Report Ocean has released a research study titled “Workforce Analytics Market 2023 Forecast to 2031 Analysis by Market Trends.” This study offers precise economic forecasts, global assessments, and country-level insights. It provides a comprehensive view of the competitive market and includes an in-depth supply chain analysis to identify significant industry changes. The study explores the current market status, anticipated future growth, technological advancements, investment opportunities, market economics, and financial data. It thoroughly examines the market and offers insights based on a SWOT analysis of the industry.
Workforce Analytics Market is valued approximately USD $$million in 2021 and is anticipated to grow with a healthy growth rate of more than $$% over the forecast period 2022-2028. The Workforce Analytics can be defined as an advanced set of data analysis tools and metrics for comprehensive workforce performance measurement and improvement. Workforce Analytics utilizes both employee and ROI data to inform decisions on recruitment, retention, and employee management among others. The rising adoption of human capital information system and growing adoption from end use industries as well as recent collaborations & product launches from leading market players are accelerating the global market demand.
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For instance, according to Statista – In 2020, the global market for (human capital management)HCM applications was estimated at USD 33.6 billion, and this amount is projected to grow to USD 37.9 billion by end of 2025. Furthermore, in October 2020, Tata Consultancy Services launched its AI-based Workforce Analytics system to enhance productivity and workforce experience. The new solution is designed to help enterprise deal with the talent management challenges of the digital era. Moreover, in March 2022, Sapience Analytics, and HCL Technologies (HCL) entered into a partnership to jointly develop and distribute technologies in the area of employee productivity improvement. Under this partnership, HCL would enhance and resell Sapience’s knowledge workforce management solution. Also, growing penetration Artificial intelligence and machine learning technologies and increase in number of data sources across different industries are anticipated to act as a catalyzing factor for the market demand during the forecast period. However, rising concern over data privacy and compliances impede the growth of the market over the forecast period of 2022-2028.
Major market players included in this report are:
Cornerstone OnDemand, Inc.
International Business Machines Corporation
WorkForce Software, LLC.
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Certainly, here are eight key trends in the Workforce Analytics market:
- People Analytics for Decision-Making: The use of workforce analytics for data-driven decision-making in areas such as recruitment, talent management, and employee engagement.
- AI and Machine Learning Integration: The adoption of artificial intelligence and machine learning to gain deeper insights into employee performance, predict turnover, and optimize workforce strategies.
- Remote Work and Hybrid Workforces: The focus on remote work and hybrid work arrangements is driving the need for analytics tools that help organizations manage distributed teams, track productivity, and maintain employee well-being.
- Diversity, Equity, and Inclusion (DEI): The growing importance of DEI initiatives in the workplace has led to the use of analytics to monitor and improve diversity and inclusion metrics.
- Employee Experience: Workforce analytics is applied to enhance the overall employee experience, measuring factors like engagement, satisfaction, and well-being.
- Skills Gaps and Training: The identification of skills gaps and the use of analytics to tailor training and development programs for employees.
- Predictive Workforce Planning: The use of predictive analytics for workforce planning, helping organizations anticipate future talent needs and adapt to changing market conditions.
- Data Privacy and Ethical Considerations: Concerns related to data privacy and ethics are leading to a greater emphasis on responsible data usage in workforce analytics practices.
The detailed segments and sub-segment of the market are explained below:
By Deployment Type
IT & Telecommunication
Aerospace & Defense
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Rest of the World
Table of Contents:
- Executive Summary
- Market Overview
- Market Analysis
- Market Size and Forecast
- Market Trends
- Market Dynamics
- Market Segmentation
- Competitive Landscape
- Competitive Scenario
- Key Players
- Regional Analysis
- Regional Market Overview
- Market Size and Forecast by Region
- Product/Service Analysis
- Product/Service Overview
- Market Size and Forecast by Product/Service
- End-User Analysis
- End-User Overview
- Market Size and Forecast by End-User
- Industry Structure
- Key Findings and Recommendations
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