Workforce Analytics Market Overview:
The global workforce analytics market is showing immense growth; mainly due to the changing work dynamics and increasing need to make better decisions regarding talent. Growing need for developing and improving the methods of recruiting in organizations in order to efficiently optimize the human resource management is one major factor driving the growth of workforce analytics market. The dynamic change in the working culture and growing need for analytics software are other major factors driving the growth of workforce analytics market.
Workforce analytics solutions is expected to hold the largest market share of the global market. This is owing to the increasing workforce challenges faced by the enterprises with each passing day. Increasing demand for consulting services is another major factor responsible for driving the growth of workforce analytics market. According to a recent study report published by Market Research Future, the global market of Workforce Analytics is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023 with a striking CAGR during the anticipated period (2017 – 2023).
Technological advancements have played a major role in the development of workforce analytics market. Steep increase in the adoption of workforce analytics solutions and software across various organizations and different industry verticals is one major factor driving the growth of Workforce Analytics Market. ADP LLC, Aquire, Inc., Cornerstone OnDemand Inc., Genpact Ltd, IBM Corporation, Kronos Inc., Oracle Corporation, PeopleSreme Pty. Ltd, SAP SE, Tableau Software, Tower Watson & Co., Visier Inc., and Workday Inc. are the major players in the workforce analytics market. Growing adoption of workforce analytics software and solution in banking and financial sector is expected to drive the growth of the market. Also increase in demand for workforce analytics solutions in healthcare sector is further responsible for fuelling the market growth.
Major Key Players:
ADP LLC (U.S.), Aquire, Inc (U.S.), Cornerstone OnDemand Inc. (U.S.), Genpact Ltd (Bermuda), IBM Corporation (U.S.) Kronos Inc. (U.S.), Oracle Corporation (U.S.), PeopleSreme Pty. Ltd (Australia), SAP SE (Germany), Tableau Software (U.S.), Tower Watson & Co (U.S.), Visier Inc. (Canada), Workday Inc. (U.S.), and WorkForce Software, LLC (U.S.) among others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Workforce Analytics Market.
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January 2018 – ADP LLC has acquired WorkMarket. The latter company is a start-up and specializes in workforce management software which operates across a various range of employees and contractors. The company aims in providing a software helps in creating a kind of unified interface for managing workforce which can include a variety of workers with different employment status.
March 2018 – Cornerstone OnDemand has partnered with Institute for the future to forecast the skills required to navigate the future. The former company is considered to be a global leader in cloud-based learning and human capital management software.
Workforce Analytics Global Market Competitive Analysis:
The market of workforce analytics appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
Workforce Analytics Global Market Segmentation:
The workforce analytics market can be classified into 5 key segments for the convenience of the report and enhanced understanding;
Segmentation by Component: Comprises of Software and Service. The service segment is further classified into Consulting Services, System Integration Services and Managed Services
Segmentation by Deployment: Comprises of Cloud and On Premise
Segmentation by Organization Size: Comprises of SMEs and Large Enterprises
Segmentation by Vertical: Comprises of BFSI, Healthcare, Manufacturing, IT & Telecommunication, Education, Retail, Government and Others
Segmentation by Region: Comprises of Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
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Workforce Analytics Global Market Regional Analysis:
North America is expected to witness a significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of the workforce analytics market in North America owing to the presence of a large number of established key players such as ADP LLC, Aquire, Inc., Cornerstone OnDemand Inc., IBM Corporation, Kronos Inc., Oracle Corporation, PeopleSreme Pty. Ltd, Tableau Software, Tower Watson & Co., Visier Inc., and Workday Inc. among others. Also, U.S. is leading the market in North America due to the technological advancements and increasing demand for workforce analytics solutions in the region.
Workforce analytics market in Asia Pacific is expected to grow at a substantial CAGR during 2017 to 2023 due to rise in demand for skilled workforce among the small and medium enterprises and growing trend of bring your own device is responsible for driving the growth of workforce analytics market in China, Japan, and India in the region. Whereas, the Europe market for workforce analytics is expected to grow at a considerable CAGR (2017-2023).
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