NEW
YORK, July 10, 2024 /PRNewswire/ -- The
global workforce analytics market size is estimated to
grow by USD 2.56 billion from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of almost 17.74% during the forecast
period. The global workforce analytics market is poised for
significant growth, driven by increasing demand for efficient
workforce management and recruitment solutions. The trend towards
mobile applications for workforce analytics further amplifies this
growth trajectory. However, challenges such as the lack of skilled
workforce present hurdles to widespread adoption. Key players like
Accenture, SAP SE, and Oracle are actively shaping the market with
innovative solutions despite these challenges. As the market
expands, overcoming skill shortages will be critical to fully
realizing the potential benefits of workforce analytics
technologies.
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segments, customer landscape, and companies- View the
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Workforce Analytics
Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
17.74%
|
Market growth
2024-2028
|
USD 2562.1
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
15.31
|
Regional
analysis
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Performing market
contribution
|
Europe at
33%
|
Key
countries
|
US, China, UK, Germany,
and Japan
|
Key companies
profiled
|
Accenture Plc,
Automatic Data Processing Inc., Brightfield, Bullhorn Inc.,
Ceridian HCM Holding Inc., Cisco Systems Inc., Cornerstone OnDemand
Inc., International Business Machines Corp., Jobvite Inc., Koch
Industries Inc., Kronos Inc., New Mountain Capital Group, L.P.,
Oracle Corp., Paycor Inc., PredictiveHR Inc., Salesforce Inc., SAP
SE, Visier Inc., Workday Inc., and WorkForce Software
LLC
|
Market Driver
The workforce analytics market has seen consistent growth, with
a notable trend being the use of mobile applications for workforce
data analysis. Tools like Visier and SAP SuccessFactors enable
organizations to make workforce insights accessible via mobile
platforms. With the widespread use of mobile devices, providing
mobile applications for workforce analytics is essential. Managers,
often working remotely or on-the-go, can easily access key employee
performance indicators and address issues or opportunities. Mobile
applications also enhance the user experience through an intuitive
interface, boosting adoption and engagement. The adoption of mobile
workforce analytics is expected to continue, allowing organizations
to make real-time data-driven decisions and enhance workforce
management efficiency, contributing to the market's
growth.
The Workforce Analytics Market is experiencing significant
growth due to the increasing demand for workforce performance
improvement. Companies are leveraging data to evaluate staffing,
employment, development, and training, compensation, and benefits.
Key trends include talent management, recruitment, employee
collaboration, and long-term labor issues. Performance data is
crucial for identifying talent gaps and addressing employee
engagement, retention, and productivity. Machine learning, AI, and
cloud technologies are transforming HR data analysis, enabling
predictive workforce analytics, data mining, and pattern matching.
HR analytics tools are essential for managers to plan improvement,
assess risk, and index productivity. Large enterprises in IT and
telecommunication sectors are leading the adoption of these
advanced technologies for employee performance management and
career progression. Data security remains a priority as companies
navigate the shift to remote work and work-from-home
models.
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Market Challenges
• The global
workforce analytics market is experiencing a significant challenge
in finding a sufficient number of skilled professionals to meet the
growing demand for data-driven workforce strategies. With the
increasing importance of data analysis and statistical modeling in
business, workforce analytics has become a complex field requiring
specialized expertise. However, many organizations are struggling
to find qualified individuals with the necessary skills and
experience to implement and manage effective workforce analytics
programs. This shortage can be attributed to the rapid pace of
technological change, the expanding need for data-driven
decision-making, and the relatively new nature of the field itself.
Furthermore, educational institutions have not yet fully adapted
their curriculums to the evolving needs of the workforce analytics
market, creating a gap between the required skills and those being
taught. This skills gap may hinder the ability of service providers
to cater to their client base, potentially slowing down the growth
of the global workforce analytics market during the forecast
period.
• In today's
dynamic business landscape, workforce analytics has become a
crucial tool for large enterprises in IT and telecommunication to
optimize their human resources. However, implementing workforce
analytics comes with its challenges. One major challenge is the
integration of new technologies like blockchain and AI into HR
analytics tools. Another challenge is managing the work-from-home
model and ensuring employee engagement. Managers need real-time
talent decisions for planning improvement and employee performance,
but data security is a concern. Employees' people data must be
mined for productivity indexing, predictive workforce analytics,
and turnover modeling. HR teams must navigate hiring, dismissing,
and career progression with the help of big data analytics and ML.
Data security, employee experience, and performance anxieties are
key areas of focus. HR analytics tools provide regression analysis,
pattern matching, and risk assessment to improve productivity and
employee retention. Companies can choose between on-cloud and
on-premises solutions based on their needs. Professional and
managed services can help with the implementation and management of
these solutions. Workplace trends continue to evolve, requiring
continuous adaptation and innovation.
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challenges - Request a sample report!
Segment Overview
This workforce analytics market report extensively covers market
segmentation by
- End-user
- 1.1 Retail
- 1.2 BFSI
- 1.3 Telecom and IT
- 1.4 Healthcare
- 1.5 Others
- Application
- 2.1 Large enterprises
- 2.2 Small and medium sized enterprise
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Retail- The Workforce Analytics market is a
significant business solution that helps organizations effectively
manage their human resources. It utilizes data and analytics to
optimize workforce performance, improve productivity, and reduce
costs. By providing insights into employee engagement, turnover
rates, and skill gaps, Workforce Analytics enables informed
decision-making and strategic workforce planning. This market
continues to grow, offering various tools and services to meet the
evolving needs of businesses.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
The Workforce Analytics Market encompasses data analytics
solutions designed to evaluate and optimize various aspects of an
organization's workforce. These solutions include staffing,
development and training, compensation management, talent
management, recruitment, and more. Machine learning and data mining
technologies play a significant role in workforce analytics,
enabling pattern matching, turnover modeling, risk assessment, and
productivity indexing. HR analytics tools provide real-time talent
decisions, employee experience insights, and performance
improvement recommendations. Additionally, workforce analytics
solutions offer AI capabilities for automating hiring teams and
making data-driven recruitment decisions. Professional and managed
services are also available to support organizations in
implementing and maximizing the value of their workforce analytics
solutions. Employee engagement, management training programs, and
performance anxieties are also addressed through workforce
analytics, ensuring a well-equipped workforce that drives business
success.
Market Research Overview
The Workforce Analytics market is a dynamic and evolving field
focused on maximizing workforce performance and effectiveness
through data-driven insights. It encompasses various areas such as
evaluation, staffing, development and training, compensation and
benefits, talent management, recruitment, employee collaboration,
and more. Key areas of focus include workforce performance
improvement, planning and improvement, employee engagement,
productivity, and predictive workforce analytics. Machine learning
and AI are increasingly being used to analyze HR data, identify
talent gaps, and make real-time talent decisions. Compensation
management, turnover modeling, and risk assessment are essential
components of workforce analytics, helping organizations optimize
their workforce and mitigate potential risks. HR teams use various
HR analytics tools, including regression analysis, pattern
matching, and data mining, to gain insights into employee
experience and career progression. Workforce analytics also
addresses long-term labor issues, such as data security and the
impact of the work-from-home model on employee productivity. The
market caters to large enterprises across industries, including IT
and telecommunication, with solutions available on-cloud and
on-premises. Employee collaboration, hiring teams, and HR teams all
benefit from workforce analytics, enabling them to make informed
decisions and improve overall organizational performance. Workforce
analytics is an essential tool for addressing workplace trends and
ensuring a productive, engaged, and motivated workforce.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- End-user
-
- Retail
- BFSI
- Telecom And IT
- Healthcare
- Others
- Application
-
- Large Enterprises
- Small And Medium Sized Enterprise
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio