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According to the latest report by IMARC Group, titled "Workforce Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global workforce management market is currently witnessing strong growth. Workforce management (WFM) refers to an integrated set of processes that are employed by an organization to monitor and centralize the data for human resource utilization. It is also used to strategically optimize the productivity of the employees by tracking the work efficiency of front-line supervisors, corporate management, managers and workers on a regular basis. It comprises a collection of performance-based software and tools that are widely used for scheduling, forecasting, skills management, intraday management, timekeeping and attendance, and employee empowerment. WFM also assists in forecasting the labor requirements and drawing staff schedules for a particular task. As a result, it is widely being utilized across numerous industry verticals, including retail, information technology (IT), medical, defense and government, for enhancing the overall workforce efficiency.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Workforce Management Market Trends:
The market is primarily driven by the widespread adoption of the remote working model across the corporate sector. This is being facilitated by the increasing adoption of cloud-based solutions in the majority of organizations on the global level. This has impelled companies to utilize WFM solutions for attendance and leave management, along with labor scheduling and budgeting, and workforce analytics. WFM also assists enterprises by streamlining their tasks, ensuring proper management of time and avoiding the chances of task duplication. Along with this, the escalating need for social distancing on the global level on account of the rapid outbreak of the coronavirus disease (COVID-19) has increased the number of remote workers across organizations, thereby providing a thrust to the market growth. The market is further driven by the increasing penetration of smartphones and the rise in the Bring-Your-Own-Devices (BYOD) trend across numerous industries. This has significantly increased the deployment of WFM for tracking the progress of tasks assigned to the employees. Some of the other factors contributing to the market growth include the increasing automation across various industries and the significant developments in the IT sector. On account of the aforementioned factors, the market is anticipated to witness moderate growth during 2020-2025.
Market Summary:
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