Workforce analytics is defined as a platform designed by via combination of software and algorithms. This platform implements the statistical models to the workforce-related data that benefits the enterprises to optimize the human resources management efficiently. We have published a research report about the Global Workforce Analytics Market that predicts major growth for this market with 13% CAGR (Compound Annual Growth Rate) between 2017 and 2023. In terms of value, the market is expected to worth US $ 1026 mn by the end of the forecast period.
The major factors driving the growth for workforce analytics market include the adoption of workforce analytics from small & medium businesses and the rising demand for mobile applications. The adoption of workforce analytics from small and medium businesses and growth in demand for mobile applications are expected to drive global workforce analytics market. The adoption of workforce analytics and growing demand as well as the market for mobile applications benefit to higher management in identifying the factors that influence employee job satisfaction.
The global workforce analytics market has been segmented on the basis of deployment, industry vertical, organization size, type, and lastly, region. The deployment-based segmentation segments this market into on-premise deployment and on cloud deployment. The cloud-based workforce analytics is the leading segment because it is easy to implement and user-friendly. On the basis of industry vertical, the market has been segmented into banking, insurance, government, healthcare, logistics, manufacturing, and retail.
Based on organization size, the market has been segmented into small & medium enterprises and large enterprises. By type, the market has been segmented into solution and services. Services have been sub-segmented into consulting service, managed services, and system integration service. The services segment holds the larger market share due to changing global workforce and labor challenges. Due to changing work dynamics and different governmental labor rules & regulations, the demand for consulting services is growing, and its growth is expected to continue during the forecast period.
The regional segmentation of the global workforce analytics market segments the market into continent-based regional markets known as North America, Europe, Asia-Pacific, and the rest of the world (RoW). North America is leading regional market due to the increase in the early adoption of cloud-based workforce analytics, American and Canadian companies shifting towards software as a service (SaaS) in cloud-based workforce analytics, and the presence of various key market players in this region. The major country-specific markets in this region are the United States of America (USA), Canada, and Mexico.
Europe is the second largest market, and the Asia Pacific is the third largest market. In these regions, the reasons for market growth include the awareness of benefits, the presence of diversified international organizations as well as domestic organizations, along with the new entrants form a competitive landscape. The growing information technology (IT) industry is another reason for the market growth in the Asia Pacific. In Europe, the primary country-specific markets are France, Germany, Italy, and the United Kingdom (UK), followed by the remaining countries of Europe. In the Asia Pacific, the important country-specific markets are China, India, Japan, and South Korea, followed by the remaining countries of the Asia Pacific region.
Key Players
The key players in the global workforce analytics market include ADP LLC (USA), Aquire, Inc (USA), Cornerstone OnDemand Inc (USA), Genpact Ltd (Bermuda), IBM Corporation (USA), Kronos Inc (USA), Oracle Corporation (USA), PeopleSreme Pty. Ltd (Australia), SAP SE (Germany), Tableau Software (USA), Tower Watson & Co (USA), Visier Inc (Canada), Workday Inc (USA), and WorkForce Software, LLC (USA).
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