THANK YOU FOR SUBSCRIBING
Hrtech Outlook Weekly Brief
Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Hrtech Outlook
Dublin, - The "Workforce Management Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021-2026)" report has been added to ResearchAndMarkets.com's offering.
The Global Workforce Management Software Market was valued at USD 7.03 billion in 2020, and it is expected to reach USD 9.93 billion by 2026, registering a CAGR of 6.38% during the period of 2021-2026.
With the COVID-19 pandemic requiring more people to be working remotely, the remote workforce management software has become essential for companies, as this software can help in managing the remote workforce efficiently.
COVID-19 has highlighted the importance of WFM solutions across multiple sectors, especially in healthcare workers' situations. In need of some best practices to keep nursing staff engaged, applications, such as scheduling tasks and forecasting patient census, scheduling and managing full-time versus part-time nurses, and set up nursing shifts have been emphasized while offering WFM solutions to the healthcare sector.
According to a study conducted by Dell and Intel on the current trends at workplaces across the world, although employees are broadly happy with their current jobs, they are increasingly growing dissatisfied with the reporting and communication processes adopted by their organizations. The changing needs at the workplace further compound this problem. Employees are no longer expected to work within a conventional 9 AM - 5 PM schedule due to diversification in work practices.
Earlier, resource management was carried out manually or through spreadsheets, which was highly time-consuming, leading to the discrepancy in data. The 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 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.
Key Market Trends
• Cloud to Witness the Highest Growth
• North America Expected to Hold a Dominant Share
Competitive Landscape
The Workforce Management Software Market is fragmented since it is becoming increasingly important for organizations to keep their workforce motivated and organized in the current competitive scenario. This is to ensure optimal productivity, which is important to stay abreast of the 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.
• April 2021- On 16th April, Authority Software announced the launch of Authority Workforce Management; its applications include quality recording management, customer relationship management, and rapid applications development.
• January 2021- Trax partnered with Blue Yonder to launch a dynamic workforce management software for retailers and fulfillment centers to track real-time demand visibility and a flexible, skilled workforce to solve store issues quickly and at scale.
