Workforce Analytics Market 2019-2023: Key Findings, Global Trends, Regional Study, Industry Growth, Top Key Players Profiles and Future Prospects
Global Workforce Analytics Market is expected to reach approximately USD 1026 Million by the end of 2023 with 13 % CAGR during the forecasted period from 2017 – 2023 and Workforce Analytics Market, By Type (Solutions, Services), By Deployment (On Premise, on cloud).
Pune, India – August 20, 2019 /MarketersMedia/ —
Workforce Analytics Market Highlights:
Workforce analytics are a suite of software designed to measure the performance and productivity of employees at the workplace. The tools can help companies recruit the best employees and retain them for future needs of the company.
The global Workforce Analytics Market report by Market Research Future (MRFR) encompasses numerous trends and drivers shaping the market scenario.
Competitive Landscape:
Aquire, Inc, PeopleSreme Pty. Ltd, Workday Inc, Oracle Corporation, Kronos Inc, SAP SE, Cornerstone OnDemand Inc, ADP LLC, IBM Corporation, Tower Watson & Co, Visier Inc, Genpact Ltd, WorkForce Software, LLC, Tableau Software, and others are some of the prominent names in the workforce analytics market.
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Market Outlook:
The global workforce analytics market is set to accumulate revenues at 13% CAGR from 2017 to 2023 (forecast period) to touch a value of USD 1026 million. The job crunch and economic highs and lows brought about by events in the global economy have made employers skittish. The use of workforce analytics by the same employees to assess individual performance of employees and ensure the continuous growth of companies can drive the market demand successfully.
Globalization and open borders have culminated in a diverse set of employees making it difficult for HR managers to assess the right candidate. The need for employees who can assess the needs of customers and be suited to the modern employee workforce can spur the workforce analytics market growth. Moreover, the trend of bring-your-own-device (BYOD) as well as co-working office spaces elicit the need for workforce analytics for correct assessment of employee growth. Mobile applications are also expected to be a viable catalyst in the market.
Segmentation Analysis:
The global workforce analytics market considers the following segments for its valuation – type, deployment, organization size, and industry vertical.
• By type, it is segmented into solution and services. The services segment is expected to dominate the global market due to changing nature of the workforce and labor challenges faced by corporations. In addition, the need for consulting services in light of changing government policies and rules is likely to bolster the segment growth over the forecast period.
• By deployment, it is segmented into on premise and on-cloud. The on-cloud deployment is predicted to be the leading segment due to flexibility and scaling offered by the software to corporations and large enterprises.
• By organization size, it is segmented into large and small & medium enterprises (SMEs). Large enterprises are expected to account for a large market share by 2023 due to the software being cost-effective in lowering expenses considerably.
• By industry vertical, it is segmented into healthcare, manufacturing, government, insurance, banking, retail, and logistics. The manufacturing vertical can contribute to the overall workforce analytics market due to the use of radiofrequency identification (RFID) tags and sensors used for tracking employee growth. The banking sector has employed workforce analytics software to gauge employee productivity rate and their attitude towards customers. This is exemplified with the Bank of America employing sensors to analyze group dynamics in a working environment.
Regional Analysis:
Geography-wise, the global workforce analytics market covers Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW).
North America is expected to be the dominant region in the workforce analytics market due to presence of prominent software developers and trusted vendors. Shift towards cloud services as well as its early adoption by companies in the U.S. and Canada can bode well for the regional market.
Europe is the second biggest region for the workforce analytics market driven by industrial hubs and a large workforce in the U.K., Italy, Germany, and France.
The APAC region, on the other hand, can display a strong growth rate over the forecast period due to the changing dynamics of trade, diverse workplace, and rising awareness of the software.
Industry Update:
TriNet, a U.S. based provider of HR solutions, has launched TriNet Workforce Analytics aimed at small and medium businesses for extracting the right information for making informed business decisions.
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Table of Contents
1 Market Introduction
1.1 Introduction
1.2 Scope of Study
1.2.1 Research objective
1.2.2 Assumptions
1.2.3 Limitations
1.3 Market Structure
2 Research Methodology
2.1 Research Workforce Analytics
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
2.4.1 Market Data Collection, Analysis & Forecast
2.4.2 Market Size Estimation
Continued…
List of Tables
Table 1 Workforce Analytics Market, By Type
Table 2 Workforce Analytics Market, By Deployment
Table 3 Workforce Analytics Market, By Organization Size
Continued…
List of Figures
Figure 1 Research Type
Figure 2 Workforce Analytics Market, By Type (%)
Figure 3 Workforce Analytics Market, By Deployment (%)
Continued…
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