DUBLIN--(BUSINESS WIRE)--The "North America Workforce Management Software Market - Growth, Trends, Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
North America Workforce Management Software is expected to register a CAGR of 3.25% during the forecast period (2021 - 2026).
In the current competitive scenario, it is becoming increasingly important for organizations to keep their workforce motivated and organized, in order to ensure the optimal productivity, which is important while keeping abreast of changing times.
The North American workforce management market has thrived over the past few years. Increasing the efficiency and productivity of labor are the major concerns in this region. Given the evolving nature of the workplace, the traditional method of managing the workforce by maintaining spreadsheets and registers for all activities has become a highly time-consuming and cumbersome process and is also is prone to errors.
Workforce management software plays an important role in optimizing organizational performance, by enabling effective administration of work schedule, business processes, labour costs, and talent management.
The main goal of workforce management software is to lend credibility to business metrics through mobile and desktop applications. 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.
The trend toward remote work has been steadily growing for the past decades. However, the effect of COVID-19 has dramatically accelerated this trend in an extremely short period of time, forcing companies irrespective of its size to adapt quickly to the self-isolation measures that were being recommended by governments across the world. With the pandemic requiring more people to be working remotely, the remote workforce management software has become an essential software for the companies as this software can help in managing the remote workforce efficiently.
Key Market Trends
Consumer Goods and Retail Expected to Witness Significant Growth
- North America occupied a major market share, with trade volumes increasing by twofold to move past other regions, in order 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 2019 stood at USD 765.06 billion; and according to the US Department of Commerce, the total US retail sales during fiscal 2019 stood at USD 5.47 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 is embracing the cloud-based model for software deployment, owing to the cost and scalability benefits. Forecasting and scheduling tools help retail outlets by dynamically notifying them of the seasonal changes in demand for key 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 recession in North America was quite a roadblock for market growth.
- Besides, based on the US Bureau of Labor statistics, the nonfarm business sector labor productivity decreased by 0.2% in the third quarter of 2019, as output increased 2.3% and hours worked increased by 2.5%.
Competitive Landscape
The North America Workforce Management Software market is moderately competitive with a large number of playing having small market share. In order to retain or have their market share the companies keep on innovating and enter into strategic partnerships.
Key Topics Covered:
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.3 Industry Value Chain Analysis
4.4 Assessment of COVID-19 impact on the industry
4.5 Market Drivers
4.6 Market Challenges
4.6.1 Threat of Hacking
5 MARKET SEGMENTATION
5.1 Component
5.1.1 Workforce Scheduling and Analysis (Software)
5.1.2 Time and Attendance Management (Software)
5.1.3 Performance Management (Software)
5.1.4 HR Management (Software)
5.1.5 Service
5.2 Deployment Mode
5.2.1 On-premise
5.2.2 Cloud
5.3 End User Industry
5.3.1 BFSI
5.3.2 Consumer Goods and Retail
5.3.3 Automotive
5.3.4 Energy and Utilities
5.3.5 Healthcare
5.3.6 Manufacturing
5.3.7 Other End User Industries
5.4 Country
5.4.1 United States
5.4.2 Canada
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 IBM Corporation
6.1.2 Workday, Inc.
6.1.3 WorkForce Software LLC
6.1.4 Oracle Corporation
6.1.5 Ultimate Software Group, Inc.
6.1.6 Kronos (US) Inc
6.1.7 TimeClock Plus LLC
7 INVESTMENT ANALYSIS
8 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/wo1x8m
