Market Trends of Asia-Pacific Workforce Management Software Industry
Cloud to Witness Significant Growth
- The banking, insurance industry and financial services has been increasingly moving toward a customer-friendly service-oriented environment where the introduction of doorstep services have taken over the traditional branch banking practices. The emergence of the concept of doorstep banking on the rise resulting in hectic schedules and paucity of time along with the fierce competition in the market in order to ensure that a lead is not gobbled up by the rival company, has made the management of the workforce extremely crucial in the sector.
- At present, the scope of doorstep services or home banking has gone far beyond the traditional cash withdrawal/DD request and now comprises other customized services that range from adding a nominee, verifying identity (KYC), collecting documents, cash/cheque pickups to the opening of a new account and delivering credit cards.
- The workforce management software solutions for the industry offer multiple benefits that can make a significant difference in the sector, offering seamless operations, thereby ensuring the successful management of the workforce, which is crucial for achieving customer satisfaction.
- One of the main problems facing the industry is a lack of timely traceability, and solutions provided by vendors on the market are aimed at addressing this problem, for instance banking sales tracking software from Deliforce. The administration can track the entire field workforce with this software and will be able to do so in realtime.
- According India Brand Equity Foundation, the assets of banks in India amounted to about 2.9 trillion USD in financial year 2023. During this period, public sector banks accounted for the highest share in assets compared to private and foreign sector banks.
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China to hold the Largest Market Share
- China's one of the biggest producers of different goods. There are many varieties of goods produced in this region from cars to software, unmanned aerial vehicles as well as food products. The workforce is very important in the production of such a large range of goods. This will also contribute to the growth of the region's labour management software market.
- This rapid growth rate is driven by a more significant number of small and medium sized enterprises, which make an essential contribution to the development and implementation of workforce software and their management solutions.
- Moreover, the investments of SMEs are anticipated to have a positive impact on growth in this region. As China is a major contributor to regional growth, SMEs are investing in increasing the adoption of cloud based and technological solutions for workforce management.
- China is one of the most important e commerce markets in this region. Increasing employment in this sector is a major driver of the adoption of workforce management solutions. The need for workforce management will also increase as more and more new retailers move from novel concepts into the mass market sector.
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