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

NEW YORK, Jan. 18, 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 demand for efficient workforce management and recruitment is a key factor driving market growth. Through the use of workforce analytics solutions, organizations can gain insights into employee productivity, engagement, retention, and other important metrics to make decisions about their staff. Moreover, organizations can draw useful information on their human resources, optimize recruitment procedures, enhance employee engagement and retention, and help them achieve business success.

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The driver for the Workforce Analytics Market is the increasing demand for comprehensive insights into organizational dynamics and employee performance. Companies prioritize Talent Management, Employee Engagement, and Human Capital Metrics to enhance productivity. Predictive Analytics, HR Data Integration, and Performance Measurement enable informed decision-making. Workforce Planning, Labor Market Trends, and Talent Acquisition Analytics are crucial for strategic HR planning. Employee Retention Strategies, Succession Planning, and Diversity and Inclusion Metrics support a thriving workplace. Learning and Development Analysis, Organizational Network Analysis, and Compensation and Benefits Analysis aid in talent development. Real-Time Workforce Reporting, Employee Lifecycle Analytics, and AI in Workforce Analytics offer dynamic monitoring. Remote Workforce Data, Big Data in HR, and HR Process Optimization cater to modern work trends. Labor Force Demographics and Workforce Risk Management address workforce challenges. Employee Satisfaction Surveys, Workforce Cost Analysis, and Skill Gap Analysis ensure employee well-being. Incorporating Employee Wellness Programs, Absenteeism, and Turnover Rates, HR Compliance Monitoring, and Employee Sentiment Analysis drive holistic workforce optimization.

Market Challenge

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

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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 in the Workforce Analytics Market:

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

Related Reports:

The business software services market size is projected to increase by USD 163.56 billion at a CAGR of 11.23% between 2023 and 2028.

The Workspace Aggregator Market size is projected to increase by USD 2.13 billion at a CAGR of 10.92% between 2023 and 2028.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by End-user

Market Segmentation by Application

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

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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