Bright Future Ahead for Workforce Management
With workforce management efforts an increasingly large part of the picture at companies worldwide, as everyone seeks to get a little extra productivity out of a workforce, it's not surprising to see the tools for workforce management systems are on the rise. A new report from Research and Markets detailed just how fast this field was growing, and the good news was, there was major growth ahead.
The reports noted that 2016 proved to be a good year by itself for growth in workforce management, despite the fact that it was regarded as a “mature” market sector. Mature market sectors aren't prone to wide swings of demand, but this market was looking to add gains to gains. In 2016 alone, the market grew 8.8 percent, which represented 871,999 new seats, and those gains were expected to only continue from there.
In 2017, the report noted, the workforce management market was set to grow 8 percent outright, with the same growth expected in 2018. In 2019 through 2021, the market was expected to grow a further 9 percent annually. Further growth than this may be seen, the report notes, if there's improved innovation going on as well.
Driving that growth was a steadily-growing demand for workforce management solutions that not only delivered a personalized experience, but did so with maximum flexibility, accuracy, and cost effectiveness. Throw in a wide array of firms pursuing workforce management excellence, ranging from Monet and Aspect (News - Alert) to Verint and WorkFlex, and the growing demand will be attacked aggressively by enough firms that competition benefits should be felt throughout the market.
It's kind of a surprise that a “mature” market would be seeing pronounced multi-year growth, though given that each of those years will only see single-digit-percentage growth, that's probably closer to how a mature market should behave. Still, given that the whole point of workforce management is to produce greater productivity, and thus a better shot at profitability, it's the kind of thing that doesn't really go out of style. Why would it? Who would pass up a chance to make more money? That's the point of being in business, after all.
So the future looks bright for workforce management, and new developments will likely help drive this market forward for some time to come. Businesses want the chance to make more money, and improving the efficiency of a workforce, along with cutting out waste where possible, only improves the odds.
Edited by Alicia Young