Report Ocean has released a research study titled “Workforce Analytics Market 2023 Forecast to 2032 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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The Workforce Analytics Market can be analyzed in depth with the following 10 points, providing insights into its significance within the human resources, workforce management, and data analytics industries:
- Definition and Purpose: The Workforce Analytics Market encompasses the use of data analysis and metrics to gain insights into workforce performance, productivity, and employee behavior. It aids in making data-driven decisions in human resources and talent management.
- Industry Applications: Workforce analytics finds applications across various industries, including HR, finance, healthcare, manufacturing, and retail, where optimizing workforce performance and talent management is essential.
- Data Collection and Integration: Workforce analytics collects and integrates data from various sources, such as HR systems, time and attendance records, and performance evaluations, to provide a comprehensive view of workforce dynamics.
- Performance Metrics: Workforce analytics measures key performance indicators (KPIs) related to workforce, including turnover rates, employee engagement, productivity, and talent acquisition and retention.
- Predictive Analysis: Workforce analytics leverages predictive modeling and machine learning to forecast future workforce trends, helping organizations plan for workforce needs, succession planning, and skills gaps.
- Employee Engagement: By analyzing data on employee engagement and satisfaction, organizations can identify factors affecting employee morale and well-being, leading to improved retention and productivity.
- Compliance and Diversity: Workforce analytics plays a critical role in ensuring compliance with labor regulations and promoting diversity and inclusion within the workplace.
- Market Growth: The Workforce Analytics Market is expected to grow as organizations increasingly recognize the importance of data-driven decision-making in HR and workforce management.
- Integration with HR Technology: Workforce analytics solutions often integrate with existing HR technology and software, providing a seamless data analysis and reporting process.
- Evolving Landscape: The industry is evolving with the inclusion of AI and machine learning algorithms, enhancing predictive capabilities, and further integrating with other HR tools, creating a more comprehensive approach to workforce optimization.
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
Market Research Objective:
To assess market size and growth potential:
- The objective is to determine the current market size, estimate its growth rate, and identify potential opportunities for market expansion.
To understand customer preferences and behavior:
- The objective is to gain insights into customer needs, preferences, buying behaviors, and decision-making processes to develop effective marketing strategies and product offerings.
To evaluate market competition:
- The objective is to assess the competitive landscape, identify key competitors, analyze their market share, strengths, weaknesses, and strategies to formulate a competitive positioning.
To explore new market segments:
- The objective is to identify and understand untapped or emerging market segments, assess their potential demand, and evaluate the feasibility of targeting these segments.
To assess brand perception and awareness:
- The objective is to measure brand awareness, perception, and loyalty among customers and target audiences to gauge the effectiveness of branding and marketing efforts.
To evaluate product or service satisfaction:
- The objective is to gather feedback from customers regarding their satisfaction levels with a specific product or service, identify areas for improvement, and enhance customer experience.
To analyze market trends and industry dynamics:
- The objective is to identify and analyze market trends, technological advancements, regulatory changes, and other factors influencing the industry’s dynamics to inform strategic decision-making.
To explore market entry opportunities:
- The objective is to identify potential markets for expansion, assess their attractiveness, understand entry barriers, and evaluate the feasibility of entering new markets.
To conduct market segmentation and targeting:
- The objective is to segment the market based on demographics, psychographics, or other relevant factors and develop targeted marketing strategies for each segment.
To assess pricing strategies:
- The objective is to evaluate pricing strategies in the market, analyze price sensitivity among customers, and identify optimal pricing levels for products or services.
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