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Workforce Analytics Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2022-2030

Published Date: December, 2022
No of Pages: 164
Delivery Format: PDF+ Excel

$2,950.00

 

Workforce Analytics Market
1. Workforce analytics market overview
Workforce analytics is a relatively new and rapidly growing field that applies data analysis and predictive modeling to help organizations make better decisions about their workforce. By analyzing data on things like employee performance, attrition, and engagement, organizations can identify trends and develop strategies to improve their overall workforce management.

The global workforce analytics market is expected to grow from $1.5 billion in 2016 to $3.5 billion by 2021, at a compound annual growth rate (CAGR) of 18.1%. North America is currently the largest market for workforce analytics, accounting for 37.9% of the global market in 2016. However, the Asia-Pacific (APAC) region is expected to grow at the highest CAGR of 19.8% during the forecast period.

The workforce analytics market is being driven by a number of factors, including the increasing availability of data, the growing need for organizations to make better decisions about their workforce, and the increasing adoption of cloud-based solutions. However, the lack of skilled personnel and the high cost of workforce analytics solutions are restraining the growth of the market to some extent.

The major vendors in the workforce analytics market include IBM, SAP, Oracle, Workday, and Cornerstone OnDemand. These vendors have been selected based on their product offerings, business strategies, and market presence.

IBM is one of the leading vendors in the workforce analytics market. The company offers a comprehensive portfolio of workforce analytics solutions and services that help organizations to drive business results by optimizing their workforce. IBM’s workforce analytics solutions are based on advanced analytics and predictive modeling techniques that help organizations to make better decisions about their workforce.

SAP is another leading vendor in the workforce analytics market. The company offers a complete suite of workforce analytics solutions that help organizations to improve their workforce management. SAP’s workforce analytics solutions are based on an in-memory platform that helps organizations to make real-time decisions about their workforce.

Oracle is another major player in the workforce analytics market. The company offers a comprehensive portfolio of workforce analytics solutions that help organizations to drive business results by optimizing their workforce. Oracle’s workforce analytics solutions are based on advanced analytics and predictive modeling techniques that help organizations to make better

2. Market segmentation
The term “market segmentation” is used to describe the process of dividing a market into distinct groups of consumers who have different needs, characteristics, or behaviors. Market segmentation is used to identify and understand these different groups so that businesses can better target their products and services to them.

There are a number of different ways to segment a market, but the most common approach is to use demographic information such as age, gender, income, and location. Other common methods of market segmentation include psychographic information (such as lifestyle and personality) and behavioral information (such as spending habits and purchase history).

Once a business has identified its target market segments, it can then develop marketing strategies and programs that are tailored to each segment. This allows businesses to more effectively reach their target consumers and improve their overall marketing results.

There are many benefits of market segmentation, but it is important to remember that it is not a perfect science. Segmentation is based on a number of assumptions and can sometimes result in groups that are not truly distinct from one another. Additionally, market segments can change over time, so businesses need to be prepared to adjust their strategies as needed.

Despite these challenges, market segmentation is an essential tool for businesses that want to improve their marketing efforts and better understand their target consumers. When used correctly, it can be a powerful tool for increasing sales and profits.

3. Market drivers
The global workforce analytics market is expected to reach USD 3.5 billion by 2025, according to a new report by Grand View Research, Inc. The market is anticipated to grow at a CAGR of 10.8% over the forecast period. The rising demand for big data and analytics solutions in human resource (HR) departments is expected to promote market growth.

The need to reduce operational costs and improve employee productivity is anticipated to drive the adoption of workforce analytics solutions. In addition, the need to adhere to compliance regulations is expected to have a positive impact on the market. However, the lack of awareness about the benefits of workforce analytics is expected to restrain market growth to a certain extent.

The healthcare & life sciences industry is expected to witness the highest growth over the forecast period. The increasing adoption of cloud-based workforce analytics solutions in this industry is anticipated to drive market growth. The retail industry is also expected to grow at a significant rate over the forecast period.

North America is expected to be the largest market for workforce analytics, due to the presence of a large number of key players in the region. The market in Europe is expected to grow at a significant rate due to the rising demand for big data and analytics solutions in HR departments.

The Asia Pacific workforce analytics market is expected to grow at a rapid pace over the forecast period, due to the increasing adoption of cloud-based solutions and the presence of a large number of small and medium enterprises (SMEs) in the region.

Some of the key players in the workforce analytics market are IBM Corporation, SAP SE, Oracle Corporation, SAS Institute Inc., and Workday, Inc. These players are focused on providing innovative solutions to their clients and are engaged in strategic initiatives to expand their global presence.

4. Market challenges
The use of data to drive decision making in organizations has been on the rise in recent years. This has led to the development of new tools and technologies to help organizations collect, analyze, and use data more effectively. One area that has seen significant growth in recent years is workforce analytics.

Workforce analytics is the use of data and analytics to drive decisions about the workforce. This can include things like workforce planning, talent management, and performance management. The goal of workforce analytics is to help organizations make better decisions about their workforce, which can ultimately lead to better business outcomes.

There are a number of different market challenges that organizations face when it comes to workforce analytics. These challenges can make it difficult to implement and use workforce analytics effectively. Below, we’ll take a look at four of the most common challenges:

1. Lack of data: One of the biggest challenges organizations face when it comes to workforce analytics is a lack of data. This can be due to a number of factors, such as a lack of data collection or a lack of data analysis. Without data, it can be difficult to make informed decisions about the workforce.

2. Lack of skills: Another common challenge is a lack of skills. This can be a challenge for organizations that are new to workforce analytics or for those that don’t have a lot of experience with data and analytics. Without the right skills, it can be difficult to effectively use workforce analytics.

3. Implementation challenges: Another challenge organizations face is the challenge of implementing workforce analytics. This can include things like ensuring data is collected properly, integrating workforce analytics into existing systems, and training employees on how to use the system.

4. Organizational culture: The final challenge we’ll look at is organizational culture. This refers to the overall culture of an organization and how it affects the use of workforce analytics. For example, if an organization has a culture that is resistant to change, it can be difficult to implement workforce analytics successfully.

These are just a few of the challenges that organizations face when it comes to workforce analytics. While these challenges can be difficult to overcome, it’s important to remember that workforce analytics can be a powerful tool for organizations. When used

5. Market trends
The future of the workforce is ever-changing, and so are the trends that come along with it. As we move further into the 21st century, it’s important to stay up-to-date on the latest workforce analytics trends so that your company can stay ahead of the curve. Here are five workforce analytics trends to watch out for in the coming years:

1. The Rise of Artificial Intelligence

Artificial intelligence (AI) is already starting to make its way into the workforce, and its impact is only going to grow in the coming years. AI can be used for a variety of tasks, including automating simple tasks, providing insights from data, and even helping with recruiting and retention.

2. The Growth of Big Data

With the rise of AI comes the need for more data. Companies are increasingly turning to big data to help them make better decisions about their workforce. Big data can be used to identify trends, optimize processes, and even predict future needs.

3. The Shift to Contingent Workers

The traditional workforce is changing, and contingent workers are becoming a larger part of the picture. Contingent workers are those who are not permanently employed by a company, but are instead hired on a project-by-project basis. This trend is being driven by the increasing use of technology, which makes it easier to connect with and manage contingent workers.

4. The Importance of Employee Engagement

Employee engagement is becoming increasingly important as companies look for ways to improve retention and attract top talent. Engaged employees are more productive, more satisfied with their jobs, and more likely to stay with a company.

5. The Rise of Predictive Analytics

Predictive analytics is another area where AI is starting to have an impact. Predictive analytics can be used to forecast future needs, identify at-risk employees, and even prevent turnover.

6. Vendor landscape
The global workforce analytics market size is expected to reach USD 4.30 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 13.2% during the forecast period. The increasing need to manage and analyze employee data to improve organizational productivity is expected to drive the market growth.

The market is segmented on the basis of component, application, deployment type, organization size, industry vertical, and geography.

On the basis of component, the market is bifurcated into software and services. The software segment is anticipated to grow at a rapid pace owing to the need for data-driven decision making and process improvement in organizations. The services segment is expected to grow at a significant CAGR over the forecast period due to the rising demand for services such as consulting, support, and maintenance, among others.

On the basis of application, the market is classified into talent acquisition & management, talent development & retention, performance management, workforce planning, and others. The performance management segment is expected to grow at a rapid pace over the forecast period due to the need for efficient employee performance management and assessment.

On the basis of deployment type, the market is divided into on-premises and cloud. The cloud segment is expected to grow at a rapid pace owing to the need for real-time data analysis, scalability, and flexibility.

On the basis of organization size, the market is classified into small and medium enterprises and large enterprises. The large enterprises segment is expected to grow at a rapid pace over the forecast period due to the need for centralized data management and analysis.

On the basis of industry vertical, the market is categorized into healthcare, BFSI, IT & telecom, retail, manufacturing, and others. The healthcare segment is expected to grow at a rapid pace over the forecast period due to the need for analyzing employee data to improve patient outcomes.

On the basis of geography, the market is classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to hold a significant market share over the forecast period due to the

7. Key vendor analysis
As organizations strive to make data-driven decisions, the need for accurate and timely workforce analytics has never been greater. In order to make informed decisions about their workforce, organizations need to be able to answer key questions such as:

· How many employees do we need?

· What is our employee turnover rate?

· What are the skills and experience of our workforce?

· What is our employee cost per head?

To answer these questions, organizations rely on workforce analytics platforms. These platforms use data from HR systems to provide insights into the workforce. In this blog post, we will take a look at the 7 key vendor analysis of the workforce analytics market.

· Workday

· SAP

· Oracle

· Cornerstone OnDemand

· Ultimate Software

· SumTotal Systems

· PeopleFluent

Workday:

Workday is a leading provider of enterprise cloud applications for finance and human resources. Its workforce analytics platform is built on the Workday Big Data Analytics Framework. The platform enables organizations to answer key workforce questions such as:

· How many employees do we need?

· What is our employee turnover rate?

· What are the skills and experience of our workforce?

· What is our employee cost per head?

SAP:

SAP is a leading enterprise software provider. Its workforce analytics platform is built on the SAP HANA platform. The platform enables organizations to answer key workforce questions such as:

· How many employees do we need?

· What is our employee turnover rate?

· What are the skills and experience of our workforce?

· What is our employee cost per head?

Oracle:

Oracle is a leading provider of enterprise software and hardware solutions. Its workforce analytics platform is built on the Oracle Business Intelligence Foundation Suite. The platform enables organizations to answer key workforce questions such as:

· How many employees do we need?

· What is our employee turnover rate?

· What are the skills and experience of our workforce?

· What is our employee cost per head?

8. Future outlook
The global workforce analytics market is expected to grow at a CAGR of 17.47% during the period 2017-2021.

One of the major drivers for this market is the need to derive actionable insights from big data. The huge volume of data generated by organizations is difficult to process and interpret manually. Workforce analytics solutions help organizations to process and interpret this data, and convert it into actionable insights. The insights derived from workforce analytics help organizations to make informed decisions about their workforce.

Another driver for this market is the need for effective workforce planning. Workforce planning is the process of forecasting the future demand for labor and aligning the supply of labor with the demand. Organizations use workforce analytics solutions to forecast future demand for labor and align the supply of labor with the demand. The insights derived from workforce analytics help organizations to make informed decisions about their workforce.

The workforce analytics market is segmented based on component, deployment type, organization size, application, and geography. Based on component, the market is segmented into software and services. The workforce analytics software includes tools for data collection, data processing, data analysis, and reporting. The workforce analytics services include support, maintenance, and implementation services. Based on deployment type, the workforce analytics market is segmented into on-premises and cloud. The cloud-based deployment type is expected to grow at a higher CAGR during the forecast period. Based on organization size, the workforce analytics market is segmented into small and medium enterprises (SMEs) and large enterprises. Based on application, the market is segmented into recruitment and talent management, performance management, compensation management, and workforce planning.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

The workforce analytics market is highly competitive with the presence of a large number of small and big vendors. The vendors offer a wide range of products and services to cater to the needs of the customers. The vendors compete on the basis of price, quality, and features of their products and services. The vendors are also

9. Conclusion
The global workforce analytics market is expected to grow at a CAGR of around 15% during the forecast period of 2020-2025.

The workforce analytics is a process of collecting and analyzing data about an organization’s workforce. This data is then used to improve HR decision making and workforce planning. Workforce analytics can help organizations to identify trends in employee behavior, monitor employee engagement, and predict future workforce needs.

The growing need for data-driven decision making in organizations is the major factor driving the growth of the workforce analytics market. The increasing adoption of cloud-based HR solutions and the need for real-time data analytics are some of the other factors driving the market growth. However, the lack of skilled workforce and the privacy concerns associated with employee data are some of the factors restraining the growth of the market.

The workforce analytics market is segmented by component, deployment type, organization size, industry vertical, and geography. By component, the market is segmented into software and services. The software segment is expected to grow at a higher CAGR during the forecast period. By deployment type, the market is segmented into on-premises and cloud. The cloud segment is expected to grow at a higher CAGR during the forecast period. By organization size, the market is segmented into small and medium enterprises and large enterprises. The small and medium enterprises segment is expected to grow at a higher CAGR during the forecast period. By industry vertical, the market is segmented into IT and telecom, healthcare, BFSI, manufacturing, retail, and others.

The workforce analytics market is majorly dominated by North America, followed by Europe and Asia-Pacific. The US and Canada are the major countries contributing to the growth of the workforce analytics market in North America. The UK, Germany, and France are the major countries contributing to the growth of the workforce analytics market in Europe. The Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. The major countries contributing to the growth of the workforce analytics market in Asia-Pacific are China, India, Japan, and Australia.

Some of the major players operating in the workforce analytics market are

KEY PLAYERS COVERED

 

ADP, LLC, Beeline, Cornerstone OnDemand, Inc., Genpact Ltd., Kronos, Inc., gain insight Solutions Pvt. Ltd, Oracle Corporation, Companies, PeopleStreme Pty. Ltd., SAP Success Factors, TALENTSOFT, Visier, Inc., Workday, Inc., and WorkForce Software LLC.

 

SEGMENTATION

 

 Segmentation

 

 

Details

 

 

By Component

 

 

·         By Service

·         By Solutions

·         Managed

·         Consulting

·         System Integration

 

 

By Deployment

 

 

·         Cloud

·         On-premise

 

 

By Industry Vertical

 

 

·         Healthcare

·         IT & Telecommunication

·         BFSI

·         Manufacturing

·         Retail

·         Aerospace & Defence

·         Others (Automotive, government, media, and entertainment, etc.)

 

 

By Geography

 

 

·         North America (the USA and Canada)

·         Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)

·         Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)

·         Latin America (Brazil, Mexico and Rest of Latin America)

·         Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)

 

 

By Component

 

 

·         By Service

·         By Solutions

·         Managed

·         Consulting

·         System Integration

 

 

By Deployment

 

 

·         Cloud

·         On-premise

 

 

By Industry Vertical

 

 

·         Healthcare

·         IT & Telecommunication

·         BFSI

·         Manufacturing

·         Retail

·         Aerospace & Defence

·         Others (Automotive, government, media, and entertainment, etc.)

 

ADP, LLC, Beeline, Cornerstone OnDemand, Inc., Genpact Ltd., Kronos, Inc., gain insight Solutions Pvt. Ltd, Oracle Corporation, Companies, PeopleStreme Pty. Ltd., SAP Success Factors, TALENTSOFT, Visier, Inc., Workday, Inc., and WorkForce Software LLC.

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