Workforce Analytics Market size to grow by USD 1.85 billion from 2022 to 2027, Growth Driven by Demand for efficient workforce management and recruitment, Technavio

NEW YORK, March 21, 2024 /PRNewswire/ -- The "workforce analytics market by end-user (retail, BFSI, telecom and IT, healthcare, and others), application (large enterprises, small, and medium-sized enterprises), and geography  (North America, Europe, APAC, South America, and Middle East and Africa) - Forecast and Analysis 2023-2027" report has been added to technavio offering. The potential growth difference for the workforce analytics market between 2023 and 2027 is USD 1.85 billion. The rising demand for better workforce management and recruitment solutions is boosting market expansion. These solutions assist companies in making smart decisions about their employees by offering insights into productivity, engagement, retention, and other important metrics. Through analytics, organizations can refine their hiring processes, enhance employee engagement, and retain top talent effectively. Real-time analytics provide valuable information on HR metrics like turnover rates, performance, and recruitment expenses, enabling companies to spot trends, enhance productivity, and devise strategies for success. With such insights, organizations can optimize hiring, boost engagement and retention, and ultimately drive business growth. These factors are expected to fuel market growth in the coming years.

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• The lack of a skilled workforce is a significant challenge restricting market growth.

Market Segmentation

• The market share growth by the retail segment will be significant during the forecast period. To identify the best human resources strategies in a retail environment including part-time employees, full-time employees, contractual workers, and other stakeholders across distribution channels, workforce analytics plays an important role. Retailers can analyze various parameters, e.g. feedback from customers, sales productivity, and other performance metrics through the use of workforce analytics. Therefore, the adoption of workforce analysis in retail companies is driven by the increasing number of employed workers and the rising cost of recruitment. Therefore, workforce analytics solutions can be of great benefit to the retail sector.

• APAC is estimated to contribute 33% to the growth of the global market during the forecast period.

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Key Companies 

Accenture Plc, Automatic Data Processing Inc., Brightfield, Bullhorn Inc., Ceridian HCM Inc., Cisco Systems Inc., Cornerstone OnDemand Inc., International Business Machines Corp., Jobvite Inc., Koch Industries Inc., Kronos Inc., New Mountain Capital Group, L.P., Oracle Corp., Paycor Inc., PredictiveHR Inc., Salesforce Inc., SAP SE, Visier Inc., Workday Inc., and WorkForce Software LLC

Analyst Review

The global workforce analytics software market is witnessing significant growth propelled by several key players offering innovative solutions. Companies such as Information Services Group (ISG), Mindtree, Google, Tata Consultancy Services (TCS), Infosys, Hitachi, Braincourt, and ActivTrak are driving this market forward with their diverse range of offerings.

ISG specializes in HR SaaS technology solutions that positively impact employee behavior and enable organizations to make informed workforce decisions. Leveraging predictive analytics, machine learning, data mining, and statistical models, ISG's solutions help in hiring additional staff based on selection criteria and predicting workforce trends in today's globalized world. Flexibility, speed, innovation, and differentiation are hallmarks of ISG's approach.

Mindtree provides HR analytics tools focusing on turnover modeling, risk assessment, and productivity indexing. Despite challenges like lack of product information and high deployment costs, Mindtree's solutions offer performance monitoring, AI-driven insights, and big data analytics, empowering HR teams to enhance ROI and mitigate risk factors while ensuring satisfaction with decisions and enabling real-time talent decisions.

Google, TCS, and Infosys offer continuous performance systems, emphasizing employee engagement levels and addressing major market trends, particularly in the Asia-Pacific region. Their solutions cater to employee-centric organizations, aligning with initiatives like Startup India and enabling fact-based HR decisions through digital technology and internal frameworks.

Hitachi excels in managerial efficiency through data analytics for multinational companies, providing business intelligence solutions for planning, budgeting, reporting, and forecasting. Its dashboard capabilities facilitate data-driven decisions, mitigating unforeseen disruptions.

Braincourt, with its recent acquisition in Northern Europe, offers business intelligence and data science services, particularly in automotive, construction, energy, and telecommunications sectors. Its project management services and expertise in data-driven decision-making cater to diverse industry needs.

ActivTrak, integrated with Google Workspace, provides personal work insights, digital work habit analysis, and wellness monitoring, enhancing productivity and talent management.

ADP's Intelligent Self-Service leverages predictive analytics and machine learning to optimize workforce analytics based on geography and market size, enabling organizations, particularly in Germany, to enhance productivity and talent management.

In conclusion, the workforce analytics market is witnessing rapid evolution with diverse offerings catering to various industries and regions, empowering organizations to make data-driven decisions and optimize their workforce for enhanced performance and growth.

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Market Overview

The Workforce Analytics Market is experiencing rapid growth, fueled by companies like Information Services Group (ISG) offering HR SaaS technology solutions. This sector is witnessing a positive impact due to the adoption of advanced analytics tools to optimize workforce management. Organizations of all sizes are deploying workforce analytics software, leveraging its capabilities to gain insights into employee performance, engagement, and productivity. With a compound annual growth rate (CAGR) on the rise, the market is expected to reach significant value (USD) in the coming years. This growth is driven by the increasing recognition of the importance of data-driven decision-making in managing human resources efficiently.

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ToC:

1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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