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 analysis (also called as workforce planning) is a way of combining employee and ROI data to support decisions regarding recruiting, retention, and staff management. The corporate world's ever-increasing competitiveness has resulted in a higher requirement for evaluating manpower and obtaining improved company results. Workforce analytics is a combination of technologies that allows a company's worker/employee performance to be examined. These metrics and technologies are great for tracking training and development, staffing, retention rates, cost per hire, and other task force-related metrics that help companies optimise their human resources. Current workforce analytics trends point to the use of workforce analytics technologies in or around the workplace as a means of achieving effective ROI and lowering a company's overall investment.
Workforce optimization to boost corporate performance is a major reason motivating companies to integrate workforce analytics into their systems, resulting in market expansion. Other factors, such as the company's ability to strengthen decision-making abilities in regard to talent acquisition and adapt to changing work dynamics, are projected to help the company expand its global market. Data security concerns for cloud-based task force analytics solutions, on the other hand, appear to be limiting the market. A lack of awareness within organisations, particularly in emerging nations, is also inhibiting the growth of the workforce analytics market.
The report also emphasizes several distinctiveness of the global workforce analytics industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the workforce analytics industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The workforce analytics market has tough competition among the new emerging and pre-established market vendors. Besides, the workforce analytics industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
The market is divided into BFSI, IT & telecom, retail and E-commerce, government and public sector, healthcare, manufacturing, and others, according on the industry vertical. The BFSI sector dominated the workforce analytics market in 2020, and is likely to continue to do so throughout the forecast period, owing to rising demand for labour from banks and financial institutions. Furthermore, the retail & e-commerce sector is expected to develop at a significant CAGR throughout the projection period, owing to the growing demand for improved employee capabilities in the industry.
The global workforce analytics market was dominated by North America in 2020, and this trend is expected to continue during the forecast period. One of the key factors driving the market's growth in this region is the increasing use of technologies such as AI, cloud, big data, analytics, and others. Asia-Pacific, on the other hand, is expected to grow at the fastest rate throughout the projected period due to higher worker productivity and corporate performance. Companies are focusing on their staff to gain a competitive advantage in the region. As a result, they're implementing workforce analytics in order to have a complete picture of the internal architecture.
The major players of the global Workforce Analytics market are 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. Renowned companies are offering new and modern Workforce Analytics software solutions. In addition, 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.
Segment Overview of Global Workforce Analytics Market
Component Overview, 2019-2028 (USD Million)
- Consulting Services
- System Integration Services
- Managed Services
Deployment Model Overview, 2019-2028 (USD Million)
Organization Size Overview, 2019-2028 (USD Million)
- Large Enterprise
- Small & Medium-sized Enterprise
Industry Vertical Overview, 2019-2028 (USD Million)
- IT & Telecom
- Retail and E-commerce
- Government and Public Sector
Regional Overview, 2019-2028 (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Afric
- Rest of South Americ