Market Overview

The global workforce management software market was valued at USD 2,601.7 million in 2018, and it is expected to reach a value of USD 3,327.87 million by 2024, at a CAGR of 4.21% over the forecast period (2019 - 2024). 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.

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 and scheduling, time and attendance management, task management, HR management, and other solutions, including workforce analytics.

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Key Market Trends

Cloud to Witness 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 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 the private cloud to provide multi-level physical and logical security features, thus expenditure on private cloud is increasing. 

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