The global workforce management software market was valued at USD 2711.23 million in 2019, and it is expected to reach a value of USD 3467.97 million by 2025, at a CAGR of 4.21% over the forecast period (2020?- 2025). According to a study conducted by Dell and Intel on the current trends at the workplaces across the globe, 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 of 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 increase their 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 spawning the virtual world. Managing a workforce management software is a challenge for the companies, since vendors are releasing new versions of workforce management software every other day and similar companies are also emerging.
Scope of the Report
Workforce management software enables organizations to centralize resource usage data and better plan future utilization. It allows the companies to create custom workflows to be more efficient in their decision-making processes and protect the integrity of data. Therefore, in order to manage several aspects of workforce for better productivity, the market software solutions include workforce forecast & scheduling, time & attendance management, task management, HR management and others including workforce analytics.
Key Market Trends
Cloud to Exhibit 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 to 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 private cloud to provide multi-level physical and logical security features, thus spending on private cloud is increasing.
Asia-Pacific to Record the Fastest Growth Rate
- The number of workforce in the Asia-Pacific countries, such as India and China, is expected to increase due to the rise in the number of companies and regulations associated with job creation.
- Projects like APEC Digital Workforce Development Project helps APAC’s workforce leverage digital and distance-learning technologies through improved career and technical education (CTE).
- Moreover, the region is increasingly adopting new technologies to encourage development and to contribute to economic growth. The aforementioned factors are expected to propel the usage of software, thereby, propelling the market growth in the region over the forecast period.
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, to ensure optimal productivity which is important to keep abreast of 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.
- March 2019 - SDLC Partners has formalized its relationship with digital operations management software provider, ActiveOps, forging an agreement to help customers adopt a more agile, predictable, and consistent management approach to back-office operations in
- February 2019 - Kronos Incorporated announced the expansion of the Workforce Dimensions Technology Partner Network by introducing new healthcare-focused software providers utilizing the revolutionary Workforce Dimensions solution and intelligent Kronos D5 platform, to reshape the future of work for healthcare providers and their employees.
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