Workforce Management Software Market – Growth, Trends And Forecast (2020 – 2024)
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 the integrity of data. Therefore, in order to manage several aspects of workforce for better productivity, the market software solutions include workforce forecast & scheduling, time & attendance management, task management, HR management and others including workforce analytics.
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).
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Top Companies in the Global Workforce Management Software Market:
Active Operations Management International LLP, NICE Systems Ltd., Oracle Corporation, Infor, Kronos Incorporated, Reflexis Systems, Inc., SISQUAL, Replicon Inc., WorkForce Software, LLC, JDA Software Group, Inc., BambooHR LLC, 7shifts, IBM Corporation, SAP SE, Verint Systems Inc, ADP, LLC, ATOSS Software AG among others.
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 to 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 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.
– In a report titled ‘The Future of Jobs 2018’ by the World Economic Forum (WEF), around 54% of the global workforce had to be re-skilled or up-skilled to work in disruptive and digital technologies spawning the virtual world. Managing a workforce management software is a challenge for the companies, since vendors are releasing new versions of workforce management software every other day and similar companies are also emerging.
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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.
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Influence Of The Workforce Management Software Market Report:
-Comprehensive assessment of all opportunities and risk in the Workforce Management Software market.
-Workforce Management Software market recent innovations and major events.
-Detailed study of business strategies for growth of the Workforce Management Software market-leading players.
-Conclusive study about the growth plot of Workforce Management Software market for forthcoming years.
-In-depth understanding of Workforce Management Software market-particular drivers, constraints and major micro markets.
-Favourable impression inside vital market latest trends striking the Workforce Management Software market.
Finally, Workforce Management Software Market report is the believable source for gaining the market research that will exponentially accelerate your business. The report gives the principle locale, economic situations with the item value, benefit, limit, generation, supply, request and market development rate and figure and so on. Workforce Management Software industry report additionally Present new task SWOT examination, speculation attainability investigation, and venture return investigation.
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