U.S. Absence Management Market Size is Expanding USD 612.34 Mn by 2031
The U.S. absence management market was valued at USD 272.8 million in 2022 and it is expanding around USD 612.34 million by 2031 with a CAGR of 9.5% from 2023 to 2032, report by Precedence Research.
Ottawa, June 30, 2023 (GLOBE NEWSWIRE) -- The *U.S. absence management market* size is expected to reach around USD 612.34 million by 2031. An individual's absences from their place of employment are tracked using absence management software, a computer program. These experts' programs are an effort to establish a "timekeeping company," where each employee would be forced to remain at work until the next absence. Both large and small organizations use the program. Simple to use, the Absence management Software will keep track of absence information for a specified amount of time. Organizations classify the personnel into vacationers, short-term absences, part-timers, and long-term absences after keeping track of the number of absences. Additionally, as businesses realize the value of efficiently controlling staff absences, the absence management industry is anticipated to expand over the next few years.*Full Report is Ready | **Get the sample pages of report@ **https://www.precedenceresearch.com/sample/3054*
*Deployment Mode Landscape *
Cloud-based absence management software is a web-based tool that assists in managing an organization's absence data. It gives concerned authorities, executives, and staff of the organization with real-time updates and data regarding employee absences. The program also enables businesses to design customized reports in accordance with their needs. Such dashboards are used to track employee absences, leave, and other pertinent data. The program also aids in payroll production and overtime calculating processes.
*U.S. absence management market, by Deployment Mode, 2022-2032 (USD Million)*
*Deployment Mode* *2022* *2023* *2032* *CAGR (2023-32)*
*On-Premise* 128.22 139.01 299.47 *8.9* *%*
*Cloud-Based* 144.58 158.34 373.49 *10.0* *%*
*Application Landscape*
Large enterprises are projected to grow at a higher CAGR from 2023 to 2032. The expansion is due to the growing workforce as well as investment in technological advancement and robust infrastructure. Along with this, the implementation of cloud-based methods over on-premises technologies.
*U.S. absence management market, by application, 2022-2032 (USD Million)*
*Application* *2022* *2023* *2032* *CAGR (2023-32)*
Large Enterprises 166.41 180.64 393.68 9.0 %
SMEs 106.39 116.71 279.28 10.2 %
*End-user Landscape*
The BFSI sector is anticipated to grow at the fastest CAGR from 2023 to 2032. To improve performance and increase cost savings, the majority of banks are increasingly implementing labor management solutions. As a result, the BFSI vertical significantly contributes to the market for absence management.
The healthcare sector is growing at a remarkable rate during the predicted period. Improving employee engagement and the value chain is now a crucial component of the healthcare sector. The effects of wrong schedules have a direct impact on both the effectiveness of patient care and financial results. These elements fuel market expansion. Many healthcare organizations have traditionally handled absence management internally.
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*U.S. absence management market, by end-user, 2022-2032 (USD Million)*
*2022* *2023* *2032* *CAGR (2023-32)*
BFSI 68.20 74.64 174.97 9.9 %
Manufacturing 45.83 49.66 106.33 8.8 %
Healthcare 48.97 53.82 130.89 10.4 %
Retail 34.51 37.85 90.51 10.2 %
Government and Public Sector 34.37 37.08 76.04 8.3 %
Others 40.92 44.31 94.21 8.7 %
*Market Dynamics*
*Drivers**: **Growing Demand for Cloud-Based Solutions *
The rising demand for cloud-based solutions is significantly impacting the market for absence management. ReedGroup was acquired by Alight in 2021, and the acquisition assists workers in caring for their health and well-being while they are on leave. As absence management solutions help businesses manage employee absences, many companies take initiatives to improve their productivity and well-being. Most of these solutions are provided as software as a service (SaaS) and are hosted in the cloud, making them accessible from any location with an internet connection.
*Restraint**: **Security Risk*
Data hacking and theft is at their peak as a result of severe threat to electronic data, which necessitate a greater level of protection. Absence management systems store sensitive employee data, such as personal information, leave balances, and medical details. If these systems are not properly secured, they become targets for hackers who seek to gain unauthorized access to this information. Absence management systems often integrate with other HR or payroll systems to exchange data. These integrations introduce security vulnerabilities if proper security measures are not in place, potentially leading to data leakage or unauthorized access across multiple systems.
*Opportunities*
The absence management market is experiencing a number of new trends and possibilities that companies may take advantage of to enhance their operations and cater to the evolving needs of their workforce. This makes it possible for organizations to control employee absences and keep up with numerous laws from any location, which is crucial in a remote working environment. Businesses better support their employees and enhance overall operations by implementing these policies and utilizing the absence management tools that support them.
*Key Market Players*
· Kronos
· Workday
· Oracle
· SAP
· Zenefits
· Namely
· Workforce Software
· Ultimate Software
· AbsenceSoft
· ADP
*Segments Covered in the Report*
*By Deployment Mode*
· On-Premises
· Cloud-Based
*By Application*
· Large Enterprises
· SMEs
*By End User*
· BFSI
· Manufacturing
· Healthcare
· Retail
· IT and Telecom
· Government and Public Sector
· Others
*Frequently Asked Questions*
· What are the major opportunities market participants see in the U.S. absence management market?
· What is the current market size? How is the market expected to evolve in terms of revenue during the forecast period?
· What are the major drivers and restraints for the market?
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