North America Workforce Management Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

North America Workforce Management Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

North America Workforce Management Software market is expected to register a CAGR of 5.94% during the forecast period (2021 - 2026).

The region has also been witnessing demand for workforce management with the outbreak of the COVID-19 pandemic. The layoffs and remote working of the employees have forced organizations to shift to digital management solutions. They can track the number of employees working and other employee-related data. This kind of holistic employee management avoids risk, ensures fairness, and drives employee satisfaction. As a result, the retail markets experienced a high-volume growth of the original stock volume in North America last year.

Key Highlights

• The North American workforce management market has thrived over the past few years. Increasing the efficiency and productivity of labor are the primary concerns in this region. As a result, the region occupied a significant market share, with trade volumes increasing by twofold to move past other regions to establish itself as the leading trader in the retail venture market. This position can be attributed to countries like the United States and Canada. For instance, according to US Census Bureau, the annual sales of retail food and beverage stores in the United States during 2020 stood at USD 853.13 billion; and according to the US Department of Commerce, the total US retail sales during fiscal 2020 stood at USD 4.89 trillion.
• However, these developed countries recorded a slow but steady growth rate after the economic recession. The economic downturn in North America was quite a roadblock for target growth. Also, the focus has been increased toward improving the productivity of the labor force. The workforce management software has helped in increasing the usefulness of the present labor force.
• Workforce management software plays a vital role in optimizing organizational performance by effectively administering work schedules, business processes, labor costs, and talent management.
• The main goal of workforce management software is to lend credibility to business metrics through mobile and desktop applications. In addition, these solutions offer long-term cost and resource advantages to organizations by helping them streamline business activities and increase data security along with those benefits.
• Further, such enterprises are increasingly adopting solutions to manage their workforce better and optimize their operations; such applications are designed to help them achieve this goal. The manufacturing, travel and transport, and retail sectors are expanding rapidly; moreover, they lead the market in terms of the adoption rate of these management software systems.
• Recently, Community WFM, a leading workforce management (WFM) software vendor, announced a partnership agreement with Smartz Solutions. Community WFM provides unified, cloud-based workforce management solutions with its Essentials and Enterprise WFM products. Smartz Solutions enables contact centers to manage the total customer experience through its Smartz Communications offerings. Smartz Solutions has offices in the United States.

Key Market TrendsConsumer Goods and Retail Expected to Witness Significant Growth

• North America occupied a significant market share, with trade volumes increasing by twofold to move past other regions to establish itself as the leading trader in the retail venture market. This position can be attributed to countries like the United States and Canada. For instance, according to US Census Bureau, the annual sales of retail food and beverage stores in the United States during 2020 stood at USD 853.13 billion; and according to the US Department of Commerce, the total US retail sales during fiscal 2020 stood at USD 4.89 trillion.
• This kind of holistic employee management avoids risk, ensures fairness, and drives employee satisfaction. The retail markets experienced a high-volume growth of the original stock volume in the last year.
• The retail sector embraces the cloud-based model for software deployment, owing to the cost and scalability benefits. Forecasting and scheduling tools help retail outlets dynamically notify them of the seasonal changes in demand for critical products based on consumption patterns and historical data.
• However, these developed countries recorded a slow but steady growth rate after the economic recession. The economic downturn in North America was quite a roadblock for market growth.
• In April 2021, Jolt Software, an operations management and digital food safety platform for the deskless worker announced the launch of its new Partner Program division, adding Resellers to its previously launched Referral Partner Program.

United States to Witness Significant Growth Rate

• Good productivity is crucial for the success of any organization. Enterprises are striving hard to enhance the productivity of their employees, reduce costs, and improve business process efficiency.
• According to a recent report published by OrgVue, well over 64% of the US businesses feel cost reduction is the top challenge expected in the coming years. For instance, US Silica Holdings Inc. recently announced a reduction in its workforce by approximately 230 employees to improve efficiencies.
• Such enterprises are increasingly adopting solutions to manage their workforce better and optimize their operations; such applications are designed to help them achieve this goal. The manufacturing, travel and transport, and retail sectors are expanding rapidly. Moreover, they lead the market in terms of the adoption rate of these management software systems.
• In May 2021, Amazon.com has announced the launch of working well, a new comprehensive program providing employees with physical and mental activities, wellness exercises, and healthy eating support that are scientifically proven to help them recharge and re-energize and ultimately reduce the risk of injury.
• Further, in June 2021, M3 has launched M3 Labor, a mobile app that supports the company’s labor-management tool. The cloud-based product is designed to help hoteliers through data-driven workforce management tools delivered to their smartphones. M3 Labor offers instant access to M3’s cloud-based reporting system, providing labor monitoring from time clock to paycheck. With real-time labor dashboards, customizable labor views, and on-the-go punch management, the app is designed to help hoteliers monitor associate hours and proactively avoid unnecessary overtime.

Competitive Landscape

The North America Workforce Management Software market is moderately competitive with a large number of playing having a small market share. In order to retain or have their market share, the companies keep on innovating and enter into strategic partnerships.

• September 2020 - Environment Control, which is one of the largest commercial building cleaning organizations in the United States, and a provider of essential services during the COVID-19 pandemic, announced that it has transformed its employee experience while successfully managing unexpected workforce processes and COVID-19-specific regulations with Kronos Workforce Ready, which is unified human capital management (HCM) cloud suite from Kronos Incorporated.
• July 2020 - Honeywell has announced a complete, modular software solution to help industrial companies enforce compliance with crucial health and safety requirements as their employees returning to the workplace, including body temperature checks and automated entry management processes. In addition, it provides real-time location functionality with solution facilitates site monitoring compliance by social distancing policies, and enables contact tracing and monitoring worker safety. It also includes remote collaboration capabilities to empower company operations with a reduced workforce.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Workday, Inc.
WorkForce Software LLC
Oracle Corporation
Ultimate Software Group, Inc.
Kronos (US) Inc
TimeClock Plus LLC

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