Westford, USA, Dec. 06, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Workforce Analytics Market Share will reach a value of USD 7.26 Billion by 2031, with a CAGR of 15.40% during the forecast period (2024-2031). Market growth is based on trends including high adoption of data for strategic workforce planning, gaining a competitive advantage, the desire for reduced long-term labor challenge, and ensuring employee engagement and happiness. Industry further development has been enhanced by higher availability of data and the practical use of new technologies applied to machine learning and artificial intelligence. A World Economic Forum survey revealed that by 2022, 85% of the respondents stated that they would be likely to accept both entity and user Big Data analytics. Thus, the workforce analytics market growth would be significant due to more adoption of AI and big data analytics.
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Browse in-depth TOC on the "Workforce Analytics Market"
Pages – 157
Tables – 95
Figures – 76
Workforce Analytics Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 2.31 Billion |
| Estimated Value by 2031 | USD 7.26 Billion |
| Growth Rate | Poised to grow at a CAGR of 15.40% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Deployment Model, Organization Size, Vertical, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Workforce analytics market surges with data-driven insights |
| Key Market Opportunities | Increased Adoption of Remote Work |
| Key Market Drivers | Data-Driven Decision Making |
Dominance of Cloud-Based Segment Due to its Flexibility and Efficiency
The cloud-based segment holds the highest market share and is predicted to grow at the highest growth rate during the entire forecast period. Cloud-based deployment is the main factor propelling this growth. Reasons are flexibility, efficiency, and cost-effectiveness in the deployment of users' excellent platform, accessible from various places, and allow real-time collaboration and remote work. Apart from this, flexibility in cloud solutions makes it much easier for companies to adapt to changing demands, which is a greater attraction.
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Rising Need to be Viable Stimulates BFSI Sector to Lead Workforce Analytics Industry
Some of the major problems that exist in the BFSI industry include low profit margins, growth pressures, and security risks. The need to be viable and compete has made the sector invest in superior infrastructure and latest technology. To meet these shifting needs, BFSI will invest heavily in workforce analytics solutions. High strategic change improves operational efficiency and addresses the current challenges and fosters further workforce analytics industry expansion during the forecast period.
North America Leading Workforce Analytics Market Owing to Technical Innovation
As per the workforce analytics market forecast, in 2023, North America held the astonishing share of 40.5% globally regarding workforce analytics in the market. The technical innovation and new technology adaptability reputation that North America has gained based on reputation has placed the region as a strong one. Strong leadership in the global industry is further backed by an enormous number of North American companies offering analytics solutions using the latest available technology for the state-of-the-art provision. Innovation and continuous development are the key reasons why North America performs outstandingly in the market.
Workforce Analytics Market Insights
Drivers
- Cost Reduction Initiatives
- Data-Driven Decision Making
- Talent Management Needs
Restraints
- Limited Budget for Analytics Tools
- Integration with Legacy System
- Complexity of Data Management
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Segments covered in Workforce Analytics Market are as follows:
- Type
- Solutions, Services (Consulting Services, System Integration, Managed Services)
- Deployment Model
- On-Premises, On-Cloud
- Organization Size
- Enterprise, Small and Medium Business
- Vertical
- BFSI, Energy & Utilities, Manufacturing, Healthcare, Retail, Government & Public Sector, Telecom & IT, Travel & Hospitality, Others
Key Players Operating Within the Workforce Analytics Market
- ADP, Inc.
- Cornerstone OnDemand, Inc.
- IBM Corporation
- Kronos Incorporated
- SAP SE
- Workday, Inc.
- WorkForce Software, LLC
- Visier, Inc.
- Oracle Corporation
- TriNet Group, Inc.
Key Questions Covered in the Global Workforce Analytics Market Report
- What are the factors driving the growth of the market?
- What strategies are adopted by key players operating within the market?
- Which region is expected to grow during the forecast period?
- What are the key workforce analytics market trends?
- By what % of CAGR, is the market expected to grow?
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This report provides the following insights:
- Analysis of key drivers (talent management needs, cost reduction initiatives), restraints (limited budget for analytics tools, complexity of data management) opportunities (increased adoption of remote working, focus on employee engagement), and challenges (data integration issues) influencing the growth of the workforce analytics market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the workforce analytics market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the workforce analytics market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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