Workforce development is an employee development process. Workforce development helps to enhance the economic stability of a country or region. According to a report published by National Association of Counties (NACO), companies and governments are increasingly investing in education and workforce preparation to better support current and future economic needs as well as improve job opportunities for workers.
The driving factor for the global workforce development services market is the rise in demand for contingent labor, targeted talent strategies, mobile workforce, and workforce intelligence. Moreover, with the government policies, reliable workforce data is needed to tackle the economic fluctuations and make effective staffing decisions. The emergence of AI in the workforce development services market is expected to create new opportunities over the forecast period. Companies are shifting toward Artificial Intelligence (AI) and machine learning, and upscaling their skills to gain competitive advantage in the workforce development services market. For instance, IBM Corporation offers the AI Talent Management solution, IBM Watson.
The global workforce development services market can be segmented based on service type, enterprise size, industry vertical, and region. The workforce development services market can be categorized in terms of service type into suite and standalone services. Standalone services can be classified into talent management, consulting & advisory service, training, quality assurance, workforce auditing and planning, workforce recruitment, support & maintenance, performance support services, social collaboration services, and others. Based on enterprise size, the workforce development services market can be segmented into small-medium enterprises and large enterprises. In terms of industry vertical, the workforce development services market can be segmented into BFSI, IT and telecom, manufacturing, retail, government, healthcare, media and entertainment, utilities, hospitality, real estate & construction, education, consumer goods, and others (legal, etc.). The manufacturing segment can be classified into process manufacturing and discrete manufacturing. The manufacturing industry is estimated to account for significant market share in 2019 due to rise in the workforce in the automobile industry.
Based on region, the global workforce development services market can be segmented into North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America and Europe are estimated to dominate the market due to focus of companies on workforce development.
The U.S. dominates the workforce development services market. According to the White House, in July 2014, around 3.1 million Americans have been unemployed and struggle to find jobs that match their existing skillset. Additionally, many employers in a range of industries and sectors say they cannot find skilled workers to fill their current job openings and expand their businesses. The Bureau of Labor Statistics (a unit of the United States Department of Labor.) has reported in July 2014, that there were 4.7 million job openings across the country. Companies in the U.S. have increased spending on workforce development due to the lack of skilled workforce. The Asia Pacific region is estimated to account for significant market share in 2019. According to The International Labour Organization, the total workforce in Asia Pacific accounts for 60% of the global workforce. The rise in population and growth in employment rates in China and India create significant opportunities in this region.
Companies are adopting innovative technology that makes work smarter and improves productivity. Bring your own technology (BYOT) is the most popular trend in organizations to improve the work culture. Organizations are adopting different innovative technology including wearable technology, social media services, Big Data solutions, mobile apps, etc. Companies in the workforce development services market are focusing on expanding their business through strategic partnerships and collaboration. Technological developments in networking also increases competitiveness. Key companies operating in the global workforce development services market are Northern Virginia Family Service, Workforce Development, Inc., Zenoxx Knowledge Services, White Ladder Consulting & Training, TransforME, SUMS CorpSolutions, Spanlabs, Humanim, Montgomery County Development Services, and others
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