Healthcare Workforce Management Systems Market Is Expected to Reach $1,453.8 Million by 2019 - New Research Report by MarketsandMarkets
(PRWEB) October 16, 2014 -- The “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” analyses and studies the major market drivers, restraints, and opportunities in North America, Europe, Asia-Pacific, and the rest of the world.
The global healthcare workforce management systems market is expected to grow at a double digit CAGR during the forecast period of 2014 to 2019 and is estimated to be worth $1,453.8 million by 2019.
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The healthcare sector is increasingly implementing the healthcare workforce management solutions to meet challenges such as managing shift differentials of employees to provide quality care to patients, to keep track of the employees, and retain the top talent. The growing need to curtail the increasing healthcare costs with optimum utilization of the available workforce is the primary driver for the growth of this market.
The market is mainly driven by the growing need of healthcare professionals due to the increasing ageing population and resultant increase in the prevalence of diseases in North America and Europe, technological innovations, and the implementation of stringent regulations.
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 global healthcare workforce management systems market is segmented based on solution (software and services), mode of delivery, end user, and geography. Based on solution, the healthcare workforce management systems market is divided into software and services. The software market is further divided into standalone software and integrated software. The standalone software market is divided into time and attendance, scheduling, HR and payroll, talent management, analytics, and others. The services market covers variety of services related to the workforce management software including implementation, support and maintenance, optimization, and education/training services.
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Based on the mode of delivery, the market is segmented as on-premise solutions, web-based solutions, and cloud-based solutions. This report also discusses the key market drivers, restraints, and opportunities in the global healthcare workforce management systems market and its submarkets.
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 healthcare 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 Automatic Data Processing, Inc. (U.S.). Collectively, the top two players accounted for nearly 75% of the global healthcare workforce management systems market in 2013.
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