The Global Workforce Management Software Market was valued at USD 7.03 billion in 2020, and it is expected to reach USD 9.93 billion by 2026, registering a CAGR of 6.38% during the period of 2021-2026. With the COVID-19 pandemic requiring more people to be working remotely, the remote workforce management software has become essential for companies, as this software can help in managing the remote workforce efficiently.
COVID-19 has highlighted the importance of WFM solutions across multiple sectors, especially in healthcare workers' situations. In need of some best practices to keep nursing staff engaged, applications, such as scheduling tasks and forecasting patient census, scheduling and managing full-time versus part-time nurses, and set up nursing shifts have been emphasized while offering WFM solutions to the healthcare sector.
Key Highlights
- 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. The changing needs at the workplace further compound this problem. Employees are no longer expected to work within a conventional 9 AM - 5 PM schedule due to diversification in work practices.
- Earlier, resource management was carried out manually or through spreadsheets, which was highly time-consuming, leading to the discrepancy in data. The 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.
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 the 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 enormous 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.
- One of the major reasons 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 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.
Competitive Landscape
The Workforce Management Software Market is fragmented since it is becoming increasingly important for organizations to keep their workforce motivated and organized in the current competitive scenario. This is to ensure optimal productivity, which is important to stay 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.
- April 2021- On 16th April, Authority Software announced the launch of Authority Workforce Management; its applications include quality recording management, customer relationship management, and rapid applications development.
- January 2021- Trax partnered with Blue Yonder to launch a dynamic workforce management software for retailers and fulfillment centers to track real-time demand visibility and a flexible, skilled workforce to solve store issues quickly and at scale.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
This product will be delivered within 2 business days.
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