic growth strategies and new product launches to meet growing demands. For instance, Verint offers a back office workforce management suite of solutions for several industry verticals to help customers Boost their speed of operations, accuracy, and efficiency of customer support, and strengthen their back office functions by capturing real-time data to ensure transparency and control across departments as well as optimize operations, both human and digital.
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