Global Workforce Management Software Market - Segmented By Software Type (Labor Forecast and Scheduling, Time and Attendance Management, Absence Management, HR Management), Deployment Type (On-premise, Cloud), End-user Vertical (BFSI, Retail, Automotive, Public Sector, Healthcare, Industrial Manufacturing), and Region - Growth, Trends, and Forecast (2018 - 2023)
The workforce management software market was worth USD 2490.7 million in 2017 and is projected to reach USD 3194.1million by 2023 growing at a CAGR of 4.19 % over the period 2018 - 2023. The report is segmented by software type into labor forecast & scheduling, time & attendance management, absence management, HR management, and others, by deployment type into on-premise and cloud, and by end-user vertical into BFSI, retail, automotive, public sector, healthcare, industrial manufacturing, and others. The regions considered in the report include North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The study also emphasizes the benefits of workforce management software with respect to diverse industries and their future prospect.
The workforce management software helps in organizing and managing the business staff in terms of scheduling. In addition, it helps in gaining insights about the staff involved with the organization that further fuels the organizational process. This is expected to propel the market growth over the forecast period. Time management is one of the most important components of any company due to which this software is adopted. Moreover, it computes the current productivity and forecasts any resource requirement, this feature is likely to boost the workforce management software market over the next six years. Additionally, it helps in taking strategic decisions for the organization’s growth and addresses issues associated with the human resources, which is further projected to fuel the market. At times there is forecasted work for the organization wherein this software can help to optimize and schedule resources accordingly.
Increasing Integration of Internet of Things (IoT)
Integration of Internet of Things (IoT) is increasing at a rapid pace owing to which the utilization of workforce management software is on the rise. IoT helps in connection with various devices at the same time and one can access or edit the information at any point in given time. 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 the technological capabilities. This is likely to boost the workforce management software market growth over the forecast period.
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 to access with any device and at any time. In addition, changes can be made or any task can be scheduled irrespective of the location of the administrator. Moreover, it saves an enormous amount of money as the organization subscribes to the required amount of storage and technical specification. The aforementioned factors are projected to increase the utilization of cloud, thereby, contributing to the highest growth in the market over the next six years.
Asia-Pacific to Have the Highest Growth
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. Moreover, the region is increasingly adopting new technologies to encourage development and to contribute to the 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.