Workforce Analytics Market Forecasts to 2028 – Global Analysis By Organization Size (Large Enterprises, Small-and Medium-Sized Enterprises (SME's)), Employee Base (<100 Employees, 100-499 Employees) and By Geography

Workforce Analytics Market Forecasts to 2028 – Global Analysis By Organization Size (Large Enterprises, Small-and Medium-Sized Enterprises (SME's)), Employee Base (<100 Employees, 100-499 Employees) and By Geography

According to Stratistics MRC, the Global Workforce Analytics Market is accounted for $1205.14 million in 2022 and is expected to reach $3139.25 million by 2028 growing at a CAGR of 17.3% during the forecast period. Workforce analytics is a statistical tool for analytics that strengthen workforce and other employee-related behavioral analyses. It is an integration of big data analytics with other statistical methods to maintain and measure operational and human resource management.

Of the workforce management applications market, the time and attendance segment was by far the biggest segment in the market in 2020, generating around 2.4 billion U.S. dollars in revenue. From 2018 to 2020 this segment gained nearly 700 million U.S. dollars. Thirty percent of surveyed global IT executives reported the successful digital transformation of their workforce in the development department as of 2019. Overall, 37 percent of respondents reported that their organization has implemented a workforce transformation.

Market Dynamics:

Driver:

Rising Acceptance of Workforce Analytics in Big Enterprises

Due to the requirement of flexibility, speed, and innovation, enterprises are now focusing more on advanced people analytics management systems including workforce analytics. Also, companies are looking forward to improving collaboration across various departments to increase the number of innovative ideas built into their products. Thus, these requirements give rise to the adoption of workforce analytics creating demand for the market to grow. For instance, Google is utilizing HR analytics for its talent and field service management activities.

Restraint:

High Cost

Due to the high cost of deployment and lack of information, there are possibilities that small enterprises may not be using workforce analytics. Also, the advancement in workforce analytics such as AI adoption and others adds up the cost and makes workforce analytics more expensive. Thus, these issues may hamper the adoption of workforce analytics for small firms which may obstruct the market growth.

Opportunity:

Growing Usage in HR Departments

As it has been used for monitoring performance data which helps to assess how effectively managers are engaging their employees to set expectations, clarify doubts, plan improvement, and address performance anxieties. Their Project Oxygen analyzed their internal data to quantify what active managers do. They developed a management training program that consolidated eight behaviors, which led to better managerial quality.

Threat:

Lack of Awareness

The combining of all the existing data from different sources, lack of analysis skills, concerns associated with data privacy, and compliance due to the lack of product information are expected to threaten the market growth. Factors such as lack of knowledge regarding the workforce analytics tools, resistance to change the traditional methods might hamper the market growth. Also, challenges such as lack of analysis skills, consolidating all the available data from different sources, concerns regarding data privacy are expected to affect the Market.

Banking, Financial Services, and Insurance (BFSI) segment is expected to be the largest during the forecast period

Due to the increase in demand for the workforce from the banking and financial institutions. As it can provide insights into customers who have some outstanding payments. Credit profiling of these customers to highlight their holdings and the customer behavioral information like outstanding payment, any payment defaults, earnings, etc. can be used to create a credit score of each customer. Furthermore, every banking process can become faster and more effective. Among other things, banks can use advanced analytics to provide faster and more accurate responses to regulatory requests and give teams analytics-enhanced decision support are some of the factors supporting the segment growths.

The Software as a Service (Saas) Cloud Based segment is expected to have the highest CAGR during the forecast period

Software as a Service (Saas) Cloud-Based workforce analytics holds the highest market size during the forecast period, owing to its ease of use, scalability, and cost-effectiveness. Also, it comes under a limited budget, so they could be opted by small and medium scale enterprises as well. Additionally, the cloud-based model features accessibility from various device platforms and demand-based usage which further adds up to attract more customer attention.

Region with highest share:

The Asia Pacific is projected to hold the highest market share, because of the shift towards more employee-centric organizations. The companies are focusing on their employees to gain competitive advantages in the area. Therefore, they are implementing workforce analytics so that they get a clear picture of the internal framework. Furthermore, the government's initiative, such as Startup India, to encourage entrepreneurship within the country, is also driving the market. The Workforce analytics will help the organization to make fact-based HR decisions, thus creating a positive impact on the market.

Region with highest CAGR:

North America is projected to have the highest CAGR, the major factors driving the growth of the market in this province includes a high rate of adoption of technologies such as AI, cloud, big data, analytics, and others, the presence of a key and large number of vendors in this market. Also, an increase in the early adoption of public cloud-based in workforce analytics solutions from the U.S and Canadian companies are expected to drive the growth of the market.

Key players in the market:

Some of the key players profiled in the Workforce Analytics Market include Accenture Plc , Automatic Data Processing, Inc, Capgemini, Cisco Systems Inc, Cornerstone OnDemand, IBM Corporation, Kronos Inc, Oracle Corporation, Peoplestreme Pty Ltd ( Ascender), SAP SE, SumTotal Systems, LLC, Tableau Software, Visier, Inc, Workday, Inc, Workforce Software, Infor Enterprise Software Company.

Key developments:

In March 2021: Oracle Corporation launched an updated version of Oracle HCM cloud to make work simpler, smarter, and more agile. This updated version offered an enhanced experience to users, such as candidates, recruiters, HR professionals, managers, and employees.

In February 2019: Infor partnered with Montage, a provider of HR analytics solutions. This partnership would offer the next generation of predictive talent analytics and interviewing technology for the hiring process by leveraging the capabilities of their respective platforms.

Component Types Covered:
• Solutions
• Services
• Software

Organization Sizes Covered:
• Organization Size
• Small-and Medium-Sized Enterprises (SME's)

Employee Bases Covered:
• <100 Employees
• 100-499 Employees
• 500-999 Employees
• 1,000-4,999 Employees
• >5000 Employees

Deployment Types Covered:
• On-Premises
• Software as a Service (Saas) Cloud Based

Applications Covered:
• Benchmarking
• Performance Management
• Time & Attendance
• Scheduling & Staffing
• Other Applications

Distribution Channels Covered:
• Offline
• Online

End Users Covered:
• Aerospace & Defence
• Banking, Financial Services, and Insurance (BFSI)
• Education
• Energy & Utilities
• Government & Public Sector
• Grocery Stores
• Healthcare
• Leisure
• Logistics
• Manufacturing & Retail
• Media Communication Services & Entertainment
• Restaurants
• Telecom and Information Technology (IT)
• Travel & Hospitality
• Vending Machines
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances