Dallas, Texas, Sept. 24, 2019 (GLOBE NEWSWIRE) -- Workforce management software enables organizations to create a better custom workflow which helps to improve efficiency in decision-making processes. The software also defends data integrity. Thus, in order to manage the number of aspects of the workforce for improved productivity, the workforce management software includes scheduling and workforce forecast, attendance and time management, HR management, task management, workforce analytics, and other related solutions. With the implementation of cloud, enterprises can understand it improves implementation, reduces the investments, offers easy access, increases scalability, and reduces complexities.
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The growing demand for cloud-enabled enterprise applications as well as easier access through smartphones is some of the significant factors of the global workforce management software growth. Previously, the workforce management software was carried out with manual process or spreadsheets, which was very time-consuming. However, the IoT workforce management software making tasks easier by improving capabilities. This factor will fuel the demand for global workforce management software market into the coming years. In addition, technological developments in IT infrastructure are also one of the crucial factors expected to boost the demand for global workforce management software over the forecast period. On the other hand, huge deployment cost of this software is one of the crucial factors responsible for hampering global workforce management software market growth.
The global workforce management software market was valued at USD 2601.7 million in 2018 and is expected to reach a value of USD 3327.87 million by 2024 at a CAGR of 4.21 % over the forecast period (2019 - 2024). According to a study conducted by Dell and Intel on the current trends at the workplaces across the globe, 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 of 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 increase their ROI by projecting future trends nd 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.
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Key Market Trends
Cloud to Exhibit 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 to 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 private cloud to provide multi-level physical and logical security features, thus spending on private cloud is increasing.
Asia-Pacific to Record the Fastest Growth Rate- The number of workforce in the Asia-Pacific countries, such as India and China, is expected to increase due to the rise in the number of companies and regulations associated with job creation.- Projects like APEC Digital Workforce Development Project helps APAC's workforce leverage digital and distance-learning technologies through improved career and technical education (CTE).- Moreover, the region is increasingly adopting new technologies to encourage development and to contribute to economic growth. The aforementioned factors are expected to propel the usage of software, thereby, propelling the market growth in the region over the forecast period.Competitive Landscape
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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, to ensure optimal productivity which is important to keep abreast of 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.
- March 2019 - SDLC Partners has formalized its relationship with digital operations management software provider, ActiveOps, forging an agreement to help customers adopt a more agile, predictable, and consistent management approach to back-office operations in- February 2019 - Kronos Incorporated announced the expansion of the Workforce Dimensions Technology Partner Network by introducing new healthcare-focused software providers utilizing the revolutionary Workforce Dimensions solution and intelligent Kronos D5 platform, to reshape the future of work for healthcare providers and their employees.
Major points from Table of Contents:1 Introduction2 Research Methodology3 Executive Summary4 Market Dynamics5 Market Segmentation6 Competitive Landscape7 Investment Analysis8 Market Opportunities and Future TrendsContinued…
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