Analyst Group Predicts Brisk Growth in Cloud-Based Workforce Management Solutions

As companies strive to do more with less workforce, workforce management becomes a critical element of operations. Workforce management, deployed properly, can help eliminate both costly overstaffing and customer relationship-killing understaffing, ensuring that the right size labor pool is always available  to meet forecast and scheduled work demand.

A new research report published by Mordor Intelligence confirms the upswing in adoption of workforce management solutions. According to the study, entitled “Workforce Management Software Market - Growth, Trends and Forecast (2019 - 2024),” the global workforce management software market was valued at $2.6 trillion in 2018 and is expected to reach a value of $3.3 trillion by 2024 at a compound annual growth rate (CAGR) of 4.21 percent over the forecast period between 2019 and 2024.

According to another study conducted by Dell (News - Alert) and Intel on current global workforce trends, although employees are broadly happy with their current jobs, they are increasingly growing dissatisfied with the reporting and communication processes adopted by their organizations, including workforce management. The report found that older workforce management technology is not keeping up with the changing needs of the workplace, including shifts that are atypical from the traditional 9:00 am to 5:00 pm.

Many organizations are still carried out using manual processes or spreadsheets, which are highly time-consuming, inflexible and lead to errors. They also can’t be used by remote or mobile workers. Cloud-based workforce management solutions such as those offered by Monet Software make it easier to more precisely schedule and more accurately forecast thanks to enhanced technological capabilities such as artificial intelligence and machine learning, and software-as-a-service delivery. The growth of these flexible and affordable workforce management solutions will significantly drive market growth in the coming years.

A significant portion of this growth will be in cloud-based workforce management software, which drives mobility, flexibility, and better data security. It allows companies to focus on their core competencies and let a third-party solutions provider worry about technical details, updates, patches and administration. Companies can use the same workforce management platform across multiple offices, remote and home-based workers.

Edited by Maurice Nagle