Workforce Analytics Market
PUBLISHED: 2022 ID: SMRC21696
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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

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4.6 (26 reviews)
Published: 2022 ID: SMRC21696

This report covers the impact of COVID-19 on this global market
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Years Covered

2020-2028

Estimated Year Value (2022)

US $1,205.14 BN

Projected Year Value (2028)

US $3,139.25 BN

CAGR (2022 - 2028)

17.3%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

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

Largest Market

Asia Pacific

Highest Growing Market

North America

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
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

Table of Contents

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.

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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