Workforce Analytics Market Highlights:
Workforce analytics is focused on conjunctures of algorithms and software tools applying the statistical structures to workforce related data, which is beneficial for business. Workforce analytics can greatly optimize human resource management for enterprises. A study conducted by Market Research Future (MRFR) reveals that the global workforce analytics market is poised to demonstrate a compound annual growth rate (CAGR) of 13% from 2017 to 2023. In addition, the market is expected to surpass a valuation of USD 1000 Mn by the end of forecast period.
workforce analytics market share enables enterprises to create and enhance recruitment procedure and effectively streamline hiring system. Further, these analytical tools assist business in identifying new position requirement and analyses employee efficiency. Organisation are also being driven towards such tools to their cost benefits.
Rapid technological advances coupled with globalization is influencing the work cultures all over the world. Emphasis is being placed to bringing uniformity in labour laws worldwide, which is creating application opportunities for tools such as workforce analytics. There is a dynamic change noticed in workforce, which is prompting employers to utilize cutting-edge management solutions. Companies are realizing the importance of having an efficient and cohesive employee workforce and willing to take decisive action towards reaching the goal.
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Workforce Analytics Market Competition Analysis:
Notable companies discussed in the report include Aquire, Inc (U.S.), Genpact Ltd (Bermuda), Kronos Inc (U.S.), PeopleSreme Pty. Ltd (Australia), Tableau Software (U.S.), Visier Inc (Canada), WorkForce Software, LLC (U.S.), ADP LLC (U.S.), Tower Watson & Co (U.S.), Cornerstone OnDemand Inc (U.S.), Oracle Corporation (U.S.), Workday Inc (U.S.), SAP SE (Germany) and IBM Corporation (U.S.)
Workforce Analytics Market Segmental Analysis:
MRFR’s report includes a thorough segmental analysis of the market on the basis of type, deployment, organization size and industry.
On the basis of type, the market has been segmented into services and solutions. The services segment is further sub-segmented into managed services, system integration service and consulting service. The services segment expected to remain highly attractive during the forecast period. The evolving global labour landscape is necessitating workflow analytics services. It has been observed that the demand for consulting services has increased significantly in recent years. Such factors are supporting the growth of the segment.
On the basis of deployment, the market has been segmented into on cloud and on premise. The on cloud segment is expected to remain highly attractive during the assessment period. On cloud deployment is more feasible as compared to on premise deployment. Moreover, on cloud deployment has relatively lower environmental repercussions. On the basis of organization size, the market has been small & medium sized and large sized. On the basis of industry, the market has been segmented into insurance government, logistics, manufacturing, retail, healthcare, and banking.
Workforce Analytics Market Regional Analysis:
The regions covered in the report include Europe, North America, Asia Pacific (APAC) and rest of the world (RoW). North America commands the largest share of the global workforce analytics market in terms of revenues. The region is home to a large number of market players, which puts it in a favourable position. Countries like Canada and the U.S. are early adopters of cloud technology, which has partly influencing the shift towards various solutions including cloud-based workforce analytics.
Europe, following on the heels of North America, acquires the second spot in the global workforce analytics market. Europe has strong presence of the diversified companies operating in multiple sectors. The region remains an important investment destination for technology companies. Meanwhile, APAC is viewed as an emerging market for workforce analytics. The region is expected to present attractive opportunities for market players over the next couple of years.
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