Workforce Management Software Market - Growth, Trends, Forecasts (2020 - 2025)

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 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. 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 in 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 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 spanning the virtual world. Managing a workforce management software is a challenge for the companies, since vendors are releasing new versions of workforce management software frequently and similar companies are also emerging.
• 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.