Selbyville, Delaware, Oct. 03, 2023 (GLOBE NEWSWIRE) --
The HR analytics market valuation is expected to exceed USD 11 billion by 2032, as reported in a research study by Global Market Insights Inc.
As per the report, consistent technological breakthroughs in the human resource space will stimulate industry growth during 2023 to 2032. The development of advanced analytics tools and technologies, including machine learning and artificial intelligence, has made it easier to collect, process, and analyze HR data. These technologies enhance the accuracy and depth of HR analytics.
A recent study by B2B Reviews found that over 50% of IT HR professionals are utilizing AI chatbots like ChatGPT for various tasks in their departments, such as training, surveys, performance evaluations, and hiring. Surprisingly, 10% of IT HR professionals admitted using ChatGPT for drafting employee termination notices. The research surveyed 792 tech employees and 213 tech HR professionals and highlighted that ChatGPT significantly enhances time-saving and overall efficiency in HR roles. By automating tasks like interview scheduling, onboarding, and candidate follow-ups, HR staff reported saving an average of 70 minutes per week.
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The HR analytics market from the solutions segment will grow substantially through 2032, driven by factors such as the increasing emphasis on data-driven HR practices to optimize talent management and boost employee engagement. For instance, companies like Google have leveraged HR analytics to improve recruitment processes by analyzing candidate data and reducing hiring time. Additionally, the COVID-19 pandemic highlighted the need for HR analytics solutions in managing remote workforces, enhancing workforce planning, and monitoring employee well-being, further accelerating its adoption across industries.
The HR analytics market from the workforce planning segment will expand at a decent CAGR from 2023 to 2032. HR analytics solutions and services are gaining popularity in workforce planning applications owing to their ability to provide data-driven insights for informed decision-making. For instance, during the pandemic, companies like IBM utilized HR analytics to adapt to remote work needs, ensuring a seamless transition for employees. These tools help organizations predict workforce trends, identify skills gaps, and optimize workforce distribution, ultimately enhancing operational efficiency and ensuring the right talent is in place for future needs.
The HR analytics market from healthcare segment will propel at a notable growth rate between 2023 and 2032, on account of several factors. One significant driver is the increasing need for cost-effective staffing solutions and efficient resource allocation, especially in light of the COVID-19 pandemic. For example, healthcare institutions like the Mayo Clinic have utilized HR analytics to optimize nurse staffing levels, ensuring that they have the right number of nurses with the necessary skills at any given time, leading to better patient care and cost savings.
Europe HR analytics market is experiencing substantial growth due to the increasing recognition of the value of data-driven HR practices in optimizing workforce management. For instance, companies like Siemens have implemented HR analytics solutions to enhance talent acquisition and retention strategies. Additionally, Europe's stringent data privacy regulations, such as GDPR, have compelled organizations to invest in HR analytics to ensure compliance while harnessing workforce insights, further fueling the industry's growth in Europe.
Some of the leading companies involved in the HR analytics market include Sisense Inc., Konor, Zoho Corp. Pvt. Ltd., MicroStrategy Inc., Infor, GainInsights, Workday, Inc., Oracle Corporation, SAP SE, Tableau, Software, LLC., Cegid, Sage Software Solutions Pvt. Ltd., UKG Inc., IBM Corporation, Crunchr, and Visier, Inc.
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These companies are indeed actively adopting new growth strategies to bolster their capabilities and expand their offerings in the market. These strategies allow them to tap into new technologies, markets, and talent pools, ultimately strengthening their competitive positions in the HR analytics industry. For instance, in June 2023, Oracle integrated features powered by generative AI into its Fusion Cloud Human Capital Management platform. These capabilities, powered by Oracle's Cloud Infrastructure generative AI service, are designed to enhance efficiency for employees, candidates, recruiters, and managers and streamline HR processes.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 HR analytics market 360º synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023-2032
2.3 Regional trends
2.4 Component trends
2.5 Application trends
2.6 Enterprise size trends
2.7 Deployment model trends
2.8 Industry vertical trends
Chapter 3 HR Analytics Market Insights
3.1 Impact on COVID-19
3.2 Russia- Ukraine war impact
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Technology innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 Growing emphasis on workforce optimization
3.10.1.2 Increasing adoption of remote and flexible work
3.10.1.3 Increasing demand for talent analytics
3.10.1.4 Integration of AI and ML in HR analytics
3.10.1.5 Presence of strict labor laws across the globe
3.10.2 Industry pitfalls & challenges
3.10.2.1 Absence of standard HR metrics and benchmarks
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
