In a study announced by Orbit Research, an American consulting company specialized in market research, via a press release this month (June 2018), reported that the global market of workforce management (WFM) software is expected to be worth, by 2023, US$3.1 billion.
Apart from the expected growth, the consulting company pointed out the top ten worldwide WFM software manufacturers, one of them being the Portuguese multinational SISQUAL ®, whose products help to manage more than 700 thousand employees all over the world and that, in Brazil, has a stronghold in the healthcare sector.
The published report segments the WFM market by type of software tool, by deployment type into on-premise and cloud, and by market sectors. The research was carried out in North America, Europe, Asia/Pacific, Latin America, and Middle East & Africa. The study also emphasizes the benefits of adopting workforce management tools.
WFM software solutions help in the processes of workforce and team management, scheduling, holidays and absence management, etc. The positive impact caused by these tools increases productivity, operational efficiency, whilst reducing the number of idle working teams and optimizing costs.
The study also pointed out that time management is considered one of the most important components for companies when adopting WFM software tools. This reasoning will push forward the WFM software market for the next six years. Furthermore, according to this study, the use of cloud computing in WFM software will bring about a series of benefits, such as mobility, flexibility, and security.