+353-1-416-8900REST OF WORLD
+44-20-3973-8888REST OF WORLD
1-917-300-0470EAST COAST U.S
1-800-526-8630U.S. (TOLL FREE)

PRINTER FRIENDLY

North America Workforce Management Software Market - Growth, Trends, Forecasts (2021 - 2026)

  • ID: 5239279
  • Report
  • January 2021
  • Region: North America
  • 120 pages
  • Mordor Intelligence

FEATURED COMPANIES

  • IBM Corporation
  • Kronos (US) Inc
  • Oracle Corporation
  • TimeClock Plus LLC
  • Workday, Inc.
  • WorkForce Software LLC
  • MORE
North America Workforce Management Software is expected to register a CAGR of 3.25% during the forecast period (2021 - 2026). In the current competitive scenario, it is becoming increasingly important for organizations to keep their workforce motivated and organized, in order to ensure the optimal productivity, which is important while keeping abreast of changing times.
  • 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. Given the evolving nature of the workplace, the traditional method of managing the workforce by maintaining spreadsheets and registers for all activities has become a highly time-consuming and cumbersome process and is also is prone to errors.
  • Workforce management software plays an important role in optimizing organizational performance, by enabling effective administration of work schedule, business processes, labour costs, and talent management.
  • The main goal of workforce management software is to lend credibility to business metrics through mobile and desktop applications. These solutions offer long-term cost and resource advantages to organizations by helping them streamline business activities and increase data security along with those benefits.
  • 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

Consumer Goods and Retail Expected to Witness Significant Growth
  • 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.
  • This kind of holistic employee management avoids risk, ensures fairness, and drives employee satisfaction. The retail markets experienced a high-volume growth of the original stock volume in the last year.
  • The retail sector is embracing the cloud-based model for software deployment, owing to the cost and scalability benefits. Forecasting and scheduling tools help retail outlets by dynamically notifying them of the seasonal changes in demand for key products, based on consumption patterns and historical data.
  • 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.
  • Besides, based on the US Bureau of Labor statistics, the nonfarm business sector labor productivity decreased by 0.2% in the third quarter of 2019, as output increased 2.3% and hours worked increased by 2.5%.
United States to Witness Significant Growth Rate
  • Besides, based on the US Bureau of Labor statistics, the nonfarm business sector labor productivity decreased by 0.2% in the third quarter of 2019, as output increased 2.3% and hours worked increased by 2.5%.
  • Good productivity is crucial for the success of any organization. Enterprises are striving hard to enhance the productivity of their employees, reduce costs, and improve business process efficiency.
  • According to a recent report published by OrgVue, well over 64% of the US businesses feel cost reduction is the top challenge expected in the coming years. For instance, US Silica Holdings Inc. recently announced a reduction in its workforce by approximately 230 employees to improve efficiencies.
  • Such enterprises are increasingly adopting solutions to better manage their workforce and optimize their operations; such applications are designed to help them achieve this goal. The manufacturing, travel and transport, and retail sectors are expanding rapidly, moreover, they lead the market in terms of the adoption rate of these management software systems.
Competitive Landscape

The North America Workforce Managment Software market is moderately competitive with a large number of playing having small market share. In order to retain or have their market share the companies keep on innovating and enter into strategic partnerships.
  • Sep 2020 - Environment Control, which is one of the largest commercial building cleaning organizations in the United States, and a provider of essential services during the COVID-19 pandemic, announced that it has transformed its employee experience while successfully managing unexpected workforce processes and COVID-19-specific regulations with Kronos Workforce Ready, which is a unified human capital management (HCM) cloud suite from Kronos Incorporated.
  • Sep 2020 - CommunityWFM, a leading workforce management (WFM) software vendor, announced a partnership agreement with Smartz Solutions. CommunityWFM provides unified, cloud-based workforce management solutions with its Essentials and Enterprise WFM products. Smartz Solutions enables contact centers to manage the total customer experience through its Smartz Communications offerings. Smartz Solutions has offices in the US and UK, with a strong presence in the South African market.
Reasons to Purchase this report:
  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • IBM Corporation
  • Kronos (US) Inc
  • Oracle Corporation
  • TimeClock Plus LLC
  • Workday, Inc.
  • WorkForce Software LLC
  • MORE
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Industry Value Chain Analysis
4.4 Assessment of COVID-19 impact on the industry
4.5 Market Drivers
4.6 Market Challenges
4.6.1 Threat of Hacking

5 MARKET SEGMENTATION
5.1 Component
5.1.1 Workforce Scheduling and Analysis (Software)
5.1.2 Time and Attendance Management (Software)
5.1.3 Performance Management (Software)
5.1.4 HR Management (Software)
5.1.5 Service
5.2 Deployment Mode
5.2.1 On-premise
5.2.2 Cloud
5.3 End User Industry
5.3.1 BFSI
5.3.2 Consumer Goods and Retail
5.3.3 Automotive
5.3.4 Energy and Utilities
5.3.5 Healthcare
5.3.6 Manufacturing
5.3.7 Other End User Industries
5.4 Country
5.4.1 United States
5.4.2 Canada

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles*
6.1.1 IBM Corporation
6.1.2 Workday, Inc.
6.1.3 WorkForce Software LLC
6.1.4 Oracle Corporation
6.1.5 Ultimate Software Group, Inc.
6.1.6 Kronos (US) Inc
6.1.7 TimeClock Plus LLC

7 INVESTMENT ANALYSIS

8 FUTURE OF THE MARKET
Note: Product cover images may vary from those shown
  • IBM Corporation
  • Workday, Inc.
  • WorkForce Software LLC
  • Oracle Corporation
  • Ultimate Software Group, Inc.
  • Kronos (US) Inc
  • TimeClock Plus LLC
Note: Product cover images may vary from those shown

Loading
LOADING...

Adroll
adroll