HR Analytics Market to be Worth Reach $8.59 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, June 27, 2023 /PRNewswire/ -- The global HR analytics market size is expected to reach USD 8.59 billion by 2030, growing at a CAGR of 14.8% from 2023 to 2030, according to the new reports of Grand View Research, Inc. The increasing adoption of automation and digitization of HR operations to create agile and effective approaches is expected to drive the market demand over the forecast period. HR analytics enables businesses to assess the impact of people's policies on their bottom line, as well as detect future trends and develop future skills. Implementing the latest technologies, such as Artificial Intelligence (AI), advanced analytics, and Machine Learning (ML), helps in employee retention and engagement to enhance and improve HR operations, which is expected to drive market growth.

Key Industry Insights & Findings from the report:

• The talent analytics segment will register a CAGR of over 16.9% during the forecast period due to the need for businesses to attract the right talent with the help of technologies, such as AI, ML, and deep learning.
• The support & maintenance segment is expected to witness a significant CAGR of 17.9% during the forecast period. The demand is expected to rise due to the growing need for timely system patching and security updates.
• The hosted segment is expected to observe a CAGR of 17.7% during the forecast period. It enables businesses to access data from any connected device at any time, expanding the scope for customization and enabling the implementation of analytical tools across multiple business channels. These advantages will contribute to the segment's growth over the forecast period.
• The Small & Medium Enterprises (SMEs) segment is expected to observe a CAGR of 16.5% during the forecast period. With the help of HR analytics, SMEs can control their solutions across multiple geographies and manage multiple employees. At the same time, they can build on their existing strengths to enhance employee satisfaction and workplace culture in the long run. These benefits will drive the segment growth.
• The retail segment is expected to witness a CAGR of 17.3% during the forecast period. Companies in retail are experimenting with new ways to gain remote access to their assets, customers, resources, and required data by utilizing various IT services. This has undoubtedly increased the rate of adoption of HR analytics solutions.
• Asia Pacific is expected to witness significant growth of a CAGR of 16.8% during the forecast period. A rise in the number of automation initiatives being conducted to improve organizational productivity and the presence of a skilled & large labor force is estimated to drive the regional market.

Read full market research report, "HR Analytics Market Size, Share & Trends Analysis Report By Solution (Recruitment, Retention), By Deployment (Hosted, On-premise), By Enterprise Size, By End-use (Government, Healthcare, Retail), By Service, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

HR Analytics Market Growth & Trends

HR analytics solutions can handle tremendous amounts of data, and it helps organizations to achieve an efficient recruiting process. Organizations can leverage advanced analytics to improve scouting talent, performance improvement recruiting, boosting employee happiness, training, hiring, onboarding, attrition, employee demographics, and retention. Better analytical capabilities emerge from more data collection, and predictive analytics technology enables synchronous and real-time intervention, which is why businesses use analytics tools. They can shorten the time it takes for recruiters to review and sort through many resumes. These benefits provided by HR analytics will supplement the market growth during the forecast period.

HR analytics solutions and services ease complex compensation planning, allowing businesses to improve budget allocations and support compensation decisions while adhering to organizational guidelines. Furthermore, organizations all over the world are establishing a digital workplace that allows for flexibility, mobility, and the use of modern communication tools. For instance, in May 2022, IBM Corp. partnered with Ernst & Young Global Ltd. to assist businesses in addressing workforce challenges post-COVID-19 pandemic. Both companies established the Talent Center of Excellence (COE) to develop hybrid cloud-based AI solutions for HR and payroll transformation services.

HR Analytics Market Report Scope

HR Analytics Market Segmentation 

Grand View Research has segmented the global HR analytics market based on solution, service, deployment, enterprise size, end-use, and region

HR Analytics Market - Solution Outlook (Revenue, USD Million, 2018 - 2030)

• Employee Engagement & Development
• Payroll & Compensation
• Recruitment
• Retention
• Talent Analytics
• Workforce Planning
• Others (Applicant Tracking System and Succession and Leadership Planning)

HR Analytics Market - Service Outlook (Revenue, USD Billion, 2018 - 2030)

• Implementation & Integration
• Support & Maintenance
• Training & Consulting

HR Analytics Market - Deployment Outlook (Revenue, USD Billion, 2018 - 2030)

• Hosted
• On-premise

HR Analytics Market - Enterprise-size Outlook (Revenue, USD Billion, 2018 - 2030)

• Large Enterprise
• Small & Medium Enterprise

HR Analytics Market - End-use Outlook (Revenue, USD Billion, 2018 - 2030)

• Academia
• BFSI
• Government
• Healthcare
• IT & Telecom
• Manufacturing
• Retail
• Others (Government, Transportation & Logistics, Energies & Utilities, Travel and Hospitality, and Media and Entertainment)

HR Analytics Market - Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• UK
• Germany
• France
• Italy
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East and Africa
• UAE
• Saudi Arabia
• South Africa

List of Key Players in the HR Analytics Market

• Cegid
• Crunchr
• GainInsights
• IBM Corp.
• Infor
• MicroStrategy Inc.
• Oracle Corp.
• Sage Software Solutions Pvt Ltd.
• SAP SE
• Sisense Inc.
• TABLEAU SOFTWARE, LLC.
• UKG Inc.
• Visier, Inc.
• Workday, Inc.
• Zoho Corporation Pvt. Ltd.

Check out more market research studies published by Grand View Research:

• U.K. HR Analytics Market - The U.K. HR analytics market size is estimated to reach USD 588.4 million by 2030, expanding at a CAGR of 15.0% from 2023 to 2030, according to the recent reports of Grand View Research, Inc. The regional market growth can be attributed to the increasing focus on the automation of Human Resource (HR) processes across all sorts of organizations is emerging as one of the crucial factors in increasing the adoption of HR analytics solutions and services.
• Supply Chain Analytics Market - The global supply chain analytics market size is anticipated to be valued at USD 22.46 billion by 2030, with a CAGR of 17.8% from 2023 to 2030, according to a new study by Grand View Research, Inc. Supply chain analytics is becoming popular as the demand for managing vast volumes of company data and its insights for strategic applications grows (SCA). As the demand for automation technologies and investment from technology developers grows, so does the demand for cognitive computing and AI. The growing awareness among businesses of the advantages of supply chain analytics in terms of improved visibility across the whole supply chain is fueling demand for analytics solutions.
• Europe Supply Chain Analytics Market - The Europe supply chain analytics market size is expected to reach USD 4.07 billion by 2030, registering a CAGR of 15.8% from 2023 to 2030, according to a new study by Grand View Research, Inc. The rising adoption of mobile-based solutions will provide market participants with colossal potential. Low supply chain visibility, higher warehousing costs, inefficient supplier networks, inaccurate projections, and other issues are also driving the industry. The use of technology allows for the estimation of optimum locations and identifying the appropriate number of distribution facilities. In addition, advantages of technological adoption include connecting distributed transport networks to predict product supply points and market demand.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.