Increasing demand for cloud-based enterprise applications and their easy access through smartphones are some of the major factors driving the growth of the labor management software market. Earlier the workforce management was carried out through spreadsheets or manually, which was time consuming. But the introduction of IoT labor management software has the job easy by enhancing capabilities. This factor is likely to fuel the growth of the Labor Management Software Market.
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A labor management software is an application designed to manage staff or human resources in a distribution center. Labor management software is an important component of critical supply chain execution suite of applications. Labor management software deals with task management, scheduling, time and attendance, and monitoring of indirect time. In the retail sector, labor management software may perform these functions with surface similarity, but the functions would operate at a store level. Labor management software allows regional and store managers to factor in staff capacity, availability and budget constraints to automated labor scheduling and planning. Several types of labor management software are available with a wide range of capabilities. The labor management software are either reactive or predictive. The reactive labor management software tells the management about the work that has been done by the workforce within the warehouse or a store. These software are informative but they are not as effective as the predictive labor management software applications. The predictive labor management software applications predict the duration of the time required to perform a particular task or a process. Hence, with the help of predictive labor management software application, an associate can be kept informed throughout the day about their progress versus the expected standard.
Labor management software has application in various industry verticals, which is another factor expected to drive the growth of the market for labor management software. Moreover, advancements in industrial IT infrastructure is also expected to fuel the growth of the labor management software market during the forecast period.
However, high deployment cost of the labor management software is one of the key factors restraining the growth of the market. Lack of awareness of the operational effectiveness and other benefits of the technologically advanced systems is another factor projected to have a negative impact on the growth of the labor management software market over the forecast period.
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In November 2017, Kronos Incorporated introduced an advanced version of labor management software through machine learning and artificial intelligence. This is expected to be a profitable step for the company and alter the industry.
Examples of some of the market participants in the global labor management software market identified across the value chain include Oracle Corporation, Active Operations Management International LLP, Kronos Incorporated, NICE Systems Ltd, SISQUAL, Highjump, Infor, Red prairie, SAP SE, Reflexis Systems Inc., Epay and Honeywell Intelligrated.
Geographically, the global labor management software market is segmented into North America, Latin America, Europe, CIS & Russia, Japan, APEJ, and Middle East & Africa.
North America is expected to hold a large share in the global labor management software market due to rising adoption of cloud-based labor management software and technological advancements in enterprise applications. The labor management software market is growing at a significant rate due to its high adoption in the small and medium enterprises. Due to high adoption of labor management software in various industry verticals, Asia Pacific is anticipated to hold a large share in the global market for labor management software during the forecast period.
The report is a compilation of first-hand information, qualitative & quantitative assessment by industry analysts, as well as inputs from industry experts & industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Labor Management Software Market Study by Price, Revenue and Analysis till 2028
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