Pune, India, April 03, 2023 (GLOBE NEWSWIRE) -- The global workforce analytics market size was valued at USD 1.59 billion in 2022. The market is projected to grow from USD 1.81 billion in 2023 to USD 4.78 billion by 2030, exhibiting a CAGR of 14.9% during the forecast period. Growing demand for enhanced analytical solutions to organize massive data is anticipated to boost the workforce analytics market growth during the forecast period. Fortune Business Insights presents this information in its report titled “Global Workforce Analytics Market Forecast, 2023-2030.”
Workforce analytics is enhanced data analytics solutions for workforce performance improvement and evaluation. Performance and talent management, compensation management, workforce planning, recruitment, employee collaboration, and management are some applications that the market comprises.
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Key Industry Development:
June 2020: Workday, Inc., a provider of enterprise cloud applications for human resources and finance, launched Workday People Analytics. This enhanced analytics application recognizes top opportunities and risks concerning a company’s workforce and provides insights.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 14.9% |
| 2030 Value Projection | USD 4.78 Billion |
| Base Year | 2022 |
| Workforce Analytics Market Size in 2022 | USD 1.59 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 123 |
| Segments covered | Deployment, Enterprise Type, End-user and Geography |
Key Takeaways:
- Workforce Analytics Market size in North America was USD 0.64 billion in 2022
- Major driving factors include Growing Demand for Analyzing Employee Work Performance
- The cloud segment has the largest share in the global market.
- Global demand is driven by the rising demand in IT & telecommunication.
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Drivers & Restraints:
Increasing Demand for Monitoring Performance to Propel Software Demand
Workforce analytics is a data-driven procedure to manage individuals at work. To understand employee engagement, retention, and performance, it uses statistical and data methods to help companies. The availability of data and implementation of technologies, such as machine learning and artificial intelligence, have elevated the market.
However, the high cost of installation and implementation of these technologies is likely to hinder market growth.
Segments:
By Deployment, Cloud to Lead Owing to Swift Digital Transformation
Based on deployment, the market is bifurcated into cloud and on-premise. Cloud segment holds the maximum market share and is expected to grow at a substantial CAGR during the forecast period as it provides cost-effectiveness, efficiency, and flexibility.
By Enterprise Type, Large Enterprises to Capture Maximum Share through 2030
Based on enterprise type, the market is classified into large enterprises and small & medium enterprises. Software is used by small, medium, and large enterprises. Due to the early adoption of software, large enterprises segment is likely to dominate the market during the forecast period.
Small & medium enterprises segment is anticipated to witness growth due to the growing number of SMEs in developing regions such as Asia Pacific, South America, and the Middle East & Africa.
By End-user, IT & Telecommunication Segment to Dominate Market Share in Future
IT & telecommunication segment holds the largest share in the global market due to rapid development in the sector owing to the rising need for better IT & telecommunication services. Several companies are investing majorly in this software for data security and managing the data efficiently.
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Regional Insights:
Growing Adoption and Deployment of Advanced Technologies to Drive the Asia Pacific Market
The Asia Pacific region observes a huge potential for market growth during the forecast period. Due to increasing adoption and deployment of advanced technologies, such as cloud-based solutions, there is increasing demand for this software. Additionally, collaborations and partnerships among regional enterprises provide enhanced solutions, thereby driving the Asia Pacific workforce analytics market share.
Competitive Landscape
Major Players Focus on New Products to Strengthen Market Position
Key players in the market are developing innovative and advanced analytics solutions to cater to the needs of consumers. They are also aiming to enhance their existing product portfolio to provide convenient solutions with exclusive features.
List of Key Players Profiled in the Report
- ADP, Inc. (U.S.)
- Cornerstone OnDemand, Inc. (U.S.)
- IBM Corporation (U.S.)
- Kronos Incorporated (U.S.)
- SAP SE (Germany)
- Workday, Inc. (U.S.)
- WorkForce Software, LLC (U.S.)
- Visier, Inc. (Canada)
- Oracle Corporation (U.S.)
- TriNet Group, Inc. (U.S.)
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Major Table of Contents:
- Global Workforce Analytics Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Deployment (USD)
- Cloud
- On-premise
- By Enterprise Type (USD)
- Large Enterprises
- Small & Medium Enterprises
- By End-user (USD)
- Healthcare
- IT & Telecommunication
- BFSI
- Manufacturing
- Retail
- Food & Beverages
- Government
- Others (Media & Entertainment, Education, etc.)
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Workforce Analytics Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Deployment (USD)
- Cloud
- On-premise
- By Enterprise Type (USD)
- Large Enterprises
- Small & Medium Enterprises
- By End-user (USD)
- Healthcare
- IT & Telecommunication
- BFSI
- Manufacturing
- Retail
- Food & Beverages
- Government
- Others (Media & Entertainment, Education, etc.)
- By Country (USD)
- United States
- Canada
- Mexico
- South America Workforce Analytics Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Deployment (USD)
- Cloud
- On-premise
- By Enterprise Type (USD)
- Large Enterprises
- Small & Medium Enterprises
- By End-user (USD)
- Healthcare
- IT & Telecommunication
- BFSI
- Manufacturing
- Retail
- Food & Beverages
- Government
- Others (Media & Entertainment, Education, etc.)
- By Country (USD)
- Brazil
- Argentina
- Rest of South America
TOC Continued…!
FAQs
How big is the workforce analytics market?
Workforce analytics market size was USD 1.59 billion in 2022. It is expected to reach USD 4.78 billion by 2030.
How fast is the workforce analytics market growing?
The workforce analytics market will exhibit a CAGR of 14.9% during the forecast period, 2023-2030
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