The global workforce management software market was valued at USD 2711.23 million in 2020 and expected to reach USD 3467.97 million by 2026 and grow at a CAGR of 4.21% over the forecast period (2021 - 2026). According to a study conducted by Dell and Intel, on the current trends at workplaces across the world, although employees are broadly happy with their current jobs, they are increasingly growing dissatisfied with the reporting and communication processes adopted by their organizations. This problem is further compounded by the changing needs at the workplace, with employees no longer expected to just work within a conventional schedule of a 9 AM - 5 PM, due to diversification in work practices.
- Earlier, the resource management was carried out manually or through spreadsheets, which was highly time-consuming, leading to the discrepancy in data. Introduction of IoT to workforce management software eases the job by enhancing technological capabilities. This is likely to boost the workforce management software market growth over the forecast period.
- Analytical solutions cause the companies to increase their bottom line and ROI, by projecting future trends and extrapolating possible outcomes based on "what-if" scenarios. The collaboration between partners, like vendors, suppliers, and customers, gets easier by uncovering new insights. The success of any implemented plan can also be measured using analytical solutions.
- In a report titled 'The Future of Jobs 2018', by the World Economic Forum (WEF), around 54% of the global workforce had to be re-skilled or up-skilled to work in disruptive and digital technologies spanning the virtual world. Managing a workforce management software is a challenge for the companies, since vendors are releasing new versions of workforce management software frequently and similar companies are also emerging.
- The trend toward remote work has been steadily growing for the past decades. However, the effect of COVID-19 has dramatically accelerated this trend in an extremely short period of time, forcing companies irrespective of its size to adapt quickly to the self-isolation measures that were being recommended by governments across the world. With the pandemic requiring more people to be working remotely, the remote workforce management software has become an essential software for the companies as this software can help in managing the remote workforce efficiently.
Key Market Trends
Cloud to Witness the Highest Growth
- The adoption of cloud computing in workforce management software enables various benefits, such as mobility, flexibility, and security. It allows the administrator of an organization access with any device and at any time.
- In addition, changes can be made or any workforce-related task can be scheduled, irrespective of the location of the administrator. It saves an enormous amount of money as the organization subscribes to the required amount of storage and technical specification.
- Companies offer workforce management solutions through the private cloud to provide multi-level physical and logical security features, thus expenditure on private cloud is increasing.
- On of the major reason for the inclination of many business leaders towards Cloud-based workforce management is the desire to get all in one solution that might include services such as Salesforce, inbound marketing software, marketing automation software, workforce management software, and business analytical tools to achieve insights with commercial, operational, and financial aspects. Thus, cloud-based workforce software management helps businesses to optimize time by automating traditionally labor-intensive tasks is a workforce management market opportunity.
North America Is Expected to hold a Dominant Market Share
- The North American workforce management market has thrived over the past few years. Increasing the efficiency and productivity of labor are the major concerns in this region.
- North America occupied a major market share, with trade volumes increasing by twofold to move past other regions, in order to establish itself as the leading trader in the retail venture market. This position can be attributed to countries, like the United States and Canada.
- For instance, according to US Census Bureau, the annual sales of retail food and beverage stores in the United States during 2019 stood at USD 765.06 billion; and according to the US Department of Commerce, the total US retail sales during fiscal 2019 stood at USD 5.47 trillion.
- However, these developed countries recorded a slow but steady growth rate after the economic recession. The economic recession in North America was quite a roadblock for market growth.
- Also, the focus has been increased toward improving the productivity of the labor force. The workforce management software has helped in increasing the usefulness of the present labor force.
The workforce management software market is fragmented, since in the current competitive scenario, it is becoming increasingly important for organizations to keep their workforce motivated and organized. This is to ensure optimal productivity, which is important to keep abreast of the changing times. Companies, like Oracle, NICE Systems, Infor, and SISQUAL, are introducing a wide range of innovative workforce management solutions, with advanced capabilities and features, which address traditional needs of contact centers, back offices, and branches.
- Oct 2020 - Reflexis Systems (now part of Zebra Technologies), a provider of intelligent workforce management and execution solutions for multi-site businesses in retail, hospitality, banking and food service, announced that IKI, one of Lithuania's largest retailers, selected Reflexis in order to increase labour efficiency. The company will deploy Reflexis intelligent workforce management solutions including the Workforce Scheduler, Time & Attendance, Employee Self-Service (ESS), Advanced Analytics & Reporting and Mobility solutions.
- Sep 2020 - Prodoscore, a player in productivity intelligence software announced its app was made available as an integration within Microsoft Teams. The integration will primarily provide businesses with a new tool for managing the burgeoning class of distributed employees and the subsequent increase in the usage of cloud-based technology.
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