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

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

The Workforce Management Software Market is expected to register a CAGR of 10.81% during the forecast period. The increasing induction of remote work during and after the COVID-19 pandemic has made remote workforce management software essential for companies for the efficient management this software offers. With remote working becoming the new standard, workforce management software providers are providing services on a broader scale than ever before, especially in sectors like healthcare.

Key Highlights

• The software from different companies has allowed nursing and other related departments to work from home through some of the best practices and applications involved like scheduling and managing full-time versus part-time nurses, scheduling tasks and forecasting patient census, and managing nursing shifts, among some, which have been focused on while providing workforce management solutions in the healthcare sector.
• According to a survey conducted by the Society of Workforce Planning Profesional (SWPP), around 75% of the respondents mentioned schedule efficiency as a primary measure to analyze the workforce management software used by them, followed by occupancy rate at about 60%, and around 40% using intraday adjustments needed to grade the scheduling success.
• The changing needs in the further workplace compound this problem. Due to diversification in work practices, employees are no longer expected to work within a conventional 9 AM to 5 PM schedule. Instead, the added flexibility and monitoring measures have allowed the employees to avail flexibility in delivering the assignments while still being rewarded for extra working hours. The workforce management software and incorporated analytic tools have justified the employees' contribution to an organization.
• Previously, resource management was carried out manually or through spreadsheets, which was highly time-consuming, leading to data discrepancies. Introducing IoT checkpoints to workforce management software eases the job by enhancing technological capabilities. However, integrating the new workforce management software with the existing manual measures and exiting the system still stands as a significant hurdle in the mass adoption of the system and hence, in the flourishment of the market.
• The introduction of the workforce management system witnessed a steep boost during the Covid-19 pandemic, with companies leveraging the features offered by the management software to manage remote functioning. This also boosted the market, helping increase the popularity of workforce management software among the masses.

Key Market TrendsCloud to Witness the Highest Growth

• Adopting cloud computing in workforce management software allows users to experience various benefits, including flexibility, mobility, and security. The software allows the administrator of the organization access to any information required to assess an employee or the productivity metrics or device at any given time.
• Additionally, the changes can be made, or any workforce-related task can be scheduled, irrespective of the administrator's location. This adds to the overall concept of remote working, saving considerable time and money as the organization chooses the required amount of technical specification and storage.
• Companies are adding flexible cloud access and features to benefit the organizations. In April 2022, Oracle Corporation added business leader and HR tools by introducing a platform with Oracle Fusion Cloud Human Capital Management, aiming for employee success to encourage better communication, listening, productivity, and engagement on the employee front.
• Companies offer such software solutions through the private cloud to provide multi-level physical and logical security features; thus, expenditure on the private cloud is increasing. The increasing need for process transparency also supports the industry and software preference through the cloud.
• Cloud-based workforce management software help businesses optimize time by automating conventionally labor-intensive tasks, creating opportunity in the workforce management market. One of the critical reasons for the increasing inclination of many companies toward Cloud-based workforce management is the urge to get an all-in-one solution comprising services like inbound marketing software, Salesforce, marketing automation software, business analytical tools, and workforce management software. This helps to achieve insights into commercial, financial, and operational aspects, which can be backed only with the involvement of cloud technology in the software.

North America Is Expected to hold a Dominant Market Share

• The North American workforce management market has grown over the past few years. The increasing efficiency and productivity of employees are the primary concerns of regional businesses. This has majorly driven the awareness of the software among business leaders.
• The region occupied a significant market share, with trade volumes increasing multiple folds to establish itself among the prominent traders in the retail venture market. The position can be attributed to countries like the United States and Canada, which employ employees locally and remotely and need efficient and reliable workforce management software.
• According to International Organization, the estimated employment-to-population ratio worldwide n 2022 accounted for 58.8% in Northern America, 57.3% in Africa, 56.1% in Asia and the Pacific, and 55.8% in the world average. The major employment rates also demand efficient software backing the management of the same.
• 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 to market growth. This region's resilience and choice for work-from-home options during COVID-19 made many businesses opt for cloud-based workforce management software, adding to the volume demand generated n the region.
• Also, the focus has been increased on improving the labor force's productivity. Workforce management software has helped increase the usefulness of the present labor force, adding profitability on a large scale through businesses belonging to almost all end-user industries. This has bolstered the region's dominance of a major market share.

Competitive Landscape

The Workforce Management Software Market is highly fragmented. Workforce management software is becoming increasingly important for organizations to keep their workforce organized in the current competitive scenario, recording high competition among service providers. This ensures optimal productivity, which is important to stay abreast of the changing times. Companies are introducing a wide range of innovative workforce management solutions with advanced capabilities and cloud features addressing the traditional needs of contact centers, back offices, and branches.

• June 2022 - ActiveOps PLC announces the launch of CaseworkiQ. It is a workforce management solution to bolster operations with large caseloads and high compliance scenarios. The new solution, CaseworkiQ, builds and expands on existing ActiveOps workforce optimization solutions, supporting case environments. The product enables customers to plan resources in line with caseload demand and service level agreements (SLAs), delivering optimized performance, reduced risk, and costs.
• November 2021 - NICE announced extensive innovation to its workforce management solution to help organizations optimize digital channel management, improving customer and employee experiences. Also, version 7.4 of NICE Workforce Management (WFM) includes new capabilities across the suite, comprising of NICE WFM Enhanced Strategic Planner, delivering forecasting accuracy, advanced planning flexibility, business agility, scheduling efficiency, and increased employee engagement.

Additional Benefits:

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

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