The workforce analytics market size was valued at USD 885.63 USD million in 2020 and is projected to surpass USD 2238.18 million by 2028. The market is projected to expand at a high CAGR during the forecast period, from 2021 to 2028.
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.
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.
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.
Attributes |
Details |
Report Title |
Workforce Analytics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2021 |
Historic Data |
2020 |
Forecast Period |
2021-2027 |
Segmentation |
Type (Solutions and Services [Consulting Services, System Integration Services, and Managed Services]), Deployment Type (Public Cloud and Private Cloud), Organization Sizes (Large Enterprise and Small & Medium-sized Enterprise), Verticals (BFSI, Energy & Utilities, Government & Public Sector, Retail, Healthcare, Telecom & IT, Travel & Hospitality, Manufacturing, and Others) |
Regional Scope |
Asia Pacific, North America, Europe, Latin America, and Middle East & Africa |
Report Coverage |
Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast |
Key Players Covered |
Aquire, Inc, Genpact Ltd., Kronos, Inc., Oracle Corporation, PeopleStreme Pty. Ltd., SAP SuccessFactors, Tableau Software, Inc., Towers Watson and Co., Visier, Inc., and Workday, Inc. |
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.
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.
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.
Key players in the global workforce analytics market include Aquire, Inc, Genpact Ltd., Kronos, Inc., Oracle Corporation, PeopleStreme Pty. Ltd., SAP SuccessFactors, Tableau Software, Inc., Towers Watson and Co., Visier, Inc., and Workday, Inc. These players engage in mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence.
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