NEW YORK, March 30, 2016 /PRNewswire/ -- "The need to address the increasing challenges due to shrinking skilled workforce is expected to drive the workforce analytics market"
The workforce analytics market size is estimated to grow from USD 422.5 million in 2015 to USD 860.4 million by 2020, at a Compound Annual Growth Rate (CAGR) of 15.3% from 2015 to 2020. The workforce analytics market is driven by factors such as the need to address the increasing challenges due to shrinking skilled workforce, the growing Bring Your Own Device (BYOD) trend among organizations, and the changing work dynamics.
"Workforce analytics solutions expected to show growth positive trends during the forecast period"
The workforce analytics solutions are estimated to have greater demand in the enterprise segment during the forecast period. The demand for consulting services could see a tremendous growth due to the changing work dynamics and variations in the global governmental labor regulations. The workforce analytics market is also projected to witness growth in the retail, healthcare, and energy & utilities verticals, with the Banking, Financial Services, and Insurance (BFSI) vertical contributing the largest market share during the forecast period. North America is expected to witness a larger market share of the market by 2020. Europe and Asia-Pacific regions are expected to grow at a rapid pace in the market due to volatility in the government policies and dynamic pool of skilled workforce.
In the process of determining and verifying the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key people. Break-up of profile of primary participants is as follows:
- By Company Type: Tier 1 – 55 %, Tier 2 – 20% and Tier 3 – 25%
- By Designation: C level – 60%, Director level – 25%, Others – 15%
- By Region: North America – 10%, Europe – 20%, APAC – 40%, RoW – 30%
Due to rise in the demand for integrated workforce analytics solutions and increasing adoption of cloud-based solutions, the workforce analytics market is likely to find a huge opportunity to proliferate in the next five years.
The various key workforce analytics vendors profiled in the report are as follows:
4. SAP SE
6. Cornerstone OnDemand
10. WorkForce Solutions
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the workforce analytics market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across different verticals and regions.
2. The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to better understand the competitors and gain more insights to better their position in the business. The competitive landscape section includes competitor ecosystem, newproduct develpoments, partnerships, mergers and acquisitions.
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