The global healthcare workforce management systems market size experienced significant growth in 2020, and is expected to maintain a steady revenue compound annual growth rate (CAGR) over the forecast period. This is largely due to the introduction of innovative and advanced solutions aimed at improving the efficiency of healthcare workforce, the need to reduce clinical expenses, and a focus on enhancing the workflow in hospitals. Rapid adoption of healthcare IT solutions and a growing demand for improved patient outcomes are also key drivers of market growth. Healthcare workforce management systems play a vital role in the efficient functioning of healthcare organizations by improving staffing and scheduling, filling vacancies, managing payrolls, and keeping comprehensive records of the workforce to ensure maximum productivity is achieved in an organization.
In terms of the market dynamics, workforce management systems can drastically reduce the cost burden on healthcare organizations and promote maximum productivity, ease the management burden on a hospital, reduce the risk of mismanagement and human errors, and allow larger organizations to better manage their staff and quickly respond to emergencies. These factors are expected to drive market growth over the forecast period. However, low rates of adoption of workforce management systems across various healthcare settings, a lack of technical knowledge, human resource management challenges, and intensified management are certain factors that can hamper market growth to a significant extent over the forecast period.
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Based on the report, the global market has been segmented 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. This is attributed to increasing demand and 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 real-time records of healthcare professionals on site to quickly respond to emergencies. These solutions improve employee efficiency, minimize absenteeism, and enhance productivity.
In terms of the mode of delivery, the global market has been segmented into web-based, cloud-based, and on-premise. The cloud-based segment is expected to register robust revenue growth over the forecast period owing to numerous benefits of cloud-based deployment such as enhanced flexibility and convenience of operations, minimal costs associated with installation and maintenance, and rapid adoption of advanced technology. In addition, the increasing introduction of advanced cloud-based solutions and growing need to streamline workflow are some other factors expected to contribute to revenue growth of the segment.
Based on end-use, the global market has been segmented into hospitals, nursing homes, assisted living and long-term care centers, and others. The hospitals segment is expected to register the fastest revenue CAGR over the forecast period owing to the increasing incorporation of healthcare workforce management systems in hospitals due to the growing need to improve the efficiency and scheduling of healthcare professionals, streamline operations, and increase accuracy of tasks to deliver quality care to improve patient outcomes.
According to the report, North America is expected to account for the largest revenue share in the global market over the forecast period due to the rapid adoption of healthcare workforce management systems in hospital and clinical settings, implementation of a stringent regulatory framework for healthcare workforce, introduction of advanced technologies, growing geriatric population, and increasing awareness about efficient workforce management. Asia Pacific is expected to register robust revenue CAGR over the forecast period owing to the increasing progress of healthcare sector, rapid economic growth, rising integration of healthcare IT solutions, and growing demand for skilled healthcare professionals due to increasing unmet clinical demands in the region.
Finally, the major companies engaged in the market include IBM Corporation, Infor, Inc., Oracle Corporation, Kronos, Inc., SAP AG, Automatic Data Processing, Inc., McKesson Corporation, Atoss, GE Healthcare, Ultimate Software, Cornerstone OnDemand, Timeware, and Workday. Major companies are engaged in extensive R&D activities to develop new technologies and solutions to expand their product and services
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