The workforce analytics global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Workforce Analytics Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The workforce analytics market size has grown rapidly in recent years. It will grow from $1.6 billion in 2023 to $1.82 billion in 2024 at a compound annual growth rate (CAGR) of 13.7%. The growth in the historic period can be attributed to regulatory compliance and reporting, cloud-based solutions adoption, integration with hr management systems, predictive analytics for retention, diversity and inclusion analytics, efficiency and productivity improvement, talent acquisition optimization..
The workforce analytics market size is expected to see rapid growth in the next few years. It will grow to $3.23 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The growth in the forecast period can be attributed to vendor innovation and competition, industry-specific analytics solutions, global economic conditions and recovery, focus on learning and development analytics, growth in mid-sized enterprises adoption.. Major trends in the forecast period include workforce resilience planning, employee productivity measurement, ai and machine learning integration, utilization of people metrics for business strategy, real-time performance monitoring..
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Scope Of Workforce Analytics Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Workforce Analytics Market Overview
Market Drivers –
The increasing investment in workforce analytics is expected to propel the workforce analytics market. Many organizations are considering increasing their investments in workforce analytics as it assists enterprises in improving the productivity of the employees, developing effective recruiting methods, deriving better hiring decisions, retaining the best talent, efficient use of the workforce, and effective workforce planning. Workforce analytics uses the latest technologies and metrics to improve the workforce and management that offers a great return on investment in the long run. For instance, in September 2022, according to an article published by Randstad, a Netherlands-based HR services company, Randstad Sourceright’s 2022 Talent trends study shows, 73% of talent leaders are investing in HR and workforce analytics. Therefore, the increasing investment in workforce analytics is expected to boost demand for workforce analytics solutions and services during the forecast period.
Market Trends –
The integration of advanced technologies is a key trend gaining popularity in the workforce analytics market. The market is witnessing the implementation of advanced technologies such as artificial intelligence (AI), machine learning (ML), and natural language processing (NLP) in workforce analytics solutions. The workforce analytics based on AI, ML, and NLP aids in better evaluation, productivity, increasing business scalability, boosting business operations, and efficiency of employees. Key players are focusing on offering advanced workforce analytics to meet end-customer demands and strengthen their market position. For instance, in June 2023, Visiera, a Canadian-based cloud-based workforce analytics and workforce planning software company that provides HR analytics and workforce intelligence solutions, introduced a new technology, Vee, a powerful new generative AI-based digital assistant that adds a simple conversational interface to Visier People, the most widely adopted people analytics solution in the world. This new capability puts the right insights in the hands of any leader with questions about their workforce.
The workforce analytics market covered in this report is segmented –
1) By Component: Solution, Services
2) By Deployment: On-Premise, Cloud
3) By Organization Size: Large Enterprises, SMEs
4) By Industry Vertical: BFSI, Manufacturing, Healthcare, Government, Retail, IT and Telecom, Education, Other Industry Verticals
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Regional Insights –
North America was the largest region in the workforce analytics market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the workforce analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the workforce analytics market report are ADP LLC (Automatic Data Processing Inc. ), Cornerstone OnDemand Inc., International Business Machines Corporation (IBM), Kronos Incorporated, Oracle Corporation, Accenture plc, Capgemini SE, Tableau Software LLC, Workday Inc., PeopleStreme Pty Ltd, Microsoft Corporation, Visier Inc., UKG Inc. (Ultimate Kronos Group), SAP SE, Beeline. com Ltd., Brightfield Strategies LLC, Bullhorn Inc., Cisco Systems Inc., Talentsoft SA, Trianz Holdings Pvt. Ltd., Genpact Limited, Deloitte Touche Tohmatsu Limited, Cognizant Technology Solutions Corporation, Infosys Limited, Wipro Limited, HCL Technologies Limited, NICE Systems Ltd., Verint Systems Inc., WorkForce Software LLC, Google LLC
Table of Contents
1. Executive Summary
2. Workforce Analytics Market Report Structure
3. Workforce Analytics Market Trends And Strategies
4. Workforce Analytics Market – Macro Economic Scenario
5. Workforce Analytics Market Size And Growth
…..
27. Workforce Analytics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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