Healthcare Workforce Management Market: Time & Attendance Software and Support & Maintenance Services to Lead the Market Growth during the Forecast Period
The global workforce management systems market is poised to grow at a CAGR of 13.8% from 2014 to 2019. Factors such as increasing need to curtail costs, changing laws and regulations, and consolidation in the healthcare provider industry are driving the growth of the healthcare workforce management systems market, globally. Moreover, growing shortage of healthcare professionals across the world and resultant need for effective management of healthcare workforce is expected to contribute to the growth of the healthcare workforce management systems market during the forecast period.
In the standalone software segment, time and attendance accounted for the largest share of approximately 35% of the global healthcare workforce management software market in 2014. The large share of this segment can be attributed to its benefit in reducing labor costs by tracking the employee’s time and attendance. The market is driven by the need to avoid compliance risks in healthcare and to increase operational efficiency in the organization. On the other hand, the talent management software segment is expected to grow at the highest CAGR during the forecast period. This is mainly attributed to the increasing need in healthcare to hire and retain the best talent according to their education and skills suited for a particular department.
In the services segment, support and maintenance is the major contributor in the global workforce management services market in 2014, whereas the optimization services segment is expected to grow at the highest CAGR from 2014 to 2019. Limited technical knowledge among healthcare professionals for IT solutions and greater need to improve the efficiency of already installed workforce management solutions the world are some of the major drivers of this market.
Geographically, in 2014, the global healthcare workforce management market is dominated by North America; primarily due to the presence of major companies for healthcare workforce management in the U.S. Increasing demand to reduce healthcare costs and changing regulations are the major drivers for this market in North America. Moreover, growing demands for nurses due to the aging population will result in the high growth of healthcare workforce management solutions in the U.S.
Related Reports:
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
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