Workforce Analytics Market Size and Forecast 2024-2033|ADP LLC (Automatic Data Processing Inc. ), Cornerstone OnDemand Inc., International Business Machines Corporation (IBM), Kronos Incorporated,Oracle Corporation

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Overview and Scope

The workforce analytics refer to advanced algorithm-based analytical software and tools used to analyze employee-related data for performance measurement and improvement. It collects and accumulates all data from internal and external sources and analyzes it to gain insights about the employees within the organization to improve workplace planning and management. These tools and technologies help to understand specific trends such as attrition rate, efficiency, and learning efficacy.

Sizing and Forecast

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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Segmentation & Regional Insights

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

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

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Major Driver Impacting Market Growth

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.

Key Industry Players

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

The workforce analytics market report table of contents includes:

1. Executive Summary

2. Workforce Analytics Market Characteristics

3. Workforce Analytics Market Trends And Strategies

4. Workforce Analytics Market – Macro Economic Scenario

5. Global Workforce Analytics Market Size and Growth

26. South America Workforce Analytics Market

27. Brazil Workforce Analytics Market

28. Middle East Workforce Analytics Market

29. Africa Workforce Analytics Market

30. Workforce Analytics Market Competitive Landscape And Company Profiles

Top Major Players: