Workforce Analytics Market Share, Growth, Opportunities 2031

Report Description

Workforce Analytics Market Outlook 2031:

The workforce analytics market size was valued at USD 1.59 Billion in 2022 and is projected to reach USD 5.55 Billion by 2031, expanding at a CAGR of 14.9% during the forecast period 2023 - 2031.

Workforce analytics is a statistical tool for analyzing workforce and employee-related behavioral analysis in an organization. Workforce analytics is an integration of big data analytics with other statistical methods to measure and maintain operational and human resource management in an organization. It is used for measuring the behavior of employees and analyzing them by using statistical methods and software to improve business performance.

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Benefits of workforce analytics include empowerment of managers within the organization, strengthen the team spirit, and improve organizational values. For managers it offers various advantages such as hiring decisions, identify and quantify work accident risks, measures future workforce needs, and optimize employee experience.

Workforce analytics is a combination of methodology and software that utilizes statistical models worker-related data allowing the optimization of human resources in an organization.

Workforce Analytics Market Dynamics:

• Enterprises are focusing on advance people analytics management systems including the workforce analytics due to the requirement for speed, unity, and innovation.
• Companies are seeking to improve collaboration across various departments within the organization to increase innovative ideas into their products and services, thus fueling the adoption of workforce analytics.
• The deployment of workforce analytics across enterprises is likely to fuel the market during the forecast period.
• Various industries such as healthcare and retail use AI-based workforce analytics for several benefits such as human bias, improvement in efficiency, and employee assessment, thus propelling the market.
• Workforce analytics is employed for predictive decision making abilities so that decisions can be made easily. Improvements in AI-based workforce analytics increase the productivity of an organization and create a positive environment. This, in turn, fuels the workforce analytics market.
• Lack of information and high cost of deployment discourage small enterprises form adopting workforce analytics, which in turn, hampers the market.
• Rising use of workforce analytics systems in the banking, financial services and insurance sector is creating opportunities in the market.

Scope Of The Workforce Analytics Market Report:

The report on the global workforce analytics market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Workforce Analytics Segment Insights:

Based on type, the market is bifurcated into solutions and services. The services segment dominates the market. The services segment offers the services such as consulting services, system integration services, and managed services.

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In terms of deployment type, the workforce analytics market is classified as public cloud and private cloud. The public cloud segment generates major revenue due to high adoption of technology such as artificial intelligence and cloud based systems by companies.

On the basis of organization size, the market is fragmented into large enterprise and small & medium-sized enterprise. The large enterprise segment dominated the workforce analytics market in 2020 and is projected to remain dominant during the forecast period, owning to the use of workforce analytics in large enterprises to analyze employee data for or achieving organizational goals.

The small & medium-sized enterprise segment is expected to grow at a significant CAGR during the forecast period due to rising adoption of workforce analytics by of small and medium enterprises for increasing the operational efficiency.

Based on verticals, the workforce analytics market is classified as BFSI, energy & utilities, government & public sector, retail, healthcare, telecom & IT, travel & hospitality, and manufacturing. The BFSI sector dominated the market in 2020 and this trend is projected to continue during the forecast period, owning to the increase its demand for workforce from this sector. The retail segment is estimated to expand at a significant CAGR during the forecast period due to the growing need to enhance employee skills in the retail industry.

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In terms of regions, the global workforce analytics market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America dominates the global market due to high rate of adoption of technologies such as cloud system, artificial intelligence, big data, and analytics tools, in the region.

The market in Asia Pacific is expected to grow at a rapid pace during the forecast period due to rising adoption of new technology to improve employee productivity and performance by organizations and small businesses.

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