Global Workforce Analytics Market: About this market
This workforce analytics market analysis considers sales from retail, BFSI, telecom & IT, healthcare, manufacturing, and other end-users . Our analysis also considers the sales of workforce analytics in APAC, Europe, North America, South America, and MEA. In 2018, the retail segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as rising investments in retaining and hiring skilled workforce will play a significant role in the retail segment to maintain its market position. Also, our global workforce analytics market report looks at factors such as demand for efficient workforce management and recruitment, rise in demand for cloud-based solutions, and use of automation in HR processes. However, lack of skilled workforce, data quality and workforce issues, and availability of open-source workforce analytics may hamper the growth of the workforce analytics industry over the forecast period.
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Global Workforce Analytics Market: Overview
Demand for efficient workforce management and recruitment
The workforce management process has been evolving with the need for diverse skills, specialized HR needs, and the rising complexity of talent management. To avoid manual errors, organizations are adopting analytics to automate processes. Large organizations are using predictive analytics and modeling technologies to prioritize recruitment workflows, conduct workforce planning, evaluate different recruiting sources, assess the quality of hiring, and use pre-hire assessments. Thus, the adoption of workforce analytics software will save cost, time, and improve operational efficiency and lead to the expansion of the market at a CAGR of almost 16% during the forecast period.
Growth of AI-based workforce analytics Enterprises are focusing on gaining real-time access to employee data, which can help enterprises in their decision-making process. The use of AI is increasing due to its ability to improve productivity and provide accurate results within a short span of timeperiod. The use of AI in workforce analytics enables enterprises to automate the gathering and integration of employee data from numerous systems into one platform and facilitate data-driven decisions. Thus, the use of AI-based workforce analytics results in improved employee relations and helps in automating hiring processes. This growth is expected to have a positive impact on the overall market growth.
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Competitive Landscape
With the presence of a few major players, the global workforce analytics market is moderately concentrated. This robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of few leading workforce analytics manufacturers, that include ADP LLC, Cornerstone OnDemand Inc., IBM Corp., Kronos Inc., Oracle Corp., Paycor Inc., SAP SE, Tableau Software Inc., The Ultimate Software Group Inc., Workday Inc.
Also, the workforce analytics market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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