According to a new market research report published by Credence Research, “Workforce Management Software Market (By Mode of Deployment (On-premise and Cloud-based), By Functionality (Workforce Forecast & Scheduling, Time & Attendance Management, Absence Management, Workforce Analytics and Others), By End-use (BFSI, Retail, Healthcare, Automotive, Industrial Manufacturing, Government, and Others (Education, etc.)), By Geography (North America, Europe, Asia Pacific, and Rest of the World)) – Growth, Future Prospects, and Competitive Landscape, 2018 -2026”, the global workforce management software market was valued at US$ 4.25 Bn in 2017 and expected to expand at a CAGR of 7.5% during the forecast period from 2018 to 2026.
Product & Market Insights :
Work force management solutions help business organizations to retain and monitor their employees in order to help the enterprise achieve the desired profitability. The complexity of today’s business operations and increasing demands on managers have made effective use of software tools essential to scheduling, planning, hiring and controlling other business operations. Regardless of the vertical market, the size of the business organization or the technologies used by the client, labor management software solutions have become essential tools for increasing revenue and generating a return on investment in customer service.
The position of management solutions, particularly in the field of human resources, is witnessed by a paradigm shift from administrative to analytical, with a major focus on data collection and analysis. With further technological advancements, the introduction of Big Data and automation into traditional management solutions is likely to set the stage for market growth in the coming years.
One of the key factors driving the global labor market in software management is the increasing proliferation of Internet of Things (IoT) technology through business organisations. IoT has become one of the standard technologies used in a number of business organizations to connect all smart devices over an interconnected network and to track and manage digital processes in real time. Therefore, the introduction of IoT has simplified the role of managing and monitoring the workforce, which was historically carried out manually or through spreadsheets, contributing to a divergence in data in the majority of cases. Therefore, that preference for digital solutions to turn existing business processes into connected ones is a good sign of market growth.
Key companies profiled in the research study include SAP SE, Kronos Incorporated, Oracle Corporation, Workforce Software Group Inc., Reflexis Systems Inc., Active Operations Management International LLP, SISQUAL, Nice Systems Inc., and Infor among others. The global workforce management software market is fragmented and technology driven. In order to differentiate from competitors, vendors may focus on integrating analytics in their offerings, thereby striving to gain early movers advantage, especially in emerging economies.