The global automated workforce analytics market accounted for USD 1,014 Million in 2020 and is expected to reach USD 3,488 Million by 2028, growing at a CAGR of 16.7% from 2021 to 2028.
In terms of revenue, the global automated workforce analytics market accounted for USD 1,014 Million in 2020 and is expected to reach USD 3,488 Million by 2028, growing at a CAGR of 16.7% from 2021 to 2028.
In the recent years the rapid increase in the demand of the advanced analytical tools and analytics applications as the enterprises face the immense challenge of analysing the large amount of HR data structure in real life.
Workforce analytics is to study the behaviours of people (candidates, employees) and to analyse them to improve people and business performance. This is studied by analysing the people (candidates, employees) data using statistical methods and software in order to make better workforce decisions. The workforce market covers applications such as performance and talent management, workforce planning, compensation management, learning management, recruitment, and employee collaboration and engagement. The growing trends in analytics and big data would greatly increase the demand for workforce analytics. With data privacy and integrity on the rise, countries have adopted various regulations in order to prevent huge data and economic losses. For instance, the GDPR policy adopted in European region mandates the need to focus on data privacy and its storage within the country.
COVID-19 Impact Analysis
COVID-19 is an global public emergency which have led us to serious implications for all the sectors as it has deepen the growth to a significant level and Workforce analytics market wasn’t an exception. This can be the restrain with long-term effects having impact on the industry growth over the forecast period. During COVID 19 the demand for the computer networks, storage, applications or resources accessed via the internet has greatly increased. In COVID-19 lockdown in various countries people are having work from home which have greatly increased the demands for internet applications. Now a days, the demand for the cloud based solution is increasing tremendously. Increasing demand of cloud based solution will support the workforce analytics market.
The lockdown in the COVID-19 which have led us to serious implications for all the sectors however, the end of the lockdown is anticipated to bring this industry significantly higher consumer traffic.
The rapid urbanization and globalization across the world, the organization requires flexibility, innovation, speed, and talent to differentiate itself from other firms. This needs have led to focus on workforce strategies and on the various investment done on employees which increase the business growth. Owing to the increase in the automation in the workplaces, and increase in adoption of the workforce analytics it is anticipated to grow the market of workforce analytics. The growing trends in analytics and big data would greatly increase the demand for workforce analytics.
Now a days, the demand for the cloud based solution is increasing tremendously. Increasing demand of cloud based solution will support the workforce analytics market. The inability of standard performance indicators to track human capital performance is expected to increase the market of workforce analytics. However, the High cost associated with the training, may hinder the growth of market.
|Historic Years||2016 - 2020|
|Forecast Years||2021 - 2028|
|Segments Covered||By Product Type, By Application, and By End Use|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Quantitative Units||Revenue in USD million/billion and CAGR from 2021 to 2028|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World|
|Countries Covered||U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Number of Companies Covered||10 companies with scope for including additional 15 companies upon request|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
Cloud Based to dominate the global market based on Deployment
Continuously development in the technology has led to the adoption of the Cloud based solutions. Various advantages such as easy to access and reach the customers makes it most preferred options. Many companies are continuously developing new approach and models to improve the business model so as to expand the business across the globe.
Cloud based deployment is set to achieve a roaring growth within the market scope, specifically within the current scenario, where organization and firms are operating on work from home policy, thereby leading to a lucrative double digit growth for the cloud technology. Within the time period from January 2020 to current time scenario, the cloud technology has raised to a growth rate of 130% Y-O-Y with all software and applications transitioning to cloud based model for easy and effective access.
BFSI to hold Major share
On the basis application, the global market is segment into BFSI, government, retail, healthcare, manufacturing and others. BFSI holds the major share in the market owing to the huge adoption in the sectors. The expectations of and demands on human resources (HR) professionals within financial services have changed significantly in the past decade. Increasing and introduction of the new technologies have changed the transform the scenario. The retail industry is expected to be the fastest-growing application sector owing to the rising implementation of the workforce information system to automate the key human resource-related processes.
Regional Segment Analysis
Over the forecast period Asia Pacific is expected to expand Workforce Analytics Market at the fastest CAGR of 20.3%. Owing to the fastest growing economies such as China, India, and Japan, the asia pacific is expected to expand vastly. The unmet demand and the widespread deployment of the workforce analytics platform in the BFSI sector is expected to boost market growth.
Also, owing to government's initiative, such as Startup India, to inspire entrepreneurship within the country, is also driving the market. Furthermore, the ability of the workforce analytics to make more fact based human resource Decisions is creating the positive impact on the market which can be the factor responsible for the growth of the market.
Over the forecast period due to presence of large number of analytics vendors, North America is expected to have the largest market share and dominate the workforce analytics market from 2015 to 2020.
Key Market Players &Competitive Landscape
Some of the major companies operating in the global workforce analytics market are Visier Inc., Genpact Ltd., SAP Success Factors, Peoplefluent companies, Kronos Inc., Aquire Inc., Workday Inc., PeopleStreme Pty. Ltd., Towers Watson & Co., Oracle Corporation, Cornerstone OnDemand Inc., WorkForce Software LLC, and Tableau Software Inc., among others. The detailed description of players includes parameters such as company overview, financial overview, business, and recent developments and SWOT analysis of the company.
This report segments the global workforce analytics market as follows:
Global Workforce Analytics Market: Deployment Mode Segment Analysis
Global Workforce Analytics Market: Vertical Segment Analysis
Global Workforce Analytics Market: Region Segment Analysis
This report is based on in-depth qualitative and quantitative analyses of the global Workforce Analyticsmarket. Zion Research has collected and analyzed key data belong to the global Workforce Analytics market using a variety of methods. Quantitative analysis has been done following various projection and sampling techniques.
The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions. The market dynamics have been determined after conducting a detailed study of the micro and macroeconomic indicators of the market.
Various parameters have been taken into account, while estimating market size. The revenue generated by the leading industry participants in from the sales of Workforce Analytics across the world has been calculated through primary and secondary research.
Zion Research employs the combination of secondary research followed by extensive primary research. Under secondary research, we refer to prominent paid as well as open access data sources including product literature, company annual reports, government publications, press releases, industry association’s magazines and other relevant sources for data collection. Other prominent secondary sources include STATISTA, trade journals, trade associations, statistical data from government websites, etc.
For this study, Zion Research has conducted all-encompassing primary research with key industry participants to collect first had data. Moreover, in-depth interviews with key opinion leaders also assisted in validation of findings from secondary research and to understand key trends in the Workforce Analytics industry. Primary research makes up the major source of data collection and validation.
We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:
Participants who typically participate in such a process include, but are not limited to:
Key opinion leaders specializing in different areas corresponding to different industry verticals
Secondary research sources that are typically referred to include, but are not limited to:
News articles, press releases and webcasts specific to companies operating in the market
Following a comprehensive secondary and primary research and insights thus gathered, analysts at Zion Research have provided an in-depth analysis of various aspects of the Workforce Analytics market.
Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates:
Workforce analytics is the tool which analyses the performance of employees and workers and gives a report to the management for efficient productivity. This tool is very helpful in improving recruitment, training and other human resource work related to workers. It is an advanced set of tool for workforce measurement and performance. Workforce analytics tool analyzes recruitment, staffing, training and development, personnel, and compensation and benefits, standard ratios of cost per hire, accession rate, retention rate, and rate, replacement rate, time to start and offer acceptance rate. Acquiring, rewarding and retaining these are the issues related to the workforce are likely to be prominent on business meeting agendas. Tactical issues like disparate HR systems, need for consolidated reporting, need for global and historical data management, self-service reporting, and the need for basic reporting these are the challenges faced by organizations And workforce analytics is the solution for these issues. To analyze task force of company workforce analytics system plays very important role.
Increasing massive amount of workforce data in HR department drives the global workforce analytics market. Additionally, increasing adoption of technology such as automation system as well as increasing employee and rising need of streamlining business processes are the key driver of the workforce analytics market. Increasing need for return on investment (ROI) and effective productivity in business operation drives the global workforce analytics market. Increasing need to make a smarter decision about the talent drives the workforce analytics market during the forecasted period. Lack of awareness among the organizations, especially those organizations which are new in the market and targeting to achieve market share restraints the global workforce analytics market. Due to data security concerns, many organizations shifted to the cloud, this factor restrains the market. Adoption of workforce analytics from small and medium businesses and growing demand for mobile applications are expected to fuel global workforce analytics market.
Workforce analytics market is segmented on the basis of deployment mode, vertical and region. Deployment mode segment consists of on-premise and cloud. On premise, workforce analytics require organization network and infrastructure within the company. Whereas cloud based workforce analytics system has cloud storage system. Increase in awareness of data security and data tampering many organizations shifted to the cloud based system of workforce analytics. The vertical segment includes BFSI, government, retail, healthcare, manufacturing, and others. Banking and financial companies are adopting workforce analytics tools to improve the productivity of employees. Manufacturing and healthcare industries adopted workforce analytics to improve the efficiency of workers as organizational growth in this industry is depends on the efficiency of people. All the segments have been analyzed based on present and future trends and the market is estimated from 2016 to 2022. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America and the Middle East and Africa with its further bifurcation into major countries including U.S., France, UK, Germany, China, India, Japan, and Brazil.
The report covers detailed competitive outlook including company profiles of the key participants operating in the global market. Key players profiled in the report include Visier Inc., Genpact Ltd., SAP Success Factors, Peoplefluent companies, Kronos Inc., Aquire Inc., Workday Inc., PeopleStreme Pty. Ltd., Towers Watson & Co., Oracle Corporation, Cornerstone OnDemand Inc., WorkForce Software LLC, and Tableau Software Inc.
The global Workforce Analytics Market was valued at USD 1,014 Million in 2020.
The global Workforce Analytics Market is expected to reach USD 3,488 Million by 2028, growing at a CAGR of 16.7% From 2021 to 2028.
Some of the key factors driving the global workforce analytics market growth are the rapid urbanization and globalization across the world, the organization requires flexibility, innovation, speed, and talent to differentiate itself from other firms. Owing to the increase in the automation in the workplaces, and increase in adoption of the workforce analytics it is anticipated to grow the market of workforce analytics.
North America region held a substantial share of the workforce analytics market in 2020. Asia Pacific region is projected to grow at a significant rate owing to the rising demand for workforce analytics in developing economies such as China and India.
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