Workforce Management Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

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 essential 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 healthcare workers' situations. In need of 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. The changing needs at the workplace further compound this problem. Employees are no longer expected to work within a conventional 9 AM – 5 PM schedule due to diversification in work practices.
• Earlier, resource management was carried out manually or through spreadsheets, which was highly time-consuming, leading to the discrepancy in data. The 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 data integrity. Therefore, to manage several aspects of the 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 North America, Europe, Asia Pacific, Latin America, and the Middle East and 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.

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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 the 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 enormous 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.
• One of the major reasons 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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