Workforce Analytics Market

Workforce Analytics Market witnessed USD 859 million in 2020, growing at a robust CAGR of 15.5% during forecast period.

Workforce Analytics Market Overview

Workforce analytics can be defined as a set of data analysis tools and metrics for comprehensive measurement and improvement of workforce performance. The workforce analytics help in analysing people data using statistical methods and software in order to optimize human resources of an organization.

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Major Workforce Analytics Market Drivers

Rapid industrialization, growing need for skilled workforce coupled with the rising complexity of talent management, and widespread adoption of the analytics software to deal with the huge volume of data related to human capital for enhancing the profitability of organizations are expected to drive the growth of the workforce analytics market size during the forecast period. In addition, the workforce analytics solutions help in making better hiring decisions by predicting candidate success, preventing talent from quitting their job by predicting employee turnover, identifying and quantifying work accident risk, analysing future workforce need, and optimizing the employee experience. This is expected to further accelerate the market growth.

Moreover, increasing business competition across globe and growing demand to create better criteria for hiring process is anticipated to support the market growth. Furthermore, the incorporation of advanced technologies including artificial intelligence, machine learning, data analytics tools, and cloud computing platforms offer automation in gathering and integrating employee data across numerous systems into one platform and generate insights efficiently. This is expected to provide growth opportunities to the market over the forecast period.

Restraint in the Workforce Analytics Market

However, lack of awareness regarding the workforce analytics tools and resistance to change traditional methods for workforce management is expected to hamper the growth of the market. Moreover, rising concerns pertaining data privacy and high cost of deployment is further expected to hinder the growth of the market.

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Component – Segment Analysis

Based on the component, the solution segment is projected to hold a notable share in the market. This is primarily due to the rising integration workforce analytics solutions with IoT, cognitive computing, and machine learning. Additionally, growing deployment of workforce analytics solution for talent acquisition, development optimization services, pay roll and monitoring is expected to stimulate the market growth.

 Deployment – Segment Analysis

Based on the deployment, the on-cloud segment is expected to grow at a high CAGR during the forecast period owing to its various benefits including scalability, database virtualization, and storage optimization. Moreover, cloud computing platforms enable flexible network access with minimal cost to the management, which further accelerate the market growth.

Organization Size – Segment Analysis

Based on the organization size, small- and medium-sized enterprises segment is expected to grow significantly over the forecast period owing to the increasing demand of analytics software for measuring behaviours of people using statistical methods and analysing them to improve business performance by making better workforce decisions. In addition, according to the World Bank Group, small and medium enterprises (SMEs) represent about 90% of businesses worldwide and estimated to provide 600 million jobs 2030, which is expected to propel the demand of workforce analytics among SMEs.

End-Use Industry- Segment Analysis

Based on end-user, retail segment is expected to grow at a prominent CAGR during the forecast period owing to the growing incorporation of a workforce analytics platform in the retail industry for ensuring the optimum allocation of human resources with minimal operational cost. Additionally, workforce analytics helps in recruitment, staffing, training and development, personnel, and compensation and benefits, which is expected to support the growth of the market in the retail sector.

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Regional – Segment Analysis:

Based on region, North America is expected to hold a prominent market share over the forecast period. This can be attributed to the huge growth in the number of industries including BFSI, retail, healthcare, and information technology; a rise in the BYOD trend, and the rising demand for optimization of workforce. The presence of leading market players including International Business Machines Corporation, Oracle Corporation, SAP SE, Tableau Software, LLC, Genpact Limited, and others are further expected to contribute to the market growth.

Top Market Players

Several leading Workforce Analytics companies operating in the market, include, ADP, Inc., International Business Machines Corporation, Oracle Corporation, SAP SE, Tableau Software, LLC, Genpact Limited, Kronos Incorporated, Visier, Inc., Sisense Inc., and Splash Business Intelligence Inc. among others. 

Key Developments: 

• • In 2020, Oracle Corporation launched the Oracle Analytics for Cloud HCM. The Oracle Analytics for Cloud HCM is built on Oracle Analytics Cloud and it provides HR executives, analysts, and business leaders with deeper insights into workforce management by enabling a comprehensive view into data across the organization.

Segments covered in the Report:

The global Workforce Analytics Market has been segmented on the basis of component, deployment, organization size, end-use industry, and key regions. Based on component, the market is segmented into solutions and services. Based on deployment, market is segmented into on-cloud and on-premises. Based on organization size, market is segmented into small- and medium-sized enterprises and large enterprises. Based on end-use industry, market is segmented into banking, financial services, and insurance (BFSI), manufacturing, IT & telecom, healthcare, retail, and others. 

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Market Segmentation

Global Workforce Analytics Market by Component

• • Solutions
  • Talent Acquisition and Development Optimization Services
  • Pay Roll and Monitoring
  • Service
  • Professional Services
  • Managed Services

Global Workforce Analytics Market by Deployment

• • On-cloud
  • On-premises

Global Workforce Analytics Market by Organization Size

• • Small- and Medium-Sized Enterprises
  • Large Enterprises

Global Workforce Analytics Market by End-Use Industry

• • Banking, Financial Services, and Insurance (BFSI)
  • Manufacturing
  • IT & Telecom
  • Healthcare
  • Retail
  • Others

Global Workforce Analytics Market by Region

• • North America Workforce Analytics Market (Option 1: As a part of the free 25% customization)

    • North America Workforce Analytics Market by Component
    • North America Workforce Analytics Market by Deployment
    • North America Workforce Analytics Market by Organization Size
    • North America Workforce Analytics Market by End-Use Industry
    • US Workforce Analytics Market All-Up
    • Canada Workforce Analytics Market All-Up

  • Europe Workforce Analytics Market (Option 2: As a part of the free 25% customization)

    • Europe Workforce Analytics Market by Component
    • Europe Workforce Analytics Market by Deployment
    • Europe Workforce Analytics Market by Organization Size
    • Europe Workforce Analytics Market by End-Use Industry
    • UK Workforce Analytics Market All-Up
    • Germany Workforce Analytics Market All-Up
    • France Workforce Analytics Market All-Up
    • Spain Workforce Analytics Market All-Up
    • Rest of Europe Workforce Analytics Market All-Up

  • Asia-Pacific Workforce Analytics Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific Workforce Analytics Market by Component
    • Asia-Pacific Workforce Analytics Market by Deployment
    • Asia-Pacific Workforce Analytics Market by Organization Size
    • Asia-Pacific Workforce Analytics Market by End-Use Industry
    • China Workforce Analytics Market All-Up
    • India Workforce Analytics Market All-Up
    • Japan Workforce Analytics Market All-Up
    • Rest of APAC Workforce Analytics Market All-Up

  • RoW Workforce Analytics Market (Option 4: As a part of the free 25% customization)

    • RoW Workforce Analytics Market by Component
    • RoW Workforce Analytics Market by Deployment
    • RoW Workforce Analytics Market by Organization Size
    • RoW Workforce Analytics Market by End-Use Industry
    • Brazil Workforce Analytics Market All-Up
    • South Africa Workforce Analytics Market All-Up
    • Saudi Arabia Workforce Analytics Market All-Up
    • UAE Workforce Analytics Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Workforce Analytics Market All-Up

Major Players Operating in the Workforce Analytics Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • ADP, Inc.
  • International Business Machines Corporation
  • Oracle Corporation
  • SAP SE
  • Tableau Software, LLC
  • Genpact Limited
  • Kronos Incorporated
  • Visier, Inc.
  • Sisense Inc.
  • Splash Business Intelligence Inc.