Workforce Analytics Market to be Dominated by Changing Workforce Dynamics
The increasing uptake of cloud-based workforce
analytics solutions is driving the workforce analytics market across the world.
According to the TechSci Research report, “Workforce
Analytics Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028,” The global workforce analytics market is growing
owing to the increasing adoption of cloud-based workforce analytics solutions,
especially in developing countries by enterprises to overcome the growing
complexity along with the development of more enhanced human resource
management. It allows businesses to reduce turnover, increase efficiency and
manage data spread across several sites while enhancing performance, dependability,
and scalability. Globally vendors are making significant product innovations by
integrating technologies such as artificial intelligence (AI), advanced
robotics, and the Industrial Internet of Things (IIoT) to cater to customer
needs and market requirements. Numerous innovations and product launches
carried out in analytics are expected to enhance the features of workforce
analytics. Moreover, the increasing adoption of AI and Machine Learning in
workforce analytics is further attributed to the growth in the global workforce
analytics market.
The process of employing data analysis to enhance
workforce management and decision-making is known as workforce analytics. The
practice measures the impact of workforce behavior and related factors on
overall business performance. Workforce analytics is now being used by
organizations to enhance several HR procedures, such as hiring, performance
evaluation, and succession planning. Companies are progressively using
workforce analytics to overcome the three common challenges such as an
inability to attract, develop and retain top talents, a lack of data-driven
decision-making, and a need for better insight into the future. Numerous
innovations carried out in analytical software to enhance workforce management
and the upgradation of human resources are expected to enhance the features of
workforce analytics.
Furthermore, businesses are adopting workforce
analytics to improve workers’ engagement by understanding their needs and
satisfaction and reduce retention rates by identifying turnover triggers, such
as lack of training, lack of promotion opportunities, and more that are
attributed to the growth of the workforce analytics market globally.
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The global workforce analytics market is segmented by
component type, deployment type, organization size, and the end-use industry.
Based on component type, the market is segmented into Solutions and Services. The
solution segment is further bifurcated into talent acquisition and development
optimization services and payroll and monitoring. The service segment is
divided into professional services and managed services. Based on deployment
type, the market is bifurcated into Cloud and On-premises. Based on
organization size, the market is segmented into small and medium-sized
enterprises and large enterprises. Based on end-use industry, the market is
segmented into BFSI, manufacturing, IT & Telecom, healthcare, retail, and
others. The market analysis also studies the regional segmentation to devise
regional market segmentation, divided among North America, Europe,
Asia-Pacific, South America, and the Middle East & Africa.
In terms of component type, the solutions segment
dominated the workforce analytics market in 2022 and it is expected to maintain
its dominance during the forecast period. Enterprises are rapidly adopting
workforce analytics solutions, such as IBM Workforce Planning, SAP Analytics
Cloud solution, and Humantelligence. These are the most widely utilized
solutions, installed in analytical platforms and human resources to reduce
retention rate, and enhance process efficiency. Also, there is a rising need
for advanced analytics, particularly for human resources to manage people
efficiency across the industry, which will support their market expansion in
the ensuing years. Therefore, it is anticipated that several advantages of
human resource analytical solutions will fuel the segment's expansion in the coming
years.
The IT & Telecom segment in end-use industry is
expected to register the fastest growth during the forecast period. Among these
industries, the BFSI segment is expected to gain the maximum traction in the
market over the forecast period. This is due to the fact that most workforce
analytics are used by information technology sectors for data security and
managing data efficiently. Telecommunications companies are utilizing people
analytics extensively and quickly to achieve organizational and human success
across the board. Organizations in the telecommunications sector are using
people analytics to better identify diverse patterns. Moreover, the majority of
the company has already implemented advanced people analytics to enhance the
employee trip, frequently with remarkable success.
Key market players in the global workforce analytics
market include:
- Automatic Data Processing Inc.
- Workday Inc.
- IBM Corporation
- Cornerstone OnDemand Inc.
- Accenture Plc
- Kronos Incorporated
- Oracle Corporation
- SAP SE
- Workforce Software, LLC
- Cisco Systems Inc.
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“North America shows substantial growth prospects for
workforce analytics, which can be attributed to significant benefits it offers
to enterprises, including improved customer satisfaction, enhancement in
workforce productivity, improvement in the hiring process, reduction in
attrition, gain employee trust and enhanced operating efficiency. However, Asia
Pacific is forecasted to be the fastest-growing region. Workforce analytics is
gaining traction and is expanding to various countries in North America,
including the United States, Canada, and Mexico. Owing to the increasing
investments in workforce analytics and industrial developments with the
presence of a massive number of companies, such as IBM Corporation, and Oracle
Corporation in the region. Furthermore, the early adoption of advanced
technologies such as machine learning, and artificial intelligence by
enterprises during the integration of analytical products is anticipated to
drive product demand over the forecast period. The United States leads the
market and is expected to continue its dominance in the North America workforce
analytics market during the forecast period as well,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
Workforce Analytics Market – Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Component
Type (Solutions, Services), By Deployment Type (Cloud, On-premises), By
Organization Size (Small- and Medium-Sized Enterprises, Large Enterprises), By
End-Use Industry (BFSI, Manufacturing, IT & Telecom, Healthcare, Retail,
and Others),By Region and Competition has evaluated the future growth potential of
workforce analytics and provides statistics and information on market
structure, size, share, and future growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in the global
workforce analytics market.
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