Workforce Analytics Market 2023 | Growing list of HRM solution vendors likely to boost the growth of workforce analytics solutions over the forecast period

Workforce analytics enables the control and management of various aspects of workforce management and helps maintain employees’ details from the date of joining to the date of retirement. Moreover, workforce analytics incorporates HR activities such as time & attendance, scheduling & staffing, performance management, and employee benchmarking along with other core HR features. Workforce analytics helps to develop the productivity of HR staff by providing self-service web interfaces.

Workforce analytics not only allows businesses to manage and access their employee details effectually on a real time basis but also provides meaningful insights. Numerous software development providers and vendors are laying emphasis on enrichment of workforce analytics by integrating value added processing such as human resource compliance management tools, artificial intelligence, and other features, for instant process design control. Moreover, increasing workforce globalization is projected to enhance the large scale implementation of workforce analytics by small and large enterprises. Rising demand for better architectures for talent and recruiting functions is crucial to the growth of workforce analytics models, which includes employee benefit administration, employee verification, and employment application processing.

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The workforce analytics market has been segmented in terms of component, enterprise, application, end-use industry, and region. While considering component, the market has been segmented into software, and services. The global market by enterprise type comprises small & medium enterprises (SME’s) and large enterprises. The small and medium enterprise (SMEs) segment consists of the income generated from the sale of workforce analytics to enterprises/companies with strength of 1-500 employees. Large enterprise segment reflects the revenue generated from the sale of workforce analytics to enterprises/companies with a labor force of more than 500 employees. In large enterprises, adoption of workforce analytics is already high as it is a cost effective process, improves security measures, and assists in compliance management. The application segment of the workforce analytics market has been divided into time & attendance, scheduling & staffing, performance management, benchmarking and others. In terms of end-user industry, the market has been bifurcated into BFSI, telecom and IT, government, healthcare, education, manufacturing, retail and others. Geographically, the market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

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North America remained the dominant region in the workforce analytics market in 2017.The region accounted for almost one-third of the global market revenue share and is expected to continue its leading position throughout the forecast period. This is due to the fact that a large number of mid-sized and small enterprises are leaning toward workforce analytics. Europe captured the second largest market share in 2017. Asia Pacific, which showed the fastest growth in 2017, buoyed by rising adoption rate of digitalization in talent management over the years, is however seeing hurdles in the growth of the workforce analytics market. Factors such as different regulatory compliances and limited availability of efficient Internet connectivity infrastructure are seen as key reasons for the potential growth slag.

This report on the global workforce analytics market provides market revenue share analysis of the various key participants. Some of the key players profiled in the workforce analytics market report include ADP, LLC, Beeline, Cornerstone OnDemand, Inc., GainInsights Solutions Pvt. Ltd., Genpact Ltd., Kronos, Inc., Nakisa, Inc., Oracle Corporation, PeopleFluent Companies, PeopleStreme Pty. Ltd., SAP Success Factors, Tableau Software Inc., TALENTSOFT, Visier, Inc., Workday, Inc., and WorkForce Software LLC.

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