Workforce analytics is a platform designed by the combination of software and algorithms implementing the statistical models to the work force related data giving the benefit to the enterprises to efficiently optimize the human resources management. The result of the workforce analytics allows the organizations to develop and improve the methods of recruiting and effectively take the hiring decisions. Additionally the analytics software help the organizations identify the new positions needs and predicting the success of the employee. This proves a great benefit to the higher management in identifying the factors that influence the employee job satisfaction.
With the advancements in technology and increase in the global trade, it has made a huge impact on the work culture across the globe for different organizations resulting in the decrease of the skilled workforce. This dynamic change in the workforce has made the management to utilize the workforce analytics to better optimize the customer needs and employee workforce.
The market for workforce analytics is segmented by type, deployment, organization size, industry vertical and by region. On the basis of type, it is divided into solutions and services. Services are further bifurcated as consulting service, system integration service, and managed services. The services segment is dominating the market for workforce analytics by type due to changing workforce and labor challenges that are faced by the enterprises globally. Also, due to the changing work dynamics and different governmental labor rules and regulations, the demand for consulting services is growing and is expected to grow significantly in the forecasted period. The segmentation is also done on the basis of deployment. Under deployment, the cloud-based workforce analytics is leading segment in Workforce Analytics Market majorly due to ease of implementation and user-friendly environmental features. The market is also divided into large organizations and SME’s under organization size for the industry verticals like banking, insurance, government, retail, and logistics, healthcare and manufacturing.
Major Key Players:
- ADP LLC (U.S.),
- Aquire, Inc (U.S.)
- Cornerstone OnDemand Inc (U.S.)
- Genpact Ltd (Bermuda)
- IBM Corporation (U.S.)
- Kronos Inc (U.S.)
- Oracle Corporation (U.S.)
- PeopleSreme Pty. Ltd (Australia)
- SAP SE (Germany)
- Tableau Software (U.S.)
- Tower Watson & Co (U.S.)
- Visier Inc (Canada)
- Workday Inc (U.S.)
- WorkForce Software, LLC (U.S.)
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On the basis of region, the market for workforce analytics is divided into North America, Europe, Asia pacific and rest of the world. North America region is leading the market in workforce analytics majorly due to the presence of big and large number of vendors. Also Increase in the early adoption of cloud – based workforce analytics from U.S and Canadian companies with the shift towards software as a service in cloud-based workforce analytics. Following North America is Europe and Asia pacific.
Increase in infrastructure and awareness of benefits of workforce analytics across the Asia Pacific regions are expected to grow the market during the forecast period. India, China, and Japan these are the countries have the highest market share of workforce analytics market. Rapid economic development in the region, increasing citizen prosperity is playing a key role in the growth of this market.
Various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. The leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio.
For the purpose of this study, Market Research Future has segmented the market of workforce analytics into type, deployment, organization size, industry vertical and region.
- On Premise
- On Cloud
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- Storage providers
- Network providers
- Banking Institutions
- Insurance providers
- Higher management
- Research firms
- Software investors
- Software Developers
- Software Testers
- Analytics solutions providers
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