5th November 2019 – Global Workforce
Analytics Market is expected to reach USD 1.87 billion by 2025.
Workforce analytics is a combination of methodology and software that covers
statistical models to worker-related data, letting manufacturers to enhance
human resource management (HRM). These tools are used to present complete
worker performance to deliver a well understanding and assist in overall
management. The Workforce Analytics Market is estimated to grow at a
significant CAGR of 16.0% over the forecast period as the scope and its
applications are rising enormously across the globe.
Increasing enhancement in technology and
growing global trade are documented as major factors of Workforce Analytics
Market that are estimated to enhance the growth in the years to come. However,
data security concern may restrain overall market in the coming years.
Workforce Analytics industry is segmented based on type, deployment type,
organization size, vertical, and region.
Services and solutions are the types
that could be explored in Workforce Analytics in the forecast period. Services
sector may comprise of managed services, consulting services, and system
integration services. The workforce analytics solutions sector accounted for
the substantial market share of Workforce Analytics and is estimated to lead
the overall market in the coming years. This may be because of increasing workforce
challenges faced by the organizations across the globe. In addition, the
services sector is estimated to grow at fastest pace in the coming years.
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Private cloud and public cloud are the
deployment type that could be explored in Workforce Analytics in the forecast
period. Small & medium-sized enterprise and large enterprise are the
organization size that could be explored in Workforce Analytics in the forecast
period.
The market may be categorized based on verticals
like manufacturing, BFSI, travel & hospitality, energy & utilities,
telecom & it, government & public sector, healthcare, retail, and
others could be explored in the forecast period. The banking, financial
services, and insurance (BFSI) sector accounted for the substantial market
share of Workforce Analytics and is estimated to continue its dominance in the
coming years. However, healthcare sector is estimated to grow at highest CAGR
in the coming years.
Globally, North America accounted for
the substantial market share of Workforce Analytics and is estimated to lead
the overall market in the coming years. The reason behind the overall market
growth could be presence of key manufacturers in the region. Instead, Europe
and the Asia Pacific are also estimated to have a positive influence on the
future growth. Europe is the second largest region with significant market
share. However, Asia Pacific is estimated to grow at fastest pace with the
highest CAGR in the foremost period. The developing countries like India and
China are the major consumers of Workforce Analytics in this region.
The key players of Workforce Analytics
Market are IBM Corporation, ADP LLC, Oracle Corporation, Tableau Software,
Genpact Ltd., and SAP Se. These players are concentrating on inorganic growth
to sustain themselves amongst fierce competition. As companies all over the
world have to believe that alliance with a market would permit them
proportional market existence and authority to declare the leadership position.
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