Healthcare Workforce Management Systems Market worth $1,453.8 Million by 2019
11 Aug, 2014, 15:00 BST
DALLAS, August 11, 2014 /PRNewswire/ --
According to the new market research 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", published by MarketsandMarkets, the global healthcare 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.
Browse 145 market tables and 46 figures spread through 300 pages and in-depth TOC on "Healthcare Workforce Management Systems Market"
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This report studies the Workforce Management Systems Market over the forecast period of 2014 to 2019.
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.
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 HealthcareWorkforce 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.
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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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