Adroit Market Research - Industry Insights
Workforce Analytics Market by Component (Solutions, and Services [Consulting Services, System Integration Services, and Managed Services]), Deployment Model (On-premise, and Cloud), Organization Size (Large Enterprise, and Small & Medium-sized Enterprise), Industry Vertical (BFSI, IT & Telecom, Retail and E-commerce, Government and Public Sector, Healthcare, Manufacturing, and Others), and by Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America), Global Forecast - 2019 to 2028
Jul 2021
Total Pages: 142
Choose License Type
Workforce analysis (also known as workforce planning) is a method of informing decisions about recruiting, retention, and staff management by combining employee and ROI data. The ever-increasing competitiveness of the corporate world has resulted in an increased demand for assessing manpower and extracting superior company results. Workforce analytics is a set of technologies that allows for the examination of a company's worker/employee performance. These metrics and tools are ideal for measuring training and development, staffing, retention rates, cost per hire, and other task force-related criteria that help businesses improve their human resources. Current workforce analytics trends show an increasing need for successful ROI and to reduce a company's overall investment, pointing to the use of workforce analytics technologies in or around the workplace.
The global workforce analytics market was estimated to reach around USD 790.2 million in 2020 and projected to grow at a CAGR of 15.1% over the forecast period. Workforce optimization to improve corporate performance is a significant factor that is driving organizations to include workforce analytics in their systems, resulting in market growth. Other variables, such as the company's ability to improve decision-making abilities in relation to talent acquisition and adapt to changing work dynamics, are expected to boost global market expansion. However, concerns about data security for cloud-based task force analytics solutions are seen to be limiting the market. Also impeding the growth of the workforce analytics market is a lack of understanding within enterprises, particularly in emerging regions.
.png "Global Workforce Analytics Market 2019-2028 (USD Million)")
The growing concern among most large organizations about dealing with the massive volume of data related to human capital is expected to drive demand for workforce analytics software application platforms. The broad implementation of a human capital information system to boost industry profitability by lowering operational costs boosted market growth as well.
Key Segments of the Global Workforce Analytics Market
Component Overview, 2019-2028 (USD Million)
- Solutions
- Services
- Consulting Services
- System Integration Services
- Managed Services
Deployment Model Overview, 2019-2028 (USD Million)
- On-premise
- Cloud
Organization Size Overview, 2019-2028 (USD Million)
- Large Enterprise
- Small & Medium-sized Enterprise
Industry Vertical Overview, 2019-2028 (USD Million)
- BFSI
- IT & Telecom
- Retail and E-commerce
- Government and Public Sector
- Healthcare
- Manufacturing
- Others
Regional Overview, 2019-2028 (USD Million)
North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Middle East and Africa
- UAE
- South Africa
- Rest of Middle East and Africa
South America
- Brazil
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global workforce analytics market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global workforce analytics market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the workforce analytics industry and their strategic initiatives for product development.
- The study covers a qualitative and quantitative analysis of the market segmented based on component, deployment model, organization size and industry vertical. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global workforce analytics market. The report will benefit every stakeholder involved in the workforce analytics market.
- Managers within the workforce analytics industry looking to publish recent and forecasted statistics about the global workforce analytics market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of the global workforce analytics market.
- Analysts, researchers, educators, strategy managers, and government institutions looking for insights into the market to determine future strategies.
The use of public and private cloud storage systems by a variety of businesses for scalability, tool capabilities, and optimal implementation of various data applications is expected to boost the popularity of cloud storage platforms in the field of data analytics. The effective integration of data analytics tools and cloud computing platforms to improve data management system execution flexibility and agility has exacerbated the demand for cloud management system adoption by the majority of businesses.
In many industrialized and emerging countries around the world, the economic implications of labour shortages and surpluses are becoming more pronounced. The current global labour issue is anticipated to pose an economic risk of more than USD 10 trillion. As a result, effective analysis and management of the available workforce has become critical for organizations all over the world. As business executives increasingly appreciate the importance of having the proper talent, the market for workforce analytics is growing.
Many organizational functions, such as marketing, supply chain, and finance, are becoming more sophisticated in their use of analytics for informed decision-making, and they are demonstrating demonstrable commercial benefits. As a result, the demand for workforce analytics solutions and services among firms that manage global workforces is constantly increasing.
Component Segment
Based on the component segment, the market is classified into solutions, and services. In 2020, In 2020, the solution segment accounted for about three-quarters of the total market share, and it is expected to maintain this dominance throughout the forecast period. The service segment, on the other hand, is expected to grow at the fastest rate during the projection period. The service segment comprises consulting services system integration services, and managed services.
Deployment Model Segment
Based on the deployment model, the market is segmented into on-premise, and cloud. The cloud segment is expected to grow at a rapid rate, over the projected period. Businesses benefit from the cloud because it allows them to transfer workloads between cloud platforms as their needs and costs change. Cloud computing provides greater support for a remote workforce, lower costs, increased scalability and control, increased agility and innovation, business continuity, and improved security and risk management benefits, all of which are driving the expansion of the market.
Organization Size Segment
Based on the Organization Size, the market is segmented into Large Enterprise and Small & Medium-sized Enterprise. Due to the rising requirement in large organizations to analyses employee data in order to achieve organizational goals, the large enterprise segment dominated the workforce analytics industry in 2020 and is expected to maintain its dominance over the forecast period. Furthermore, due to the spike in the adoption of small and medium enterprises for enhancing operational efficiency and profit, the SME segment is predicted to grow at a high CAGR during the forecast period.
Industry Vertical Segment
Based on the industry vertical, the market is segmented into BFSI, IT & telecom, retail and E-commerce, government and public sector, healthcare, manufacturing, and others. Owing to the increased need for workforce from banks and financial institutions, the BFSI sector dominated the workforce analytics market in 2020 and is expected to continue to do so over the projection period. Furthermore, due to the growing demand to improve employee skills in the retail & e-commerce industry, the retail & e-commerce sector is predicted to rise at a substantial CAGR throughout the projection period.
North America dominated the global workforce analytics market in 2020, and this trend is projected to continue over the forecast period. The increasing rate of use of technologies such as AI, cloud, big data, analytics, and others is one of the primary reasons driving the market's growth in this region. However, due to improved staff productivity and business performance, Asia-Pacific is predicted to increase at the fastest rate during the forecast period. To achieve a competitive advantage in the region, companies are focusing on their employees. As a result, they're putting in place workforce analytics to gain a comprehensive image of the internal architecture.
.png "North America Workforce Analytics Market 2019-2028 (USD Million)")
The major players of the global workforce analytics market include Genpact Ltd., Visier, Inc., SAP Success Factors, Kronos, Inc., Aquire, Inc., Peoplefluent companies, Workday, Inc., Towers Watson & Co., PeopleStreme Pty. Ltd., Cornerstone OnDemand, Inc, Oracle Corporation, Tableau Software, Inc. and WorkForce Software LLC. These players have adopted various strategies, such as new product launches, partnerships, agreements, collaborations, mergers & acquisitions, and business expansions to cater to the needs of the Workforce Analytics market. Renowned companies are offering new and modern workforce analytics solutions. Besides, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market
Workforce analysis (also known as workforce planning) is a method of informing decisions about recruiting, retention, and staff management by combining employee and ROI data. The ever-increasing competitiveness of the corporate world has resulted in an increased demand for assessing manpower and extracting superior company results. Workforce analytics is a set of technologies that allows for the examination of a company's worker/employee performance. These metrics and tools are ideal for measuring training and development, staffing, retention rates, cost per hire, and other task force-related criteria that help businesses improve their human resources. Current workforce analytics trends show an increasing need for successful ROI and to reduce a company's overall investment, pointing to the use of workforce analytics technologies in or around the workplace.
The global workforce analytics market was estimated to reach around USD 790.2 million in 2020 and projected to grow at a CAGR of 15.1% over the forecast period. Workforce optimization to improve corporate performance is a significant factor that is driving organizations to include workforce analytics in their systems, resulting in market growth. Other variables, such as the company's ability to improve decision-making abilities in relation to talent acquisition and adapt to changing work dynamics, are expected to boost global market expansion. However, concerns about data security for cloud-based task force analytics solutions are seen to be limiting the market. Also impeding the growth of the workforce analytics market is a lack of understanding within enterprises, particularly in emerging regions.
The growing concern among most large organizations about dealing with the massive volume of data related to human capital is expected to drive demand for workforce analytics software application platforms. The broad implementation of a human capital information system to boost industry profitability by lowering operational costs boosted market growth as well.
Key Segments of the Global Workforce Analytics Market
Component Overview, 2019-2028 (USD Million)
- Solutions
- Services
- Consulting Services
- System Integration Services
- Managed Services
Deployment Model Overview, 2019-2028 (USD Million)
- On-premise
- Cloud
Organization Size Overview, 2019-2028 (USD Million)
- Large Enterprise
- Small & Medium-sized Enterprise
Industry Vertical Overview, 2019-2028 (USD Million)
- BFSI
- IT & Telecom
- Retail and E-commerce
- Government and Public Sector
- Healthcare
- Manufacturing
- Others
Regional Overview, 2019-2028 (USD Million)
North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Middle East and Africa
- UAE
- South Africa
- Rest of Middle East and Africa
South America
- Brazil
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global workforce analytics market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global workforce analytics market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the workforce analytics industry and their strategic initiatives for product development.
- The study covers a qualitative and quantitative analysis of the market segmented based on component, deployment model, organization size and industry vertical. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global workforce analytics market. The report will benefit every stakeholder involved in the workforce analytics market.
- Managers within the workforce analytics industry looking to publish recent and forecasted statistics about the global workforce analytics market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of the global workforce analytics market.
- Analysts, researchers, educators, strategy managers, and government institutions looking for insights into the market to determine future strategies.
Chapter 1 Introduction
1.1 Introduction to the Study
1.2 Market Definition and Scope
1.3 Units, Currency, Conversions, and Years Considered
1.4 Key Stakeholders
1.5 Key Questions Answered
Chapter 2 Research Methodology
2.1 Introduction
2.2 Data Capture Sources
2.2.1 Primary Sources
2.2.2 Secondary Sources
2.3 Market Size Estimation
2.4 Market Forecast
2.5 Data Triangulation
2.6 Assumptions and Limitations
Chapter 3 Executive Summary
Chapter 4 Market Outlook
4.1 Introduction
4.2 Value Chain Analysis
4.3 Market Dynamics
4.3.1 Drivers
4.3.1.1 Growing need to make better talent decisions
4.3.1.2 Changing Workplace Environments
4.3.2 Restraints
4.3.2.1 Data Security Concerns Due to the Rising Adoption of Cloud
4.3.2.2 Opportunities
4.3.3.1 High Adoption Rate in SMEs
4.4 Porter’s Five Forces Analysis
4.5 PEST Analysis
4.6 COVID-19 Impact Analysis
Chapter 5 Workforce Analytics Market by Component
5.1 Introduction
5.1.1 Solutions
5.1.2 Services
Chapter 6 Workforce Analytics Market by Deployment model
6.1 Introduction
6.1.1 On-premise
6.1.2 Cloud
Chapter 7 Workforce Analytics Market by Organization Size
7.1 Introduction
7.1.1 Large Enterprise
7.1.2 Small & Medium-sized Enterprise
Chapter 8 Workforce Analytics Market by Industry Vertical
8.1 Introduction
8.1.1 BFSI
8.1.2 IT & Telecom
8.1.3 Retail and E-commerce
8.1.4 Government and Public Sector
8.1.5 Healthcare
8.1.6 Manufacturing
8.1.7 Others
Chapter 9 Workforce Analytics Market By Region
9.1 Introduction
9.2 North America
9.2.1 U.S.
9.2.2 Canada
9.3 Europe
9.3.1 Germany
9.3.2 France
9.3.3 UK
9.3.4 Rest of Europe
9.4 Asia Pacific
9.4.1 China
9.4.2 Japan
9.4.3 India
9.4.4 Rest of Asia Pacific
9.5 Middle East & Africa
9.5.1 UAE
9.5.2 South Africa
9.5.3 Rest of Middle East & Africa
9.6 South America
9.6.1 Brazil
9.6.2 Rest of South America
Chapter 10 Competitive Landscape
10.1 Overview
10.2 Strategic Initiatives
10.2.1 Mergers & Acquisitions
10.2.2 New Product Launch
10.2.3 Investments
10.2.4 Expansion
10.2.5 Others
Chapter 11 Company Profiles
11.1 Genpact Ltd.
11.1.1 Overview
11.1.2 Products and File-system Encryption Portfolio
11.1.3 Recent Initiatives
11.1.4 Company Financials
11.1.5 SWOT
11.2 Visier, Inc.
11.2.1 Overview
11.2.2 Products and File-system Encryption Portfolio
11.2.3 Recent Initiatives
11.2.4 Company Financials
11.2.5 SWOT
11.3 SAP Success Factors
11.3.1 Overview
11.3.2 Products and File-system Encryption Portfolio
11.3.3 Recent Initiatives
11.3.4 Company Financials
11.3.5 SWOT
11.4 Kronos, Inc.
11.4.1 Overview
11.4.2 Products and File-system Encryption Portfolio
11.4.3 Recent Initiatives
11.4.4 Company Financials
11.4.5 SWOT
11.5 Aquire, Inc.
11.5.1 Overview
11.5.2 Products and File-system Encryption Portfolio
11.5.3 Recent Initiatives
11.5.4 Company Financials
11.5.5 SWOT
11.6 Peoplefluent companies
11.6.1 Overview
11.6.2 Products and File-system Encryption Portfolio
11.6.3 Recent Initiatives
11.6.4 Company Financials
11.6.5 SWOT
11.7 Workday, Inc.
11.7.1 Overview
11.7.2 Products and File-system Encryption Portfolio
11.7.3 Recent Initiatives
11.7.4 Company Financials
11.7.5 SWOT
11.8 Towers Watson & Co.
11.8.1 Overview
11.8.2 Products and File-system Encryption Portfolio
11.8.3 Recent Initiatives
11.8.4 Company Financials
11.8.5 SWOT
11.9 Oracle Corporation
11.9.1 Overview
11.9.2 Products and File-system Encryption Portfolio
11.9.3 Recent Initiatives
11.9.4 Company Financials
11.9.5 SWOT
11.10 Cornerstone OnDemand, Inc.
11.10.1 Overview
11.10.2 Products and File-system Encryption Portfolio
11.10.3 Recent Initiatives
11.10.4 Company Financials
11.10.5 SWOT
11.11 Other Companies