U.S. Absence Management Market Size to Worth USD 729.60 Million by 2033
Ottawa, July 29, 2024 (GLOBE NEWSWIRE) -- The U.S. absence management market size was valued at USD 297.35 million in 2023 and is predicted to surpass around USD 729.60 million by 2033, According to Precedence Research. The U.S. absence management market is driven by the rising number of IT industries, evolving technologies and need of easy management.
The U.S. absence management market encompasses the human resource (HR) management segment, which is focused on providing solutions and services to manage employee absences effectively. Employees are precious assets, and unexpected absences can disrupt team productivity and hurt the company's bottom line.
Organizations utilize absence management tools to track, understand, and adjust employee absences. This process includes policies, strategies, and instruments to guarantee that daily operations are not affected. Effective absence management can result in a healthier, more productive workplace. Businesses must balance expenses such as training, office space, energy, and insurance because absences result in lost productivity and wasted operational costs.
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U.S. Absence Management Market Revenue (USD Million), By Deployment Mode, 2022 to 2032
| By Deployment Mode | 2022 | 2023 | 2027 | 2032 |
| On-Premise | 128.22 | 139.01 | 193.8 | 299.47 |
| Cloud-Based | 144.58 | 158.34 | 229.8 | 373.49 |
U.S. Absence Management Market Revenue (USD Million), By Application, 2022 to 2032
| By Application | 2022 | 2023 | 2027 | 2032 |
| Large Enterprises | 166.41 | 180.64 | 253.1 | 393.68 |
| SMEs | 106.39 | 116.71 | 170.5 | 279.28 |
U.S. Absence Management Market Revenue (USD Million), By End Users, 2022 to 2032
| By End Users | 2022 | 2023 | 2027 | 2032 |
| BFSI | 68.2 | 74.64 | 108.02 | 174.97 |
| Manufacturing | 45.83 | 49.66 | 69.05 | 106.33 |
| Healthcare | 48.97 | 53.82 | 79.21 | 130.89 |
| Retail | 34.51 | 37.85 | 55.28 | 90.51 |
| Government and Public Sector | 34.37 | 37.08 | 50.62 | 76.04 |
| Others | 40.92 | 44.31 | 61.42 | 94.21 |
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U.S. Absence Management Market Key Insights:
- By deployment mode, the cloud-based segment has contributed the largest market share of 53.25% in 2023.
- By application, the large enterprises segment accounted for the biggest market share of 60.75% in 2023.
- By end user, the BFSI segment has generated a major market share of 25.10% in 2023.
- By end user, the manufacturing segment is expected to grow at the fastest rate during the forecast period.
Impact of COVID-19
With the exception of the COVID-19 pandemic, employment in the U.S. workforce, which serves as the economy’s backbone, has been steadily increasing. The work market in the U.S. is changing as Generation Z joins and baby boomers retire, yet women have yet to achieve parity with men due to increased home and caregiving duties. Part-time jobs are more frequent among women.
The country has a tradition of accepting immigrants, and foreign-born workers are more likely to participate in the labor market. Popular states have the most employed people. The industries with the most employment include education and health services and professional and business services; hence, an appropriate absence management policy is needed.
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Scope of U.S. Absence Management Market
| Report Attribute | Key Statistics |
| Market Size by 2033 | USD 729.60 Million |
| Market Size in 2024 | USD 324.41 Million |
| Market Size in 2023 | USD 297.35 Million |
| Market Growth Rate from 2024 to 2033 | CAGR of 9% |
| Base Year | 2023 |
| Historical Year | 2021-2022 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | Deployment Mode, Application, and End User |
U.S. Absence Management Market Segments Outlook
Deployment Mode Outlook
The cloud-based segment dominated the U.S. absence management market in 2023. Cloud-based software, like ERPs and AP automation, provides several benefits to enterprises. It lowers expenses by charging a monthly membership fee, eliminating the need to invest in data servers or infrastructure. It also increases flexibility by allowing employees to access dashboards from anywhere using a smartphone or internet-connected device.
Regular upgrades are implemented to increase usability, and data security is enhanced by being spread among global servers hosted by companies such as AWS. Cloud-based software may seamlessly interface with other software, ensuring efficient information flow and connecting departments.
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Application Outlook
The large enterprises segment dominated the U.S. absence management market in 2023. Large firms, generally international corporations, are successful for a variety of reasons. They have easier access to funding, better management, greater market strength, economies of scale, more consumer choices, and lower risk.
Large enterprises can acquire money in a variety of ways, including issuing debentures, selling stock on the stock exchange, and obtaining long-term bank loans. They can also provide cheaper pricing or larger price cuts owing to economies of scale. They can also offer additional value-added services, such as extended business hours or interest-free credit installment. Large corporations are well-diversified across numerous markets, nations, and products, allowing them to build R&D while mitigating the risks of unpredictability in the external business environment. So, managing absence in large enterprises is critical.
End User Outlook
The BFSI segment dominated the U.S. absence management market in 2023. The BFSI industry, which encompasses banking, insurance, and financial services, is an important component of the worldwide economy. It provides a wide variety of services, including commercial and investment banking, assets management, insurance, and financial markets. The sector is heavily regulated and continually evolving to suit the changing demand for alternative financial products and heightened regulatory scrutiny. Traditional banking services, such as checking and savings accounts, remain popular, while investment banking services assist businesses in generating cash.
The manufacturing segment is expected to grow at the fastest rate during the forecast period. Manufacturing industries are essential for developing and producing goods and services that benefit society. They provide jobs, promote economic progress, foster innovation, instill pride, and assure product safety. Manufacturing enterprises employ more than 12 million people in the United States, accounting for around 8% of the labor force. They also improve the quality of life by supplying necessities such as automobiles, clothing, and computers. Overall, manufacturing improves the quality of life for many individuals, and hence, it is necessary to have a proper absence management policy.
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U.S. Absence Management Market Dynamics
Driver: Safeguard business
Unplanned absences are a huge burden for any firm, affecting output, team members, and departments. Because everyone has many duties, any day, while not at full capability, might be difficult, and this can lead to decreased productivity or greater stress.
However, organizations that manage their absences well can surpass their competition. Not all firms have an absence management policy, but those that do are often prepared for any circumstance. An absence management solution may protect a company against unplanned absences, ensuring that no one is overworked and productivity stays high even when operations are not at full capacity.
Restraint: Regulatory challenges
Regulatory challenges are a major restraint of the U.S. absence management market in 2023. Regulatory compliance is a key concern for enterprises throughout the world as they try to keep up with new enforcement trends and regulations. Technology is critical for monitoring changes, conducting risk assessments, and realigning compliance activities.
GRC systems, intended to stay adaptable in the face of regulatory changes, include capabilities like AI-based tracking of new legislation and automatic policy modifications. Businesses in the IT and cybersecurity sectors should prepare for regulatory changes by establishing significant risk areas and tactics.
Opportunity: Automated Replacement Management
Automated replacement management is an important part of controlling staff absence. AI-powered solutions may efficiently deploy the personnel, filling the vacancies quickly and effectively. This not only reduces operational disturbances but also increases productivity by guaranteeing that the correct people are there at the right moment.
Streamlined shift scheduling may boost productivity and lower costs by creating real-time plans based on personnel availability and competencies, reducing the need for manual revisions. AI-powered systems may also automatically discover potential replacements based on established criteria, saving time and effort during replacement searches. Furthermore, AI systems can forecast future demand, allowing managers to arrange shifts more correctly, assuring optimal staffing levels and lowering labor expenses.
U.S. Absence Management Market Leaders
- Workforce Software
- Kronos
- Oracle
- Workday
- Namely
- SAP
- Ultimate Software
- Zenefits
- AbsenceSoft
- ADP
Recent Developments:
- In June 2024, Workday, Inc. announced new AI technologies to improve the developer platform, workday extension, and the workday AI marketplace. These enhancements make it easier for developers and partners to create intelligent solutions, and they give customers a single location to access the finest AI solutions from Workday and its partners.
- In May 2024, AbsenceSoft, a prominent SaaS platform for leave of absence and accommodations management, won the 2024 HR Tech Awards Best Innovative or Emerging Tech Solution in the Core HR/Workforce category. This is the company's second consecutive victory in this top industry event, backed by Lighthouse Research & Advisory, which recognizes quality and innovation in HR technology.
Segments Covered in the Report
By Deployment Mode
- On-Premises
- Cloud-Based
By Application
- Large Enterprises
- SMEs
By End User
- BFSI
- Manufacturing
- Healthcare
- Retail
- I.T. and Telecom
- Government and Public Sector
- Others
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