Market Trends of LA Workforce Management Software Industry
This section covers the major market trends shaping the Latin America Workforce Management Software Market according to our research experts:
Retail and Consumer Goods to Hold the Largest Market Share
- Latin America is one of the biggest exporters to the United States and exports many products to other regions of the world. Countries like Brazil, Argentina, and Columbia have a growing labor force despite the slower population growth.
- Retail and consumer goods are expected to gain more control and visibility with a mixed and diversified workforce consisting of field service providers both externally and internally, drivers, and in-store employees. This vertical is expected to grow and evolve promptly in terms of customer needs, employment, and technological changes.
- For certain complexities, the consumer goods and retail sector needs to focus on attendance and time, employee training, labor analysis, scheduling optimization, and forecasting. These complexities can be solved with workforce management solutions by properly utilizing available resources. The power of Big Data can help these resources be achieved and provide mobile solutions for forecasting, managing tasks of employees, and budgeting.
- The software system helps track orders, inventory levels, deliveries. In various manufacturing industries, it can help generate bills of materials, work orders, and other documents related to production. Companies that possess workforce management software systems avoid outages and overstock. It is an optimizing inventory data tool, which is more accurate and advanced than spreadsheets.
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Mexico to Hold the Largest Market Share
- According to Trading Economics, the GDP in Mexico was expected to reach USD 1,170 billion by the end of 2021. Mexico has a large, diversified, and strong economy with its oil sector, remittances from the United States, with exports, agriculture, mining, tourism, and industrial activities playing the most significant roles in its growth.
- The growing revenue and workforce of skilled labor from IT firms and rise in exports have spiked the demand for workforce management software. Further, according to the World Bank, Mexico's total skilled labor force was more than 54 billion in 2021. This increases the need for an efficient workforce management system.
- With increasing support for remote work from the Mexican workforce, HR professionals are embracing AI tools in their daily operations. Companies such as peopleHum offer tools such as customizable surveys and polls to help leaders get a pulse of the workforce.
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