USD 1.37 billion
Workforce Analytics Market Size, Share, Growth Analysis, By Type(Solutions, Services (Consulting Services, System Integration, Managed Services)), By Deployment Model(On-Premises, On-Cloud), By Organization Size(Enterprise, Small and Medium Business), By Vertical(BFSI, Energy & Utilities, Manufacturing, Healthcare), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45F2058 |
Region:
Global |
Published Date: October, 2024
Pages:
157
|Tables:
95
|Figures:
76
Workforce Analytics Market Insights
Global Workforce Analytics Market size was valued at USD 2.0 billion in 2022 and is poised to grow from USD 2.31 billion in 2023 to USD 7.26 billion by 2031, growing at a CAGR of 15.40% during the forecast period (2024-2031).
Workforce analytics refers to the statistical models that are applied at workplaces to boost productivity and streamline process methodologies. For an efficient organization, different methodologies have been developed in order to serve a larger purpose. This further allows the managers to optimize the Human Resource Management (HRM) processes. With the increase in demand for employees, it is difficult to manage the data manually, as it may lead to human errors, thus the demand for workforce analytics has risen in recent times to manage the large amount of data that is being generated on a daily. This is expected to boost the growth of the global workforce analytics market during the forecast period.
The Covid-19 pandemic has boosted the growth of the global workforce analytics market. The adoption of work from home during the pandemic increased the demand for workforce analytics to manage all the data efficiently. Furthermore, since the lockdown has been lifted in approximately almost all the countries, this has resulted in an increase in the hiring process by the companies, which is fueling the growth of the global workforce analytics market.
US Workforce Analytics Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
On-premise
Fastest Growth
On-premise
Growth Rate
14.9% CAGR
Global Workforce Analytics Market ($ Bn)
Country Share for North America Region (%)
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Workforce Analytics Market Segmental Analysis
Global Workforce Analytics Market is segmented by Type, Deployment Model, Vertical, and region. Based on Type, the market is segmented into Solutions, and Services. Based on Deployment Model, the market is segmented into On-Premise, and On-Cloud. Based on Organization Size, the market is segmented into Enterprise, Small and Medium Business. Based on Vertical, the market is segmented into BFSI, Energy and Utilities, Manufacturing, Healthcare, Retail, Government and Public Sector, Telecom and IT, Travel and Hospitality, and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Workforce Analytics Market Analysis by Component
In 2022, integration system segment held the largest share in the global workforce analytics market. Due to the rapid hiring processes post pandemic, there is a surge in the need for workforce analytical tools as these help in managing the data efficiently. The integration system helps in connecting all the operations in an organization together for better efficiency and coordination to obtain the maximum benefits. Furthermore, as the times are progressing, the automation in workplace processes is also rising rapidly, which is boosting the growth of the segment in the global workforce analytics market.
Following this, the service segment is also expected to see a significant boost during the forecast period. Constant updates and modifications in the software and technology are driving the service sector growth. This is expected to further boost the global workforce analytics market growth during the forecast period.
Workforce Analytics Market Analysis by Deployment
In 2022, the on-premise segment held the largest share in the global workforce analytics market, owing to rapidly developing technologies and the need for customization by various organizations. Easier installation, replacement, and enhancements are driving the revenue growth of the on-premise segment. Efficiency, flexibility, and cost-effectiveness are expected to boost the cloud-based deployment segment growth during the forecast period. Cloud-based deployment provides a better platform for the users that can be accessed from various points.
Workforce Analytics Market Analysis by Industry Vertical
The IT & telecommunication segment has gained maximum share in the global workforce analytics market owing to the rapid expansion in the sector due to an increasing demand for better IT and telecommunication services. Various organizations are investing heavily in workforce analytics tools for data security and manage the data efficiently. This will continue during the forecast period and the segment will continue to dominate the global workforce analytics market.
Following this, the challenges faced by the BFSI segment, including expansion, security threats, and low-profit margins, have drawn attention to the fact that the need for better infrastructure and technology accelerates the success factors. Therefore, the BFSI segment is expected to invest in workforce analytics tools to achieve the above-mentioned needs and will further boost the global workforce analytics market during the forecast period.
Global Workforce Analytics Market By Deployment
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Workforce Analytics Market Regional Insights
In 2022, North America dominated the global workforce analytics market. North America being a huge market for several countries with new technological advancements offers novel opportunities for budding startups. The presence of various companies offering workforce analytic solutions is also responsible for the dominance of North America in the global market.
Following this, the markets in Asia-Pacific are expected to see a rapid surge in revenue growth during the forecast period. Rapidly developing economies and presence of various organizations, which are launching different regulations to mandate and increase the penetration of workforce analytic tools in the region are further boosting the growth of the global workforce analytics market in Asia-Pacific. Increasing partnerships among various organizations in the region to provide better workforce analytics solutions are further propelling the market growth.
Global Workforce Analytics Market By Region
- Largest
- Fastest
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Workforce Analytics Market Dynamics
Workforce Analytics Market Driver
Rapid Increase in Technological Advancements to Drive Market Demand
- Due to the rapid surge in technological advancements and automation of processes across the globe, the companies are investing huge capital in the employment of workforce analytics tools to manage all resources efficiently. Also, surge in the use of cloud-based computing has made it vital for the organizations to have better security measures to prevent data theft and maintain the data privacy. Furthermore, organizations are shifting to cloud-based systems for better flexibility and better accessibility of data, which are expected to boost the growth of the global workforce analytics market during the forecast period.
- With the data extraction as a component of daily based activities, it is necessary to evaluate and store data effectively so that it may be used for a variety of purposes. These workforce analytics tools help in streamlining the process and storing the data, and will enhance the growth of the market during the forecast period. Additionally, the hiring processes are on the rise, necessitating the monitoring of the data in this process, which is propelling the expansion of the global workforce analytics market.
Workforce Analytics Market Restraint
Significant Costs of Platform and Technical Complexity to Discourage the Adoption
- Due to the lack of capital held by small and medium enterprises and the need to provide larger productivity, these enterprises are using public cloud-based systems.
- These systems are even though efficient are not completely secured from security breaches. Besides, enterprises that unable to afford the high-end cloud-based systems tend to compromise with organizational security. This might become a challenge to the adoption of workforce analytics in the small to medium enterprises during the forecast period.
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Workforce Analytics Market Competitive Landscape
The global workforce analytics market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. The prominent players in the competition to provide better solutions to workforce data management with increasing hiring our recruitment procedures.
Top Players in the Global Workforce Analytics Market
- ADP, LLC. (US)
- IBM Corporation (US)
- Oracle Corporation (US)
- SAP SE (Germany)
- Workday, Inc. (US)
- Visier Inc. (Canada)
- Workforce Software (US)
- SAS Institute Inc. (US)
- Microsoft Corporation (US)
- SAP SuccessFactors (Germany)
- Zoho Corporation (India)
- ADP DataCloud (US)
- Pluralsight, Inc. (US)
- Ceridian HCM Holding Inc. (US)
- Visier (Canada)
- Gloat (Israel)
- Eightfold AI (US)
- SAP Analytics Cloud (Germany)
- Ceridian Dayforce (US)
- IBM Watson Talent (US)
- Xref (Australia)
Workforce Analytics Market Recent Developments
- In July 2022, Accenture completed the acquisition of Trancom ITS, this will help in boosting the digital engineering and operational technological facilities in the company and further help in optimizing warehouse technologies by employing IoT and sensor technology.
- In June 2022, Accenture completed its acquisition of XtremeEDA which will help in providing the company with silicon-based technology and will help in providing an edging technology to the artificial intelligence department and hence boost the development of the market.
Workforce Analytics Key Market Trends
- Seamless Integration: With the rise in employment, real-time monitoring in talent acquisition has become vital and these workforce tools prove to be efficient in handling the data that is required during the process. Also, with the help of these tools, it becomes easier to maintain the workforce and evaluate the employees to keep a tab on everyone in the organization and further allocate tasks to the people that fit the profile. These reasons may boost the growth of the market during the forecast period.
- Use of Big Data and AI: The use of big data and artificial intelligence has been on the rise and this might help in boosting the growth of the global workforce analytics market during the forecast period.
Workforce Analytics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to the global workforce analytics market report, in terms of components, the system integration sector held the largest share in the market in 2022, mainly due to the use of system integrators for connecting the internal and external systems in an organization. Based on deployment, the on-premise segment held the largest market share as these tools are easier to install and upgrade whenever needed. Further, by industry vertical, the IT & telecommunications industry held the largest share in the market due to the growth of the industry. And by region, the North America held the largest market share owing to the presence of key market players in the region.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 2.0 billion |
| Market size value in 2031 | USD 7.26 billion |
| Growth Rate | 15.40% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Workforce Analytics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Workforce Analytics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Workforce Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Workforce Analytics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Workforce Analytics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Workforce Analytics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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