Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "Workforce Analytics Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" report has been added to ResearchAndMarkets.com's offering.
The global workforce analytics market is poised for significant growth, fuelled by the integration of Artificial Intelligence (AI), Machine Learning (ML), and cloud-based solutions, influencing the industry's trajectory from 2018 to 2028. Experts forecast an expansion of the market as businesses increasingly recognize the critical role of workforce analytics in improving decision-making and operational efficiency.
Growth Spurred by Advanced Analytical Technologies and Demand for Data-Driven Insights
Technological advancements in AI and ML are revolutionizing the workforce analytics landscape, enabling businesses to harness vast amounts of employee data for insightful analysis. Organizations are turning to sophisticated analytics tools to automate processes, predict hiring trends, and bolster employee retention strategies—critical components in today's competitive market.
The report highlights how AI is not just reshaping present capabilities but also forecasting future growth. With real-time analytics, companies can undertake proactive measures in talent management, resulting in enhanced performance and job satisfaction. Such technological innovations are key factors contributing to the market expansion.
Cloud Adoption: A Catalyst for Transformation in Workforce Analytics
Cloud-based workforce analytics solutions are transforming HR operations, offering organizations a compelling range of benefits including scalability, cost-effectiveness, and accessibility. The report underscores the shift towards cloud infrastructure as a leading storage, management, and data analysis solution—anticipated to be the primary repository for operational data for a majority of A2000 companies by 2025.
This transition to cloud services empowers HR departments with the agility to adapt to dynamic business requirements rapidly. It also enables HR to focus on strategic talent management, leveraging cloud capabilities to optimize HR data's value.
Segmentation and Regional Prospects
In its comprehensive analysis, the report segments the global workforce analytics market by component type, deployment, organization size, and end-use industry. Additionally, it offers a granular perspective of the market across various regions including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa, each with distinct growth dynamics.
Market Dynamics and Competitive Landscape
The report also examines the competitive landscape, profiling key players that are at the forefront of market developments, further intensifying market competition.
As organizations across various sectors, from BFSI to healthcare and retail, seek to make data-driven decisions for strategic human resource management, the global workforce analytics market is anticipated to witness robust growth. With the spotlight firmly on talent acquisition, employee retention, and optimized operational performance, the workforce analytics field is indeed a critical area for investment. The findings presented in the report are essential for business leaders and stakeholders strategizing to navigate and capitalize on the market's potential.
- Workforce Analytics Market
- Artificial Intelligence in HR
- Cloud-Based Workforce Solutions
- Data-Driven Decision Making in HR
- HR Technology Trends
A selection of companies mentioned in this report includes:
- Automatic Data Processing Inc.
- Workday Inc.
- IBM Corporation
- Cornerstone OnDemand Inc.
- Accenture plc
- Kronos Incorporated
- Oracle Corporation
- SAP SE
- Workforce Software LLC
- Cisco Systems Inc.
For more information about this report visit https://www.researchandmarkets.com/r/d5v9j3
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