Healthcare Workforce Management Systems Market worth $1,453.8 Million by 2019 - New Report by MarketsandMarkets
(PRWEB) September 26, 2014 -- The report “Healthcare Workforce Management Systems Market by Solution (Talent Management, Time & Attendance, Scheduling, Optimization Services), by Mode of Delivery (Cloud-based, Web-based), by End-User (Hospital, Long Term Care) - Global Forecast to 2019” analyzes and studies the major market drivers, restraints, and opportunities in North America, Europe, Asia-Pacific, and the Rest of the World.
Browse 145 market tables and 46 figures spread through 300 page sand in-depth TOC on "Healthcare Workforce Management Systems Market"
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The global healthcare workforce management systems market is estimated to be worth $761.8million by the end of 2014 and is expected to reach at $1,453.8 million by 2019, at a CAGR of 13.8% during the forecast period of 2014 to 2019.
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Healthcare workforce management systems encompass all the solutions needed to manage and maintain the productive workforce in the healthcare sector. The global market is divided on the basis of different type of software, services, mode of delivery, end users, and geography. The software market is segmented into standalone software and integrated software. Standalone software includes time and attendance, scheduling, HR and payroll, talent management, analytic, and others.
Healthcare organizations are subject to several stringent federal and state laws and regulations. Hence, it is mandatory for healthcare organization to avoid compliance risks as the slightest error can translate into significant penalties to them. Thus, a growing need to comply with workforce related regulations is also slated to be one of the major drivers for greater uptake of workforce management solutions in the healthcare industry.
However, maintenance and software update costs pose a significant challenge for solution vendors to attract healthcare providers to implement workforce management systems at their facilities. The data privacy and security risks are also some of the factors hindering the growth of the workforce management systems market.
In this report, the workforce management systems market is segmented based on solutions, mode of delivery, end user, and geographies. This report also discusses the key market drivers, restraints, and opportunities for this market and its submarkets. The global workforce management systems market is estimated to be worth $761.7 million by the end of 2014 and is expected to reach $1,453.8 million by 2019, at a CAGR of 13.8% from 2014 to 2019.
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In 2013, North America was the market leader with a share of approximately 65% of the global market, followed by Europe with a share of 20%. The demand for health professional workforce in North America and Europe is growing due to the increasing aging population and resultant increase in the prevalence of diseases. However, the Asia-Pacific region represents a highest growth opportunity for the workforce management market during the forecast period of 2014 to 2019. The APAC market is expected to grow at a CAGR of 18.2% during the forecast period.
Some of the major players in the global workforce management systems market include IBM Corporation (U.S.), Infor, Inc. (U.S.), Oracle Corporation (U.S.), Kronos, Inc. (U.S.), SAP AG (Germany), McKesson Corporation (U.S.), and GE Healthcare (U.K.).
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