Workforce Management Software Sector Rise

Workforce Management Software Sector Growth

The Workforce Management Software Market will reach US$ 10.64 Billion by 2027 from US$ 6.28 Billion in 2020, growing with a CAGR of 7.82% during 2020-2027.

This growth is the result of many factors, including the impact of the COVID 19 pandemic, the advancement of cloud technology and the growing demand for data.

Impact of COVID-19 for WFM sector

Unlike many sectors, COVID-19 had a positive impact on the workforce management software sector, due to the sudden increase in use and demand.

During the pandemic, and even now with flexible working and work from home capabilities becoming more accepted. Digital workforce management is becoming a must for most businesses.

Digitisation of your workforce data not only helps automate day-to-day tasks, (such as calculating payroll) but will also help ensure employers are up-to-date in real-time, wherever they are in the world.

Even before COVID hit, many businesses were beginning to see the need for optimisation tools that take the burden off human resources.

According to Gartner, by 2025, 80% of large enterprises with hourly paid workers will have invested in WFM to support employee experience and/or digital workplace initiatives.

Cloud-Based boost

The Workforce Management software market currently includes On-Premise, Cloud and Hybrid models.

Due to its availability, ease-of-use, security and cost-saving attributes, cloud-based Workforce Management systems hold the largest market share.

However, on-premise and hybrid software are still crucial for medium and large businesses. As they are more likely to have ongoing back-office software contracts or are unable to currently complete a digital transformation strategy.

Europe and UK Workforce Management Software Industry

Significant investment is being made in the deployment of workforce scheduling software in Europe, particularly in the healthcare, manufacturing, travel and transportation, and retail sectors.

With Brexit negotiations ongoing and the demand for labour higher than ever, the need for workforce optimisation across the UK and Europe seems likely.

How we can help

Chronologic offers a full portfolio of employee management software systems.

We can help your business with everything from cloud-based time and attendance, to a full cloud-based workforce suite, hybrid options, clocking apps and more.

Head to our products page to see what we offer.

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