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2020
Workforce Analytics Market

Workforce Analytics Market

by Component (Solution and Services), Deployment Model (On-Premise and Cloud), Organization Size (Large Enterprises and Small & Medium Enterprises), Industry Vertical (BFSI, Manufacturing, Healthcare, Government, Retail, It & Telecom, Education, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026

Report Code: A06073
Pages: 231
Mar 2020 | 6073 Views
Author(s) : Pramod B , Vineet K
Tables: 155
Charts: 79
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Workforce Analytics Market Statistics: 2026

The global workforce analytics market size was valued at $1.64 billion in 2018 and is projected to reach $5.97 billion by 2026, growing at a CAGR of 17.6% from 2019 to 2026. Workforce analytics is an advanced suit of data analysis tools for wide-ranging workforce performance evaluation and improvement. It analyzes employment, staffing, training & development, employees, and compensation & benefits. Further, it also facilitates the analysis of standard ratios consisting of time, cost per hire, retention rate, time to start, add rate, accession rate, replacement rate, and offer acceptance rate. Workforce analytics is an all-inclusive phrase describing specifically to employees of an institute. It includes remote employees, freelancers, on-site employees, consultants, and any other people working in various positions in an organization.

The workforce analytics market trends include increasing 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 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. On the contrary, AI based workforce analytics solutions, availability of huge volume of (Human Resource) HR data and increase in number of data sources, use of machine learning & blockchain technologies with workforce analytics are expected to provide lucrative opportunities for the market growth in the coming years.

Workforce Analytics Market

The BFSI sector dominated the workforce analytics industry in 2018 and is projected to maintain its dominance during the forecast period, owing to the increase in demand for workforce from the banking and financial institutions. Furthermore, the retail & e-commerce sector is expected to grow at a significant CAGR during the forecast period, owing to the growing need to enhance employee skills in the retail & e-commerce industry.

Workforce Analytics Market
By Component

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Solution is projected as one of the most lucrative segments.

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The report focuses on the growth prospects, restraints, and trends of the workforce analytics market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the market.

Workforce Analytics Market
By Deployment Mode

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On-premise is projected as one of the most lucrative segments.

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Segment review

The workforce analytics market is segmented on the basis of component, deployment, organization size, industry vertical, and region. Based on component, the market is categorized into solution and service. On the basis of deployment, it is classified into on-premise and cloud. Based on the organization size workforce analytics market is bifurcated into large enterprises and SMEs. Depending on industry vertical, it is divided into BFSI, manufacturing, healthcare, government, retail, IT & telecom, education, and others. Based on region, it is analyzed across North America, Europe, Asia-Pacific, LAMEA.

Workforce Analytics Market
By Organization Size

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Large enterprise is projected as one of the most lucrative segments.

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The company profiles of workforce analytics market players included in this report are Oracle Corporation, IBM Corporation, Tableau Software Inc, SAP SE, Workday Inc, ADP LLC, Cornerstone OnDemand Inc, Kronos Incorporated, WorkForce Software, LLC, and Visier Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

Workforce Analytics Market
By Industry Vertical

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BFSI is projected as one of the most lucrative segments.

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Top impacting factors

Increase in investment on workforce analytics

Research studies demonstrated that the majority of enterprises will increase their use of big data in HR function or will start to use it if they aren’t already using it currently over the coming years. The several reasons for this increase include the use of data has become more evident in all functions, and the focus on workforce analytics simply reflects that overall trend. Since, human talent leads to competitive advantage in a knowledge economy, data analysis that can help organizations to attract, motivate and retain the right people is bound to interest executives. Most pointedly, companies have started to achieve measurable business outcomes through data analysis, encouraging others to increase investment on the workforce analytics to prevent losing out on potential gains.

Integration of advanced technologies such as machine learning, natural language processing and AI in workforce analytics

Use of natural language processing which is a branch of AI enables workforce analytics software to understand human language in written as well as spoken form. For instance, recruitment chatbot will facilitate the early interaction with applicants, right from asking for their resume & contact information, to asking screening questions about applicants’ knowledge, skills, and experience. It will also schedule an interview with a human recruiter. Thus, automated resume matching and fast-tracking the screening process by identifying the candidates with the best skills and education is made possible due to integration of AI and NLP with workforce analytics solutions which is expected to create lucrative opportunities for workforce analytics market.

Workforce Analytics Market
By Region

2026
North America 
Europe
Asia-Pacific
LAMEA

Asia-Pacific would exhibit the highest CAGR of 20.10% during 2019-2026.

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Covid-19 Impacts on Workforce Analytics Market-

  • The Covid-19 pandemic is anticipated to have positive impact on the growth of workforce analytics market due to growing adoption of work from home concept by several companies, which is expected to surge the need of workforce analytics for productive and efficient management of the workforce.
  • As government of various countries have lifted the lockdown to start the industrial activities to revive the economy. Due to this many companies have started their hiring process owing to which the demand for workforce analytics is expected to surge significantly to make smarter decisions while hiring the potential candidate for desired position. In addition, it is also used to analyze the employee work performance.

Key Benefits for stakeholders:

  • The study provides an in-depth analysis of the global workforce analytics market along with the current & future trends to elucidate the imminent investment pockets.
  • Information about key drivers, restraints, and opportunities and their impact analysis on the market size is provided in the report.
  • Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
  • The quantitative analysis of the global workforce analytics market from 2019 to 2026 is provided to determine the market potential.

Workforce Analytics Market Report Highlights

Aspects Details
By Component
  • Solution
  • Service
By Deployment
  • On-Premise
  • Cloud
By Organization Size
  • Large Enterprises
  • SMEs
By Industry Vertical
  • BFSI
  • Manufacturing
  • Healthcare
  • Government
  • Retail
  • IT and Telecom
  • Education
  • Others
By Region
  • North America  (U.S., Canada)
  • Europe  (UK, Germany, France, Italy, Spain, Russia, Rest of Europe)
  • Asia-Pacific  (China, India, Japan, Australia, Singapore, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players ADP, LLC., Cornerstone OnDemand, Inc., International Business Machines Corporation, Kronos Incorporated, Oracle Corporation, SAP SE, Tableau Software, Visier Inc., Workday, Inc., WorkForce Software, LLC.
 

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The North America region is dominating workforce analytics market due to great awareness about enhancing productivity of diverse workforce spread across various business location of the large enterprises present in this region. In the current business scenario, there has been a substantial rise in the usage of the workforce analytics across various verticals such as IT & telecom, retail, BFSI, healthcare, and others. By integrating them with EPM or quality management solution in critical business processes of enterprises, they can increase the productivity and efficiency of their business.

Furthermore, cloud-enabled workforce analytics solution (SaaS model) is gaining high acceptance over the conventional on-premise workforce analytics in the developing economies. Moreover, workforce analytics is being implemented across large enterprises for the better management of their employees while offering improved productivity and optimizing revenue. With increase in focus of optimized utilization of the available talent sets in the organization, the adoption of workforce analytics by the businesses is expected to grow in the upcoming years. This subsequently fuels the growth of the workforce analytics market.

The global workforce analytics market companies are focusing on leveraging new technologies for offering intelligent workforce analytics to cater to the evolving end-user requirements. Key players have adopted various growth strategies to enhance and develop their product portfolio, garner maximum market share, and increase their market penetration. The market is witnessing new product launches and adopting AI by the leading players.

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