The global HR Analytics Market size is expected to grow from USD 1.9 billion in 2019 to USD 3.6 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 13.7% during the forecast period. The growing awareness of analytics and its benefits among enterprises is one of the major factors driving the growth of the HR analytics market across the globe. HR analytics helps enterprises analyze HR data for streamlining HR processes. It also helps them in strategically planning their workforce and improving employees’ efficiency.
The workforce management segment to hold the largest market size during the forecast period
The workforce management application area is widely adopted across verticals, owing to the need to place right people at right job for meeting business objectives. Labor is one of the biggest expenses to be bared by organizations. The use of HR analytics enables organizations to predict and forecast an accurate number of employees required to complete a particular job. Enterprises employ the HR analytics solution for standardizing processes across varied departments. The adoption of the HR analytics solution enables organizations to increase employees’ productivity, performance, and satisfaction.
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The Banking, Financial Services, and Insurance (BFSI) vertical to hold the largest market size during the forecast period
The BFSI vertical is undergoing massive disruption, due to regulatory changes and competitive pressures. It is facing unique challenges, such as low-profit margins, information security threats, and compliance requirements. The challenges encourage the BFSI vertical to adopt HR analytics for aligning workforce to streamline operations and minimizing workforce costs. With the advent of mobile technology, customer preferences and behavior are changing. Enterprises are emphasizing on adopting the HR analytics solution to boost the performance of their sales employees and marketing representatives. The solution leads to better customer satisfaction and engagement.
The major HR analytics vendors include Oracle (US), SAP (Germany), Infor (US), Workday (US), Sage Software (UK), Kronos (US), MicroStrategy (US), IBM (US), Tableau (US), Zoho (India), Crunchr (Netherland), Visier (Canada), TALENTSOFT (Paris), GainInsights (India), and Sisense(US). The players have adopted various growth strategies, including new product launches, business expansions, partnerships, agreements, collaborations, and acquisitions, to further expand their presence in the global HR analytics market. The strategies have helped them innovate their offerings and increase their customer base.
Oracle (US) is one of the leading players in the HR analytics market across the globe. The company offers a diversified portfolio of HR solutions under its HCM portfolio. It offers HCM solutions, such as global HR, talent management, workforce rewards, workforce management, work-life, and HCM analytics. Oracle analytics cloud for HR enables enterprises to have a single policy across departments. As a part of its growth strategy, in 2019, Oracle released an updated version of Oracle HCM cloud to make work simpler, smarter, and more agile. The updated version offers enhanced experience to users, such as candidates, recruiters, HR professionals, managers, and employees. The company has expanded its business operations in the United Arab Emirates (UAE), United States (US), and Canada to cater to the growing demands of its clients.
Kronos (US) is another prominent player offering the HR analytics solution and services. The company has emphasized on understanding and analyzing the needs pertaining to the HR analytics market. It has developed a strong product portfolio to cater to HR analytics, workforce analytics, HCM, workforce management, and labor laws and issues. It offers services that enable organizations to improve Human Resource Management (HRM) and analytics for meeting relevant compliances. The services enabled Kronos to provide superior user experience, optimize service levels, and reduce the ownership costs of its commercial clients.
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The company continually strives to offer innovative HR analytics solutions and emphasize on expanding its partner network for strengthening its foothold in the global HR analytics market. In January 2019, Kronos signed an agreement with SAP. As per the agreement, SAP would be the authorized dealer of Kronos’ Workforce Dimensions globally.
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