The ‘Global Workforce Analytics Market Size, Share, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global workforce analytics market, assessing the market on the basis of its segments like component types, deployment modes, organisation sizes, end use industries, and major regions.
Workforce Analytics Market Size, Share, Price Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 14.2%
Workforce analytics is witnessing a heightened demand across various organisations owing to the speed, efficiency, and superior decision making offered by these services, driving the market growth. Workforce analytics performs numerous operations such as analysing the success rate of an employee, managing positions and departments, identifying potential threats, and assigning goals and tasks, among others. The growing expansion of enterprises, across strong moving economies, is accelerating the workforce analytics market.
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The increasing automation across industries such as automotive, healthcare, and government, among others, are accelerating the incorporation of workforce analytics services. For instance, workforce analytics improves the quality of patient care with minimal interference of humans in the healthcare industry. It also optimises the selection process of highly qualified and well-skilled staff which further increases the advantages offered by workforce analytics.
Over the forecast period, the increasing adoption of cloud-based services by enterprises, owing to greater efficiency, cost-savings, and enhanced speed, is expected to expand the workforce analytics market opportunities.
Workforce Analytics Industry Definition and Major Segments
Workforce analytics is a method of optimising human resource management. It is an integral part of various HR operations such as staffing, recruiting, and managing workforces, among others. In workforce analytics, a collaboration between software and methodology takes place which improves the efficiency of various human resource processes.
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Based on component type, the market can be segmented into:
- Service
- Solution
On the basis of deployment mode, the market has been classified into:
- Cloud
- On-Premise
By organisation size, the market has been divided into:
- Large Enterprises
- Small and Medium Enterprises
On the basis end use industry, the market is segmented into:
- Banking, Financial Services, and Insurance (BSFI)
- Manufacturing
- Healthcare
- Government
- Retail
- IT and Telecom
- Education
- Others
On the basis of region, the market can be categorised into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Workforce Analytics Market Trends
The key trends in the global workforce analytics market include the technical upgradations and improvements in cloud-based workforce analytics software, which are escalating the demand for workforce analytics services across highly demanding industries. In addition, the increasing penetration of artificial intelligence (AI) and machine learning (ML) is another crucial trend which is augmenting the workforce analytics infrastructure.
Technological advancements across the manufacturing sector are key trends in the market, accelerating the demand for workforce analytics software and services to improve the operational efficiency, further fuelling the workforce analytics market growth.
In terms of regions, Asia Pacific occupies a sizable share in the market, which is being driven by the favourable policies by various governments across the emerging economies, encouraging automation across industries. Moreover, the strong presence of software service providers in this region is likely to provide impetus to the market in the coming years.
Key Market Players
The major players in the workforce analytics market report are Visier, Inc., UKG Inc., Workday, Inc., SAP SE, ADP, LLC., SAS Institute Inc., Microsoft Corporation, Anaplan, Inc., Oracle Corporation, and Paycom Payroll LLC, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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