Workforce Management Market Set to Grow
As companies look to improve the quality of customer care they provide while simultaneously keeping costs down, attention has turned to workforce management software to achieve these seemingly conflicting goals. Over-staffing costs companies money, but understaffing is equally pernicious; it leads to lost customers, lost sales and burned-out employees who quit, leading to high turnover rates.
There is evidence that many organizations are finding that modern workforce management solutions are the answer to the over- or under-staffing problem. While small to medium-sized companies (SMBs) still overwhelmingly use conventional methods of keeping track and maintaining their workforce, new research predicts that this may be about to change.
Research conducted by Future Market Insights has found that workforce management will experience a healthy compound annual growth rate (CAGR) over the next decade, largely due to adoption by SMBs and recognition of the value of workforce management software in Asia. Cloud delivery of workforce management is making it more affordable for organizations that are not large enterprises. Currently, North America dominates the workforce management market followed by Western Europe.
“With growing number of population, small-medium enterprises across emerging countries such as India and China and changing work dynamics are expected to boost the growth of workforce management market,” according to the report’s authors. “Furthermore, increasing cloud-based solution adoption and smartphone penetration across various emerging markets are anticipated to drive the growth of workforce management market. In addition, the benefits which workforce management offers that ensures a streamline flow of tracking and maintaining the workforce in an enterprise.”
The report noted that barriers to the growth of workforce management solutions include a lack of awareness in certain developing regions of the business world. While the market is currently dominated by major players, including IBM, SAP, Oracle, Infor Global Solution, Workforce Software, Kronos (News - Alert), Atoss Software, Clicksoftware Technologies, ADP, LLC and Workday, companies that innovate will find room to grow. The companies that succeed in workforce management solutions will offer innovative and customized solutions to cater to the demand of various organizations of different sizes, according to the Future Market Insights report.
Edited by Alicia Young