Workforce Analytics Market Insights, Trends, Growth & Forecast Analysis 2020-2025
Workforce analytics is a statistical tool for analysing the workforce and other behavioural analysis related to employees. Big data analytics are integrated into other statistical methods to measure and sustain operational and human resource management. Workforce analysis is a method of measuring and analysing employee behaviour and employee performance using statistical methods and software. Workforce analysis benefits include – empowering the company managers, enhancing the spirit of teams and organisational values. Work analytics offers managers several advantages: better recruitment, identification and quantification of accident risk, analysis of future employee demand and optimization of staff experience.
Growing adoption of Workforce analytics in Large Enterprises
Because of the need for flexibility, speed and innovation, companies are now focusing more on advanced analytical management systems for people, including labour analytics. Companies are also looking forward to enhancing collaboration across different departments to increase the number of innovative ideas incorporated into their products. These requirements therefore give rise to the adoption of workforce analytics, creating opportunities for growth in the market. For example, for their talent and field service management operations, Google is using HR analytics. During the projected period 2020-2025, the deployment of workforce analytics across companies is likely to create enormous opportunities for the market.
Growing Trend for Artificial intelligence
Various vertical sectors such as business, healthcare, retail and others use AI-based workforce analytics for several advantages, including human bias, efficiency improvement and insights into the evaluation of an employee and others. In addition, AI-based workforce analytics are used for predictive decision-making so that decisions for the present and future can be made with predictive quality. The implementation of AI-based workforce analytics will therefore increase an organisation's productivity and is likely to create a positive environment for workforce analytics growth.
The market for workforce analytics is poised to grow by USD 990.88 million during 2020-2024, progressing during the forecast period at a CAGR of 20 per cent. As companies face the immense challenge of analysing the enormous amount of HR data structure in real time, the demand for advanced analytical tools and analytics applications is increasing rapidly. Applications such as workforce planning, compensation management, performance and talent management, recruitment, learning management, and collaboration and engagement of employees are integrated into this market.
In order to strengthen the popularity of cloud storage platforms in the field of data analytics, the impact of public and private cloud storage systems by several business entities with regard to the scalability of different data applications, tool capabilities, and optimum implementation is anticipated. In order to increase execution flexibility and data management system agility, the demand for the incorporation of a cloud management system by most companies has been exacerbated by the effective combination of data analytics tools and cloud computing platforms.
There are possibilities that small businesses may not use workforce analytics due to high deployment costs and lack of information. Advances in workforce analytics, such as the adoption of AI and others, also add up costs and make labour analytics more costly. These problems can therefore hinder the adoption of workforce analytics for small businesses, which can obstruct market growth during the forecast period.
The market in North America is expected to dominate the target market in terms of revenue share due to the presence of prominent players and highly developed IT infrastructure in countries in the region.
The Asia-Pacific market is expected to record substantial growth in the global market, followed by a revenue-based market in Europe, due to the increasing deployment of the BFSI workforce analytics platform for effective workforce management in emerging countries in the region.
The Latin American and Middle East & African markets are expected to see lucrative revenue growth as a result of increasing awareness of workforce management among different industries in the region's countries.
- System Integration
By Organization Size
- Large Enterprises
- Small and Medium-Sized Enterprises (SME’s)
By Deployment Type
- Manufacturing and Retail
- Healthcare and Education
- IT and Telecommunications
- Media & Communication Services
- Banking, Financial Services and Insurance (BFSI)
- Others (Food & Beverages, Real Estate, Automotive, Utilities, etc.)
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa and Rest of Middle East & Africa
The report profiles various major market players such as
- Automatic Data Processing Inc.
- Cornerstone OnDemand Inc.
- Infor Inc.
- International Business Machines Corp.
- Kronos Inc.
- Oracle Corp.
- Paycor Inc.
- SAP SE
- Tableau Software LLC
- Workday Inc.
- Other Major & Niche Players
Competitive landscape analysis provides detailed strategic analysis of the company’s business and performance such as financial information, revenue breakup by segment and by geography, SWOT Analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (acquisition, expansion, technology development, research & development and other market activities). The study also provides company’s positioning and market share of the overall market.
Timeline Considered for Analysis:
- 2019: Base Year
- 2020: Estimated Year
- 2020 to 2025: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyses the global workforce analytics market by the following segments:
- Organisation Size
- Deployment Type
Customization: We also offer customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Workforce Analytics Industry Report
- What is the overall market size in 2019? What will be the market growth during the forecast period i.e. 2020-2025?
- Which region would have high demand for product in the upcoming years?
- What are the factors driving the growth of the market?
- Which sub-market will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?