A surge in investment in workforce analytics from multinational companies and growing need to close the skill gaps drive the growth of the global workforce analytics market. The incorporation of advanced technologies such as artificial intelligence and machine learning in workforce analytics is expected to provide new growth opportunities for the market player in the near future. Moreover, the government's initiative, such as Startup India, to encourage entrepreneurship within the country, is also driving the market. The Workforce analytics will help the organization to make fact-based HR decisions. Therefore, creating a positive impact on the market. A number of companies are adopting workforce analytics to manage their workforce planning which will further increase the productivity of employees and uplift the market. The adoption of cloud technologies is expected to stimulate large scale cloud deployment of workforce analytics across every organization’s department. That can be achieved by efficiently managing the workforce which including small and mid-sized business segment. Also, increased competition across the globe demands efficient business operations is ultimately responsible for business activity within an organization. Additionally, the cloud storage platform also enables the data analyst to optimize linear scalability, database virtualization, work management, and storage optimization. Cloud computing platforms categorically act as a complementary technological paradigm by enabling flexible network access to a shared pool of configurable computing resources with minimal cost to the management.
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. This can be ascribed to the massive amount of data deluge in HR departments and increasing need to make smarter decisions about the talent. It offers new opportunities for key players operating in the global workforce analytics market. Besides, the implementation of the big data, artificial intelligence, and machine learning is affecting the market in a positive manner.
However, lack of awareness and resistance to change and data security concerns due to the increasing adoption of cloud are hampering the market growth. Furthermore, high adoption rate in smbs and growing demand for mobile applications is likely to provide lucrative development opportunities for the Workforce analytics market in the forthcoming years.
Workforce Analytics Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 790.2 million|
|Growth Rate||CAGR of 15.1% during 2021-2028|
|Segment Covered||Organization Size, Component, Deployment Mode, End Use, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Oracle Corporation, IBM Corporation, Tableau Software Inc, SAP SE, Workday Inc, ADP LLC, Cornerstone OnDemand Inc, Kronos Incorporated, WorkForce Software, LLC, Visier Inc., TriNet, Genpact Ltd., Accenture Inc, Capgemini SE and Sage Software Inc.|
Key Segments of the Global Workforce Analytics Market
Organization Size Overview, 2021-2028 (USD Million)
- Small and Medium Enterprise
- Large Enterprise
Component Overview, 2021-2028 (USD Million)
- Managed Services
- Professional Services
- System Integrated Service
- Consulting Services
Deployment Mode Overview, 2021-2028 (USD Million)
End Use Overview, 2021-2028 (USD Million)
- IT and Telecom
- Travel & Hospitality
Regional Overview, 2021-2028 (USD Million)
- North America
- Asia Pacific
- Middle East and Africa (MEA)
- 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 market industry and their strategic initiatives for product development.
- The study covers a qualitative and quantitative analysis of the market segmented based on Organization Size, Components, Deployment, and End User. 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 market 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.
Frequently Asked Questions (FAQ) :
Workforce analytics is a statistical tool for analytics that emphasizes workforce and other employee-related behavioral analyses. Workforce analytics is an integration of big data analytics with other statistical methods to measure and maintain operational and human resource management. It is an approach of measuring behaviors of employees & candidates and analyzing them by using statistical methods & software to improve business performance.
The platform integrates data from different verticals such as finance, HR, IT, and learning management into a central data warehouse where the strategic path or ways formulated that aligns workforce data. A growing number of organizations are utilizing analytics to examine and act upon data about their employees in the workplace. It is a sophisticated tech tool, and the companies are willing and able to use the power of Big Data for analytics and are seeing huge gains and meaningful advantages over their competition
Furthermore, increase in use of data for strategic workforce planning, need to reduce the long-term labor issues, rise in need to spot the talent gaps from performance data, to achieve competitive advantage, to ensure employee satisfaction & engagement are the major factors that drive the growth of the workforce analytics market. However, consolidating all the available data from different sources, lack of analysis skills, concerns associated with data privacy and compliance are expected to hinder the workforce analytics market growth.
However, the market is expected to become fragmented in the forthcoming years as several new market players are emerging from developing countries such as India, Japan, China, and other countries.
Organization Size Segment
Based on organization size, the global workforce analytics market has been divided into small and medium enterprise and large enterprise. The large enterprise segment is estimated to grow significantly during the forecast period in order to enhance product development.
Based on components, the global workforce analytics market has been divided into solution and services. The solution segment held the largest market share. Due to rising integration between legacy systems with coming out of new technologies such as IoT, cognitive computing, and many more in various sectors worldwide, the solution segment is expected to grow at the highest rate during the forecasted period.
Based on the organization size, the market is segmented into public cloud and private cloud. Based on Deployment Mode, the market is bifurcated into private Cloud and public Cloud. The public cloud segment is expected to grow significantly over the forecasted period.
End User Segment
Based on the end user, the market is segmented into healthcare, IT & Telecom, government, BFSI, travel & hospitality, retail, manufacturing and others. The Banking, Financial Services, and Insurances (BFSI) segment is anticipated to have the highest CAGR in the forecast period. The factors can be attributed to the increase in the acceptance of customized human capital management solutions on a real-time basis in the BFSI sector worldwide.
North America is likely to gather noteworthy growth through the forecast years 2021-2028. The growth of the workforce analytics market in this region is mostly ascribed to the high rate of adoption of technologies such as AI, cloud, big data, analytics, and others. However, the growth in Asia Pacific region is likely due to improve employee productivity and performance of organizations business.
The major players of the global Workforce Analytics market are Oracle Corporation, IBM Corporation, Tableau Software Inc, SAP SE, Workday Inc, ADP LLC, Cornerstone OnDemand Inc, Kronos Incorporated, WorkForce Software, LLC, Visier Inc., TriNet, Genpact Ltd., Accenture Inc, Capgemini SE and Sage Software Inc. In addition, the previously recognized as well as new market players are approaching the market with advanced and new strategic solutions and to remain competitive in the global market.