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Workforce Analytics Market

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

4.0 (84 reviews)
Published: February 2022 ID: SMRC20374
4.0 (84 reviews)
Published: February 2022 ID: SMRC20374

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Workforce Analytics Market is accounted for $ 1027.40 million in 2021 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.

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 opportunities 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 201: 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
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan       
o China       
o India       
o Australia 
o New Zealand
o South Korea
o Rest of Asia Pacific   
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o 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
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

 

1 Executive Summary     
       
2 Preface     

 2.1 Abstract    
 2.2 Stake Holders    
 2.3 Research Scope    
 2.4 Research Methodology    
  2.4.1 Data Mining   
  2.4.2 Data Analysis   
  2.4.3 Data Validation   
  2.4.4 Research Approach   
 2.5 Research Sources    
  2.5.1 Primary Research Sources   
  2.5.2 Secondary Research Sources   
  2.5.3 Assumptions   
      
3 Market Trend Analysis     
 3.1 Introduction    
 3.2 Drivers    
 3.3 Restraints    
 3.4 Opportunities    
 3.5 Threats    
 3.6 Application Analysis    
 3.7 End User Analysis    
 3.8 Emerging Markets    
 3.9 Impact of Covid-19    
      
4 Porters Five Force Analysis     
 4.1 Bargaining power of suppliers    
 4.2 Bargaining power of buyers    
 4.3 Threat of substitutes    
 4.4 Threat of new entrants    
 4.5 Competitive rivalry    
      
5 Global Workforce Analytics Market, By Component Type     
 5.1 Introduction    
 5.2 Solutions          
  5.2.1 Pay Roll and Monitoring        
  5.2.2 Talent Acquisition and Development Optimization Services        
 5.3 Services          
  5.3.1 Consulting Services        
  5.3.2 Managed Services        
  5.3.3 Professional Services        
  5.3.4 System Integration Services        
  5.3.5 Implementation        
 5.4 Software          
  5.4.1 Hybrid        
  5.4.2 Public Cloud        
  5.4.3 Private Cloud        
  5.4.4 Workforce Analytic   
      
6 Global Workforce Analytics Market, By Organization Size     
 6.1 Introduction    
 6.2 Large Enterprises           
 6.3 Small-and Medium-Sized Enterprises (SME's)          
              
7 Global Workforce Analytics Market, By Employee Base     
 7.1 Introduction    
 7.2 <100 Employees          
 7.3 100-499 Employees          
 7.4 500-999 Employees           
 7.5 1,000-4,999 Employees          
 7.6 >5000 Employees          
              
8 Global Workforce Analytics Market, By Deployment Type      
 8.1 Introduction    
 8.2 On-Premises          
 8.3 Software as a Service (Saas) Cloud Based           
      
9 Global Workforce Analytics Market, By Application      
 9.1 Introduction    
 9.2 Benchmarking          
  9.2.1 Compensation Management        
  9.2.2 Succession Management        
  9.2.3 Training and Development        
 9.3 Performance Management          
  9.3.1 Learning & Development        
  9.3.2 Workforce Planning        
 9.4 Time & Attendance          
 9.5 Scheduling & Staffing          
 9.6 Other Applications          
  9.6.1 Recruiting Management         
  9.6.2 Turnover Tracking     
      
10 Global Workforce Analytics Market, By Distribution Channel     
 10.1 Introduction    
 10.2 Offline          
 10.3 Online       
      
11 Global Workforce Analytics Market, By  End User     
 11.1 Introduction    
 11.2 Aerospace & Defence          
 11.3 Banking, Financial Services, and Insurance (BFSI)          
 11.4 Education          
 11.5 Energy & Utilities          
 11.6 Government & Public Sector          
 11.7 Grocery Stores          
 11.8 Healthcare          
 11.9 Leisure          
 11.10 Logistics          
 11.11 Manufacturing & Retail          
 11.12 Media Communication Services & Entertainment           
 11.13 Restaurants          
 11.14 Telecom and Information Technology (IT)          
 11.15 Travel & Hospitality          
 11.16 Vending Machines          
 11.17 Other End Users          
  11.17.1 Automotive        
  11.17.2 Food & Beverages        
  11.17.3 Real Estate     
      
12 Global Workforce Analytics Market, By Geography     
 12.1 Introduction    
 12.2 North America    
  12.2.1 US   
  12.2.2 Canada   
  12.2.3 Mexico   
 12.3 Europe    
  12.3.1 Germany   
  12.3.2 UK   
  12.3.3 Italy   
  12.3.4 France   
  12.3.5 Spain   
  12.3.6 Rest of Europe   
 12.4 Asia Pacific    
  12.4.1 Japan   
  12.4.2 China   
  12.4.3 India   
  12.4.4 Australia   
  12.4.5 New Zealand   
  12.4.6 South Korea   
  12.4.7 Rest of Asia Pacific   
 12.5 South America    
  12.5.1 Argentina   
  12.5.2 Brazil   
  12.5.3 Chile   
  12.5.4 Rest of South America   
 12.6 Middle East & Africa    
  12.6.1 Saudi Arabia   
  12.6.2 UAE   
  12.6.3 Qatar   
  12.6.4 South Africa   
  12.6.5 Rest of Middle East & Africa   
      
13 Key Developments     
 13.1 Agreements, Partnerships, Collaborations and Joint Ventures    
 13.2 Acquisitions & Mergers    
 13.3 New Product Launch    
 13.4 Expansions    
 13.5 Other Key Strategies    
      
14 Company Profiling     
 14.1 Accenture Plc           
 14.2 Automatic Data Processing, Inc          
 14.3 Capgemini          
 14.4 Cisco Systems Inc.          
 14.5 Cornerstone OnDemand          
 14.6 IBM Corporation          
 14.7 Kronos Inc.          
 14.8 Oracle Corporation           
 14.9 Peoplestreme Pty Ltd ( Ascender)          
 14.10 SAP SE          
 14.11 SumTotal Systems, LLC          
 14.12 Tableau Software          
 14.13 Visier, Inc          
 14.14 Workday, Inc          
 14.15 Workforce Software    
 14.16 Infor Enterprise software company    


List of Tables      
1 Global Workforce Analytics Market Outlook, By Region (2020-2028) (US $MN)      
2 Global Workforce Analytics Market Outlook, By Component Type (2020-2028) (US $MN)      
3 Global Workforce Analytics Market Outlook, By Solutions (2020-2028) (US $MN)      
4 Global Workforce Analytics Market Outlook, By Pay Roll and Monitoring (2020-2028) (US $MN)      
5 Global Workforce Analytics Market Outlook, By Talent Acquisition and Development Optimization Services (2020-2028) (US $MN)      
6 Global Workforce Analytics Market Outlook, By Services (2020-2028) (US $MN)      
7 Global Workforce Analytics Market Outlook, By Consulting Services (2020-2028) (US $MN)      
8 Global Workforce Analytics Market Outlook, By Managed Services (2020-2028) (US $MN)      
9 Global Workforce Analytics Market Outlook, By Professional Services (2020-2028) (US $MN)      
10 Global Workforce Analytics Market Outlook, By System Integration Services  (2020-2028) (US $MN)      
11 Global Workforce Analytics Market Outlook, By Implementation (2020-2028) (US $MN)      
12 Global Workforce Analytics Market Outlook, By Software (2020-2028) (US $MN)      
13 Global Workforce Analytics Market Outlook, By Hybrid (2020-2028) (US $MN)      
14 Global Workforce Analytics Market Outlook, By Public Cloud (2020-2028) (US $MN)      
15 Global Workforce Analytics Market Outlook, By Private Cloud (2020-2028) (US $MN)      
16 Global Workforce Analytics Market Outlook, By Workforce Analytic (2020-2028) (US $MN)      
17 Global Workforce Analytics Market Outlook, By Organization Size (2020-2028) (US $MN)      
18 Global Workforce Analytics Market Outlook, By Large Enterprises (2020-2028) (US $MN)      
19 Global Workforce Analytics Market Outlook, By Small-and Medium-Sized Enterprises (SME's) (2020-2028) (US $MN)      
20 Global Workforce Analytics Market Outlook, By Employee Base (2020-2028) (US $MN)      
21 Global Workforce Analytics Market Outlook, By <100 Employees (2020-2028) (US $MN)      
22 Global Workforce Analytics Market Outlook, By 100-499 Employees (2020-2028) (US $MN)      
23 Global Workforce Analytics Market Outlook, By 500-999 Employees (2020-2028) (US $MN)      
24 Global Workforce Analytics Market Outlook, By 1,000-4,999 Employees  (2020-2028) (US $MN)      
25 Global Workforce Analytics Market Outlook, By >5000 Employees  (2020-2028) (US $MN)      
26 Global Workforce Analytics Market Outlook, By Deployment Type (2020-2028) (US $MN)      
27 Global Workforce Analytics Market Outlook, By On-Premises  (2020-2028) (US $MN)      
28 Global Workforce Analytics Market Outlook, By Software as a Service (Saas) Cloud Based  (2020-2028) (US $MN)      
29 Global Workforce Analytics Market Outlook, By Application  (2020-2028) (US $MN)      
30 Global Workforce Analytics Market Outlook, By Benchmarking  (2020-2028) (US $MN)      
31 Global Workforce Analytics Market Outlook, By Compensation Management (2020-2028) (US $MN)      
32 Global Workforce Analytics Market Outlook, By Succession Management (2020-2028) (US $MN)      
33 Global Workforce Analytics Market Outlook, By Training and Development (2020-2028) (US $MN)      
34 Global Workforce Analytics Market Outlook, By Performance Management (2020-2028) (US $MN)      
35 Global Workforce Analytics Market Outlook, By Learning & Development (2020-2028) (US $MN)      
36 Global Workforce Analytics Market Outlook, By Workforce Planning (2020-2028) (US $MN)      
37 Global Workforce Analytics Market Outlook, By Time & Attendance (2020-2028) (US $MN)      
38 Global Workforce Analytics Market Outlook, By Scheduling & Staffing (2020-2028) (US $MN)      
39 Global Workforce Analytics Market Outlook, By Other Applications (2020-2028) (US $MN)      
40 Global Workforce Analytics Market Outlook, By Recruiting Management (2020-2028) (US $MN)      
41 Global Workforce Analytics Market Outlook, By Turnover Tracking  (2020-2028) (US $MN)      
42 Global Workforce Analytics Market Outlook, By Distribution Channel (2020-2028) (US $MN)      
43 Global Workforce Analytics Market Outlook, By Offline (2020-2028) (US $MN)      
44 Global Workforce Analytics Market Outlook, By Online (2020-2028) (US $MN)      
45 Global Workforce Analytics Market Outlook, By End User (2020-2028) (US $MN)      
46 Global Workforce Analytics Market Outlook, By Aerospace & Defence (2020-2028) (US $MN)      
47 Global Workforce Analytics Market Outlook, By Banking, Financial Services, and Insurance (BFSI) (2020-2028) (US $MN)      
48 Global Workforce Analytics Market Outlook, By Education (2020-2028) (US $MN)      
49 Global Workforce Analytics Market Outlook, By Energy & Utilities (2020-2028) (US $MN)      
50 Global Workforce Analytics Market Outlook, By Government & Public Sector (2020-2028) (US $MN)      
51 Global Workforce Analytics Market Outlook, By Grocery Stores (2020-2028) (US $MN)      
52 Global Workforce Analytics Market Outlook, By Healthcare (2020-2028) (US $MN)      
53 Global Workforce Analytics Market Outlook, By Leisure (2020-2028) (US $MN)      
54 Global Workforce Analytics Market Outlook, By Logistics (2020-2028) (US $MN)      
55 Global Workforce Analytics Market Outlook, By Manufacturing & Retail (2020-2028) (US $MN)      
56 Global Workforce Analytics Market Outlook, By Media Communication Services & Entertainment    (2020-2028) (US $MN)      
57 Global Workforce Analytics Market Outlook, By Restaurants (2020-2028) (US $MN)      
58 Global Workforce Analytics Market Outlook, By Telecom and Information Technology (IT) (2020-2028) (US $MN)      
59 Global Workforce Analytics Market Outlook, By Travel & Hospitality (2020-2028) (US $MN)      
60 Global Workforce Analytics Market Outlook, By Vending Machines (2020-2028) (US $MN)      
61 Global Workforce Analytics Market Outlook, By Other End Users (2020-2028) (US $MN)      
62 Global Workforce Analytics Market Outlook, By Automotive (2020-2028) (US $MN)      
63 Global Workforce Analytics Market Outlook, By Food & Beverages (2020-2028) (US $MN)      
64 Global Workforce Analytics Market Outlook, By Real Estate (2020-2028) (US $MN)      
      
Note- Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.     

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