The Marketing resource management market is developing and expanding at a significant pace. The marketing resource management is mainly a technology which is utilized to effectively handle individuals, related technology and operations, which includes production, planning and design of the marketing process. By using the functions, marketing departments can plan their budgets, specify the expenses and period closeouts.
Field workforce management solutions offer a mix of products and services which provide seamless interconnect between all the workforce management points such as time and attendance management, absence management, workforce scheduling, analytics, performance management, desktop and process analytics, and others. These solutions can either be integrated within one complete product offering or be opted as per requirement, making the implementation flexible for organizations.
The marketing resource management market is primarily driven to the rising demand of marketing integration with various systems that have paved the way for technological firms to provide marketing resource management applications in combination with project management as well as capacity planning. Even the rising diversity in delivery channels has fielded growth. However, the absence of application has negatively impacted the development of the marketing resource management market, considering the global scenario.
The regional analysis of Global Marketing Resource Management Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the world. North America is the fastest-growing region across the world in terms of market share. Whereas, owing to the countries such as China, Japan and India, the Asia Pacific region is anticipated to be the dominating region over the forecast period 2018-2025.
North America is expected to be the largest workforce management market during the forecast period. The market in this region has been further categorized into the US, Canada, and Mexico. In 2019, the US-dominated the workforce management market, followed by Canada and Mexico. Rapid advances in digital technologies and the presence of early adopters in the region are some of the factors driving the growth of the market. Moreover, increasing mobile penetration and adoption of cloud across organizations are also some of the factors responsible for the development of the market. Asia-Pacific is expected to have the highest CAGR during the forecast period, 2020-2026. This means that the region has immense opportunities in terms of revenue growth. This is because more and more enterprises are looking for automating their workforce management process, therefore creating more demand for workforce management solutions in the region.
Impact of COVID-19:
The COVID-19 outbreak is causing widespread concern and economic hardships for consumers and business communities across the globe. As the governments make significant interventions in response to the pandemic, businesses are rapidly adjusting to the changing needs of their employees, customers, and suppliers, while navigating the financial and operational challenges.
Throughout January and February, a majority of the companies continued their business operations on-premises. However, March saw the industry take strict action to promote work from home, in sync with government advisories, to keep the working personnel safe, thereby accelerating the adoption of the remote working culture.
The outbreak of the pandemic has caused a slowdown in the business, which might lead to recession and reduced IT spending. Furthermore, it also caused many of the locations to close down their doors leading to an increase in the national unemployment rate. According to the US Bureau of Labor and Statistics, the increase in the unemployment rate during the COVID-19 pandemic is the most massive over-the-month increase in the rate since January 1975.
For businesses that are still operating, there is plenty of stress as they are coping with difficult situations such as:
- Operating from remote locations
- Confirmation of business continuity and employee productivity
- Protection of front-line employees who may still need to come into the workplace.
The small and medium-sized enterprises and the non-IT companies in India are some of the most affected during the pandemic due to the lack of knowledge and awareness related to collaboration and communication tools.
Coping with the situation:
Workforce management solutions and services are expected to gain opportunities from the remote workforce as the organizations strive to keep track of employee productivity and business performance. During periods of remote working, workforce management solutions help enterprise management and HR to track and optimize the productivity of the employees and maximize employee performance. Furthermore, it helps in forecasting employee requirements, creating and managing the work schedules, and analyzing performance.
The solution collects real-time data about employee performance, manages the company’s resources from a remote location, helps in carrying out employee training, recruitment, management, and scheduling, and analyses and forecasts the productivity and business outcomes.
The ongoing spread and reaction to the COVID-19 virus in various countries across Europe, North America, and Asia-Pacific are expected to cause a delay in the economic restart. However, the interest in workforce management solutions is expected to increase as a few corporate giants are planning to continue this work from home trend even after the effects of the COVID-19 pandemic have reduced.
Growth and Forecast:
The high demand for automation across different sectors is propelling the adoption of workforce management solutions. This is expected to cause the global workforce management market to thrive at a 10.8% CAGR during the assessment period.
Workforce management systems offer valuable insights into employees’ performance. Rapid industrialization is creating numerous job opportunities. Hence, the expansion of the workforce base requires a useful management tool. It is due to which workforce management systems are experiencing a high rate of adoption across different verticals. Thus, the global workforce management market is expected to witness a sharp rise in its valuation in the years to come. Additionally, the growing number of startups and the adoption of workforce management systems across SMEs is also likely to spur its market growth.
The Workforce Management Software Market was valued at USD 2.4 Billion in 2018 and is projected to reach USD 3.18 Billion by 2026, growing at a CAGR of 3.1% from 2019 to 2026.Read More: Field Force management Software