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.
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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.