Workforce Management Software Market Trends

Growth Drivers

• Increasing Workflow Automation – It is estimated that 69% of all global managerial work will be automated by 2024. The market growth can be attributed to the rise in the adoption of workflow automation software to handle repetitive tasks, to reduce the need for manual work. Also, as this software enables streamlined communication, empowered employees, improved transparency, and higher efficiency and productivity, it is becoming essential for organizations so they can tweak it as per their unique needs.

• Diversification in Work Practices – the increasing pool of remote workforce since the Covid-19 pandemic, has leveraged the features offered by the management software to manage remote functioning, which has increased the popularity of workforce management software among enterprises. 

• Increasing Demand for Workforce Management Software Systems from Various End-Use Industries – It was observed that in 2022, no-code low-code process automation solutions have been implemented by more than 25% of businesses. The industry is in dire need to establish a streamlined workflow management system to ensure smooth and productive workflows, monitoring, and optimizing business operations. Even leading high-tech organizations need workflow management software to manage unorganized documents, and unstructured and disconnected tasks in place.

Challenges

• Higher Implementation Costs - the cost of developing and upgrading such software is high and obtaining license agreements are further highly complex, costly, and time-consuming. Moreover, any additional integration and customizations result in additional charges as the maintenance and support cost of software exclusively covers the standard software cost only. All these factors make such software costly and act as a hindrance to workforce management software market growth.

• High Complexity in Handling the Overall Process

• Challenges associated with the ever-changing regulatory framework