U.K. HR Analytics Market Size, Share & Trends Analysis Report By Solution (Employee Engagement & Development, Payroll & Compensation, Retention), By Service, By Deployment, By Enterprise-size, By End-use, And Segment Forecasts, 2023 - 2030

U.K. HR Analytics Market Size, Share & Trends Analysis Report By Solution (Employee Engagement & Development, Payroll & Compensation, Retention), By Service, By Deployment, By Enterprise-size, By End-use, And Segment Forecasts, 2023 - 2030

U.K. HR Analytics Market Growth & Trends

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.

Given that HR professionals are equally responsible for making strategic decisions and aligning all the HR functions with the organizational goals, vision, and mission, organizations have started adopting HR analytics solutions and services that can potentially reduce the time required to perform administrative HR functions, so that the time saved can be utilized in strategic decision-making and analysis, supporting the market growth.

The proliferation of smart devices and the continued implementation of the Bring Your Own Device (BYOD) policy is driving the adoption of HR analytics systems that can allow employers as well as employees to access data from any location and at any time with the help of mobile applications, thereby saving time and ensuring flexible data access. All these factors are expected to fuel the growth of the U.K. HR analytics industry over the forecast period.

The increasing adoption of Infrastructure-as-a-Service (IaaS) and Software-as-a-Service (SaaS) creates robust opportunities for market players to increase their software & services portfolio. For instance, in May 2020, Oracle Corporation launched Oracle Analytics for Cloud Human Capital Management (HCM) powered by Oracle Autonomous Database and built on Oracle Analytics Cloud.

This solution features KPI & dashboard library, a cross-functional data model, and advanced analytics. With these features, HR professionals can process the data from various key areas, such as performance talent ratios, turnover & retention, compensation trends & ratios, diversity statistics & trends, and workforce demographics.

U.K. HR Analytics Market Report Highlights

• The retention segment is expected to register a CAGR of 15.8% from 2023 to 2030. HR leaders can use people analytics solutions to improve Diversity, Equity, and Inclusion (DEI) in an organization’s workforce and identify the departments where turnover rates are higher than normal. Employee retention may improve as a result of such strategies. For instance, HR leaders could examine the specific reasons for employees leaving an organization and discover that low pay was one of the most frequently cited reasons
• The implementation & integration segment is anticipated to grow at a CAGR of 14.5% from 2023 to 2030. The growth can be attributed to the increased organizational demand to improve the services of their existing systems, increased automation, and the adoption of cloud computing
• The hosted segment is anticipated to witness the highest CAGR of 18.4% over the forecast period. Various organizations are increasing their spending on all-in-one systems that can be deployed on the cloud owing to the reduced costs and the efforts required to implement the systems. Furthermore, cloud-based solutions enhance mobility and flexibility by allowing employees and employers to access data from any device, irrespective of the time and location
• The Small & Medium Enterprises (SMEs) segment is the fastest-growing segment registering a CAGR of 16.6% over the forecast period. SMEs are focusing on using HR analytics solutions to control their solutions across several geographies and manage multiple employees to gain a clear picture of employee sentiment, engagement, and productivity with the help of real-time HR analytics
• The BFSI segment is expected to register a CAGR of 14.7% through 2030. Within the financial services industry, HR and finance analytics enable businesses to measure employee contribution to the performance of the business as a whole. Moreover, advanced analytics allows HR leaders to enumerate their contribution to revenue by reducing the cost of attrition and retaining top talent
• Key market players have an extended operating history, a large customer base, and significant competitive strengths. For instance, in May 2022, Beamery Inc, a U.K.-based talent lifecycle management company, launched Beamery Talent Analytics, a solution aimed at helping organizations retain and grow talent, close skills gaps, predict future workforce need, and achieve diversity targets. The business solution provides a broad view of the skills and experiences of a candidate and employee, helping companies identify talent, hire more quickly, and retain existing teams

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