Dallas, Texas, Oct. 12, 2022 (GLOBE NEWSWIRE) -- The global HR analytics market is expected to reach US$ 10 billion by 2032, with a 2022 valuation of US$ 2.9 billion at a CAGR of 12.3% during to the forecast period. Prior to this forecast, the market was expanding at a faster CAGR of 14.7%.
The recent growing trend of the HR analytics market helps to explain why more and more industries are getting involved in activities like hiring, retaining, and engaging employees. From storing the data to segmenting it with the aid of various HR analytics tools, HR analytics systems aid in streamlining these complicated operations. The usage of cloud-based solutions is growing, which is driving the quick growth of the HR Analytics market. A further factor driving the market's expansion is the rising use of services to help businesses make better data-driven decisions.
The global HR analytics market is progressing due to the demand for efficient labor management and recruitment. Many businesses make use of platforms for finding talent from other sources. Vendors are adopting new technology more and more as a result. On the basis of mobile and cloud technology, many of these solutions are cognitive in character. Artificial intelligence (AI), robotic process automation (RPA), natural language processing (NLP), and prediction algorithms are examples of cognitive technologies that gather information from social networks and then offer useful insights.
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The usage of these technologies helps businesses maximize their capital and make better decisions, which accelerates the market growth. The industry has been putting greater emphasis on showing measures that focus on efficiency in recent years. Examples of these data include the rise in productivity since her hire and the decrease in HR cost per employee, among others.
Global HR analytics market scope:
| Metrics | Details |
| Study Period | 2022-2032 |
| Market Size in 2032 | USD 10 billion |
| Segment Covered | by Component , Application, Deployment Type, By Region, |
| by Component Covered | Software and Services |
| Application Covered | Core HR, Workforce Management, and Talent Management |
| Deployment Type Covered | On-Premise and Cloud-based |
| Regions Covered | North America, Europe, Asia Pacific, Middle East, and Africa and South America |
| Key Players Profiled | IBM Corporation, Sage Software, SAP Corporation, Oracle Corporation, Microstrategy Inc., Tableau Software, Crunchr, Visier Solutions Inc., Talentsoft, Zoho Corporation, Infor, Kronos Inc., Workday Inc., Gaininsights Solutions Pvt Ltd, Sisense Inc., etc. |
The solution segment will have a bigger market size among components over the projection period. HR analytics gives businesses the ability to examine HR data from various HR systems and derive conclusions from the investigation. Enterprises can discover the ideal methods for employee engagement, retention, and recruitment by utilizing the advantages of HR analytics. Additionally, it aids HR departments in developing better decisions based on data. Additionally, it raises employee engagement and improves their entire experience. Businesses have begun to recognize the numerous advantages of HR analytics and how it can assist them to enhance their personnel planning.
North America is expected to hold the greatest market share in the HR analytics market because the area is a major hub for technological advancements and an early adopter of new technology.
The businesses in the North American region are concentrating on enhancing the productivity of their staff and putting the finest HR operations strategies into reality. By examining the data available, HR analytics assists businesses in improving workforce efficiency. It also helps them maintain their competitiveness in the market. Major players' presence in the area promotes the need for HR analytics adoption.
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For instance, Symplr, a provider of healthcare operations solutions, and Visier Inc., a Canadian company that develops HR analytics platforms, announced a partnership in June 2022 to enable Visier's people analytics capabilities to be integrated into Symplr's Recruiting to make a talent analytics feature. The demand in the region for HR analytics solutions will increase as a result of these advancements over the course of the projected period.
Important Points from Table of Contents:
1. Introduction
2. Research Methodology
3. Market Outlook
4. HR Analytics Market by Component, 2022-2032 (USD Billion)
o Solutions
o Services
o Advisory
5. HR Analytics Market by Application, 2022-2032 (USD Billion)
o Employee Development
o Recruitment
o Workforce Management
6. HR Analytics Market by Deployment Model 2022-2032 (USD Billion)
o Cloud
o On-premise
7. HR Analytics Market by End-use, 2022-2032 (USD Billion)
o Education
o Healthcare
o IT
o Telecom
o Banking, Financial Services, and Insurance (BFSI)
8. HR Analytics Market by Organization, 2022-2032 (USD Billion)
o Large enterprises
o Small and medium enterprises
9. HR Analytics by Region 2022-2032 (USD Billion)
o North America
o Europe
o Asia Pacific
o South America
o Middle East & Africa
10. Competitive Landscape
o Company Ranking
o Market Share Analysis
o Strategic Initiatives
• Mergers & Acquisitions
• New Product Launch
• Others
11. Company Profiles
12. Appendix
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