|Study Period:||2018 - 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The Global Workforce Management Software Market was valued at USD 7.03 billion in 2020, and it is expected to reach USD 9.93 billion by 2026, registering a CAGR of 6.38% during the period of 2021-2026. With the COVID-19 pandemic requiring more people to be working remotely, the remote workforce management software has become an essential software for companies, as this software can help in managing the remote workforce efficiently.
COVID-19 has highlighted the importance of WFM solutions across multiple sectors, especially in the healthcare workers’ situations. In need for some best practices to keep nursing staff engaged, applications, such as scheduling tasks and forecasting patient census, scheduling and managing full-time versus part-time nurses, and set up nursing shifts have been emphasized, while offering WFM solutions to the healthcare sector.
- 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.
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.
The scope of the study is currently focused on key regions, such as the North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
The study tracks the key market parameters, underlying growth influencers, and major vendors operating in the industry. The study also tracks the impact of COVID-19 on the overall workforce management software market and its performance.
|Workforce Scheduling and Workforce Analytics|
|Time and Attendance Management|
|Performance and Goal Management|
|Absence and Leave Management|
|Other Software (Fatigue Management, Task Management, etc.)|
|Consumer Goods and Retail|
|Energy and Utilities|
|Other End-user Industries|
|Middle East and Africa|
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.
- On of the major reason for the inclination of many business leaders towards Cloud-based workforce management is the desire to get all in one solution that might include services such as Salesforce, inbound marketing software, marketing automation software, workforce management software, and business analytical tools to achieve insights with commercial, operational, and financial aspects. Thus, cloud-based workforce software management helps businesses to optimize time by automating traditionally labor-intensive tasks is a workforce management market opportunity.
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North America Is Expected to hold a Dominant Market Share
- The North American workforce management market has thrived over the past few years. Increasing the efficiency and productivity of labor are the major concerns in this region.
- North America occupied a major market share, with trade volumes increasing by twofold to move past other regions, in order to establish itself as the leading trader in the retail venture market. This position can be attributed to countries, like the United States and Canada.
- For instance, according to US Census Bureau, the annual sales of retail food and beverage stores in the United States during 2019 stood at USD 765.06 billion; and according to the US Department of Commerce, the total US retail sales during fiscal 2019 stood at USD 5.47 trillion.
- However, these developed countries recorded a slow but steady growth rate after the economic recession. The economic recession in North America was quite a roadblock for market growth.
- Also, the focus has been increased toward improving the productivity of the labor force. The workforce management software has helped in increasing the usefulness of the present labor force.
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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. This is to ensure optimal productivity, which is important to keep abreast of the 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.
- Oct 2020 - Reflexis Systems (now part of Zebra Technologies), a provider of intelligent workforce management and execution solutions for multi-site businesses in retail, hospitality, banking and food service, announced that IKI, one of Lithuania's largest retailers, selected Reflexis in order to increase labour efficiency. The company will deploy Reflexis intelligent workforce management solutions including the Workforce Scheduler, Time & Attendance, Employee Self-Service (ESS), Advanced Analytics & Reporting and Mobility solutions.
- Sep 2020 - Prodoscore, a player in productivity intelligence software announced its app was made available as an integration within Microsoft Teams. The integration will primarily provide businesses with a new tool for managing the burgeoning class of distributed employees and the subsequent increase in the usage of cloud-based technology.
- July 2020 - Honeywell announced a complete, modular software solution to help industrial companies enforce compliance with key health and safety requirements as their employees returning to the workplace, including body temperature checks and automated entry management processes. Leveraging Digitized Workforce Management with real-time location functionality, the solution facilitates site monitoring compliance in accordance with social distancing policies and enables contact tracing and monitoring of worker safety. It also includes remote collaboration capabilities to empower company operations with a reduced workforce.
- May 2020 - Infor, a business cloud software specialized by industry, announced the launch of a special promotion program in China to help companies be operationally agile and ease the “back-to-work” phase as companies gradually re-open. The specially preconfigured Infor Work Force Management (WFM) solution is a powerful express tool for workforce management with intelligent scheduling that makes it easier for enterprises to re-open their businesses strategically
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Market Drivers
4.3.1 Increasing Adoption of Internet of Things (IoT) and Cloud-based Solutions is Expanding the Market
4.3.2 Growing Adoption of Analytical Solutions and WFM by SMEs is Driving the Market Growth
4.4 Market Challenges
4.4.1 Implementation and Integration Concerns Hindering the Market
4.5 Assessment of COVID-19 impact on the industry
5. MARKET SEGMENTATION
5.1.1 Workforce Scheduling and Workforce Analytics
5.1.2 Time and Attendance Management
5.1.3 Performance and Goal Management
5.1.4 Absence and Leave Management
5.1.5 Other Software (Fatigue Management, Task Management, etc.)
5.2 Deployment Mode
5.3 End-user Vertical
5.3.2 Consumer Goods and Retail
5.3.4 Energy and Utilities
5.3.7 Other End-user Industries
5.4.1 North America
5.4.3 Asia Pacific
5.4.4 Latin America
5.4.5 Middle East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Active Operations Management International LLP
6.1.2 NICE Systems Ltd.
6.1.3 Oracle Corporation
6.1.4 Infor Group
6.1.5 Kronos Incorporated
6.1.6 Reflexis Systems Inc.
6.1.8 Workday Inc.
6.1.9 WorkForce Software LLC
6.1.10 Blue Yonder Group Inc.
6.1.11 ServiceMax Inc.
6.1.12 Kirona Solutions Limited
6.1.14 IBM Corporation
6.1.15 SAP SE
6.1.16 ADP LLC
6.1.17 Atoss Software AG
6.1.18 Mitrefinch Ltd
6.1.19 Sage Group plc
6.1.20 Roubler UK Limited Company
6.1.21 Tamigo UK Ltd
7. INVESTMENT ANALYSIS
8. FUTURE OF THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Workforce Management Software Market market is studied from 2018 - 2026.
What is the growth rate of Workforce Management Software Market?
The Workforce Management Software Market is growing at a CAGR of 6.38% over the next 5 years.
Which region has highest growth rate in Workforce Management Software Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Workforce Management Software Market?
North America holds highest share in 2020.
Who are the key players in Workforce Management Software Market?
Active Operations Management International LLP, NICE Systems Ltd., Oracle Corporation, Kronos Incorporated, Infor Group are the major companies operating in Workforce Management Software Market.