The increasing necessity of improving productivity and profitability is one of the major factors contributing to the growth of the global HR analytics market. The emergence of big data analytics in human resource management has further significantly impacted the growth of HR analytics market around the world. Big data has emerged as one of the major technology in almost every organizational department and industry, specifically in the human resource industry. Analyst leverage big data technology with HR analytics, which helps them to enhance almost every aspect of HR, including training, performance, recruitment, development, and compensation.

Furthermore, increasing concern over handling the enormous volume of data related to human capital by the majority of large enterprises is expected to drive the global HR analytics market over the forecast period. Human capital data is one of the least analyzed and measured information. When it comes to making important decisions, workforce-related information should be provided at the same level of simplicity as it provided about money, technology, service, or products. HR analytics provide these types of information with precision and in a sophisticated way.

Component Segment

On the basis of components, the market is categorized into software and services. The software segment dominated the overall HR analytics market which occupied a 69% share in 2019 and is anticipated to maintain its position over the forecast period 2020 -2025.

Application Segment

Core HR, workforce management, and talent management are the major applications considered in the global HR analytics market study. In 2019, the core HR application segment has the largest market share in the global market and it is also the fastest-growing vehicle type over the forecast period 2020 -2025.

Deployment Type Segment

Based on the deployment type, the global HR analytics market is bifurcated into on-premise and cloud. Cloud-based HR analytics solutions are expected to be the fastest-growing segment in the global market over the forecast period 2020 -2025.

On the geographical front, Asia Pacific will be the fastest-growing region in the global HR analytics market in 2019 and North America holds the largest market share in the given analysis period.

The North American market is expected to have the largest share of ~36% in the global HR analytics (MaaS) market in 2019. A major reason behind this is the rising adoption of HR analytics software and solution by SMEs and larges enterprises in North America. It is recorded that, approximately 22% of companies have adopted HR analytics in the region. Over the last five years, adoption of focused HR analytics solutions in North America has increased and it is the rate of adoption is higher than in other global regions. This adoption is limited to certain industries and the adoption rate of specific HR management analytics solutions is also low across industries. Tech-software and finance are the most adopted industries of HR analytics solutions. However, the roles and responsibilities of HR analytics in these industries are different. The finance industry has the highest adoption rate of HR analytics among other industries.

The major players of global HR analytics market are IBM Corporation, Sage Software, SAP Corporation, Oracle Corporation, Microstrategy Inc., Tableau Software, Crunchr, Visier Solutions Inc., Talentsoft, Zoho Corporation, Infor, Kronos Inc., Workday Inc., Gaininsights Solutions Pvt Ltd, Sisense Inc., etc.