The Global HR Analytics Market Size is Expected to Grow from USD 1.9 Billion in 2019 to USD 3.6 Billion by 2024, at a CAGR of 13.7% During the Forecast Period.
The growing demand to improve retention and need to hire skilled talent with the help of advanced technologies to drive the overall growth of the HR analytics market
The HR analytics market is driven by various factors, such as easy employee on-boarding, better employee engagement, and enhanced workforce efficiency. However, the cultural barrier to adopt advanced solutions over traditional systems can hinder the growth of the market.
The workforce management segment to grow at the highest CAGR during the forecast period
The diverse nature of the business, coupled with remote working employees, has resulted in the generation of huge enterprise data. Modern workforce tools, such as HR analytics, can leverage the benefits of the enterprise data to improve workforce management. HR analytics helps in predicting employee and project needs during the planning phase. This helps organizations save and allocate resources according to project requirements.
The integration and implementation segment to hold the highest market share during the forecast period
Integration and implementation services provide ease to organizations in terms of deploying HR analytics. The services ensure that applications would be integrated effortlessly with their internal and external systems, and get the most out of investments made on IT infrastructure. System integrators help enterprises understand the operational functionalities of their existing systems and establish reliable connectivity between applications for revenue growth.
The consumer goods and retail vertical to grow at the highest CAGR during the forecast period
With time, many retail organizations have deployed a mix of technologies, computer systems, and disparate applications to cater to the growing demands of customers. Customer experience proves to be a very vital differentiating factor among a wide array of online shopping options. To improve performance and achieve higher profits, it is important to have skilled employees and offer best-in-class offerings through touch points, such as stores, and web or mobile applications. Hence, retailers across the globe are formulating data-driven strategies for targeting more customer with a better convergence rate. HR analytics helps retailers in training their employees in offering a better experience to customers.
The Small and Medium-sized Enterprises (SMEs) segment to grow at a higher growth rate during the forecast period
The SMEs segment is expected to grow at a higher CAGR in the HR analytics market during the forecast period. More than larger enterprises, the SMEs face a greater resource crunch and require better methods to solve the complexities for cost optimization on their assets and requirements. Therefore, these days, the SMEs are majorly focusing on utilizing the HR analytics solution to work globally and manage multiple workers.
Asia Pacific (APAC) to record the highest growth rate during the forecast period
APAC is expected to grow at the highest CAGR during the forecast period. The rapid digital transformation in the region has increased the need for HR analytics solution and services. HR analytics enables organizations to fine-tune HR processes so that they can perfectly align employees' performance with their vision and goals. Australia and New Zealand (ANZ), India, and China have emerged as the undisputed leaders in the HR analytics market. North America is projected to hold the largest market size during the forecast period.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in the HR Analytics Market 4.2 Market in North America, By Vertical and Country 4.3 Market Major Countries
5 Market Overview and Industry Trends 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 220.127.116.11 Growing Adoption Among Enterprises to Make Data-Driven Decisions 18.104.22.168 Rising Demand for Workforce Optimization and Talent Mobility 5.2.2 Restraints 22.214.171.124 Varying Structure of Regulatory Policies and Data Regulations 126.96.36.199 Cultural Barrier to Adopt Advanced Solutions Over Traditional Systems 5.2.3 Opportunities 188.8.131.52 Availability of Huge Volume of HR Data and Increase in Number of Data Sources 184.108.40.206 Increasing Adoption of Artificial Intelligence and Machine Learning to Assist Decision-Making 5.2.4 Challenges 220.127.116.11 Inconsistent and Unstructured Data Format 18.104.22.168 Prevalent Concerns Over Deployment and Usage of Advanced Solutions 5.3 Industry Trends 5.3.1 Use Case 1: Kronos 5.3.2 Use Case 2: Crunchr 5.3.3 Use Case 3: Talentsoft
6 HR Analytics Market By Component 6.1 Introduction 6.2 Solution 6.2.1 Changing Workforce Dynamics and Rapidly Increasing Amount of HR Data to Drive Growth of Solution Segment 6.3 Services 6.3.1 Implementation and Integration 22.214.171.124 Increasing Focus on Ensuring Smooth Integration With Various HR Systems to Drive Demand for Implementation and Integration Services 6.3.2 Advisory Services 126.96.36.199 Increasing Adoption of Complex Analytical Tools to Drive Demand for Advisory Services 6.3.3 Support and Maintenance 188.8.131.52 Growing Need for Updating HR Analytics Solution to Spur Demand for Support and Maintenance Services
7 HR Analytics Market By Application Area 7.1 Introduction 7.1.1 Payroll 184.108.40.206 Increasing Focus on Attracting Top Talents to Drive Demand for HR Analytics 7.1.2 Retention 220.127.116.11 Growing Need to Keep Attrition Rate Low to Increase Demand for HR Analytics 7.1.3 Recruitment 18.104.22.168 Growing Need to Improve Hiring Process to Drive Adoption of HR Analytics 7.1.4 Workforce Management 22.214.171.124 Increasing Demand for Workforce Optimization to Boost Growth of HR Analytics Market 7.1.5 Employee Engagement 126.96.36.199 Growing Focus on Keeping Employees Engaged and Happy to Drive Demand for HR Analytics 7.1.6 Employee Development 188.8.131.52 Increasing Demand to Bridge Skill Gap to Boost Demand for HR Analytics
8 HR Analytics Market By Organization Size 8.1 Introduction 8.2 Large Enterprises 8.2.1 Increasing Need to Analyze Employee Data for Achieving Organizational Goals to Drive HR Analytics Adoption Among Large Enterprises 8.3 Small and Medium-Sized Enterprises 8.3.1 Focus on Improving Operational Efficiency and Profit to Boost Growth of Market in Small and Medium-Sized Enterprises Segment
9 HR Analytics Market By Deployment Type 9.1 Introduction 9.2 On-Premises 9.2.1 Concerns Over Security of Sensitive Data to Drive Adoption of On-Premises HR Analytics Solution 9.3 Cloud 9.3.1 Scalability, Enhanced Collaboration, and Cost-Effectiveness to Boost Adoption of Cloud HR Analytics Solution
10 HR Analytics Market By Vertical 10.1 Introduction 10.2 Consumer Goods and Retail 10.2.1 Growing Need to Enhance Employee Skills to Drive Growth of Market in Consumer Goods and Retail Vertical 10.3 Banking, Financial Services, and Insurance 10.3.1 Focus on Building Highly Engaged Workforce to Spur Demand for HR Analytics in Banking, Financial Services, and Insurance Vertical 10.4 IT and Telecom 10.4.1 Growing Need to Match Employment Requirements to Drive Growth of Market in IT and Telecom Vertical 10.5 Manufacturing 10.5.1 Need to Track Performance of Employees to Increase Implementation of HR Analytics Solution in Manufacturing Vertical 10.6 Healthcare 10.6.1 Management of Rotational Shifts for Offering Services to Patients to Boost Growth of Market in Healthcare Vertical 10.7 Education 10.7.1 Automation of HR Processes to Drive Growth of Market in Education Vertical 10.8 Others
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