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).
Many companies can already use advanced analytics for improving their operational efficiency. These analytics solutions will help them to gain information about their workforce dynamics. Organizations are using the data to improve hiring processes, enhance employee retention, and increase productivity. Furthermore, workforce analytics offers useful metrics like employee performance, engagement levels, value of HR policies.
In recent times, businesses are dealing with a highly competitive labor market due to which they need advanced tools to appeal, develop, and retain professionals. Workforce analytics provide data about talent acquisition strategies, skill gaps, and employee career development. By using these information companies can implement targeted training programs, smoothen recruitment initiatives, and encourage positive work environment. Technological developments are increasing the workforce analytics market growth by making advanced analytics tools more available and cost-efficient. Innovations like artificial intelligence (AI), machine learning, and advanced data visualization methods have improved the abilities of workforce analytics platforms.
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-Premises
Fastest Growth
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.
Analysis by Deployment Mode
Based on deployment mode, cloud segment is dominating the market with the largest workforce analytics share. Cloud segment is the fastest-growing segment in the workforce analytics market owing to its dimensions of scaling up, affordability, and easy accessibility. With the help of cloud-based solutions companies are able to easily collect, analyze and interpret data related to the workforce in real time. This segment helps enterprises with distributed teams because it allows data to be stored and analyzed in one place. Integration with advanced technologies, such as AI and machine learning, which improve predictive capabilities further propels the demand for cloud-based workforce analytics. Cloud solutions are being adopted widely to streamline HR processes for SMEs without the need for huge initial costs. The increased emphasis on data security and compliance in cloud offerings means that enterprises can govern sensitive employee data securely.
The on-premises segment is witnessing the fastest growth in the workforce analytics market. The on-premises segment is growing rapidly in the workforce analytics market owing to data security and privacy concerns in organizations. On-Premises systems provide companies with full control of data storage and processing. Furthermore, it is ideal for industries with sensitive workforce information. Such solutions are mostly being used in enterprises that may have already created a base for maintaining an IT environment that can support this type of deployment. Most on-premises workforce analytics come with customization options, enabling businesses to modify the features based on their specific needs. Even though the initial price point may be higher, this segment is favoured by many organizations for its long-term cost efficiency and the ability to meet compliance and regulatory requirements.
Analysis by Vertical
Based on vertical, the BFSI segment is dominating the workforce analytics market. The BFSI sector is one of the key users of workforce analytics tools as it deploys these to drive workforce optimization, compliance, and customer service efficiency. In this segment, workforce analytics is centered on employee skill alignments with organizational goals, attrition rate reduction, and productivity improvement. BFSI institutions operate in a highly regulated environment and use these tools to track compliance metrics to comply with labor laws and industry standards. Predictive analytics is especially useful, providing information on workforces, risk management and talent retention. The increasing focus on digital transformation and customer-centric services drives an increased need for the increasing adoption of workforce analytics.
As per workforce analytics market analysis, the healthcare segment is expected to witness the fastest growth during the forecast period. In the healthcare sector, workforce analytics is transforming organizations to manage complex staffing needs, enhance patient care, and minimize operational costs. Analytics in healthcare offer solutions to severe problems such as nurse shortages, attrition rates, amenities, and exhaustion among the workforces. In healthcare, analytics solutions help in optimizing the staff scheduling so that there will be enough staff coverage during peak hours and to ensure compliance with the healthcare regulations. Predictive models help predict the need for staff based on the trends in patient inflow. Also, workforce analytics can help discover skill gaps and therefore can conduct targeted training programs. With the shift in healthcare providers toward value-based care, integrating workforce analytics has become a necessity to provide efficient and patient-centered services.
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Workforce Analytics Market Regional Insights
North America is dominating with the largest workforce analytics market share. The market in this region is growing rapidly due to the strong presence of semiconductor manufacturing and testing infrastructure. The US is dominating in the region for investing heavily in cutting edge semiconductor technology and R&D projects. With the increasing demand for high-performance semiconductor devices from automotive, aerospace, telecommunications, and other industries, companies are capitalizing on innovations. The further penetration of 5G networks and artificial intelligence technologies also boosts the growth of the market. In addition, semiconductor manufacturers are collaborating with technology providers to enhance the development of efficient solution testing. Continued adoption of advanced probe cards, supported by the focus on efficiency, sustainability, and energy-efficient technologies is increasing market growth in the region.
The Asia-Pacific market is witnessing the fastest growth in the workforce analytics market. The market in this region is witnessing immense growth as it manages a vast semiconductor manufacturing base, especially in countries like China, South Korea, and Taiwan. The demand for high quality probe cards is increasing in the region owing to the robust growth of consumer electronics, automotive electronics and telecommunication industries. The market is also strengthened by the supportive government policies, huge number of investments in R&D, and strong presence of the key players. Moreover, accelerating adoption of new technologies such as IoT, 5G and AI drives the requirement for advanced semiconductor testing solutions. Furthermore, cheap manufacturing along with well-trained employees is increasing probe card production and consumption, leading the market growth in Asia Pacific.
Global Workforce Analytics Market By Geography
- Largest
- Fastest
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Workforce Analytics Market Dynamics
Workforce Analytics Market Drivers
Growing Adoption of Cloud-Based Solutions
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The workforce analytics market is primarily boosted by the increasing adoption of cloud-based solutions in various industries. The cloud platforms provide scalability, cost-efficiency, and real-time data access. This helps businesses in making data-driven decisions efficiently. Companies are using these solutions for improving workforce productivity, improve employee engagement, and address any compliance necessities.
Increasing Emphasis on Improving Employee Performance
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The rising emphasis on improving performance and productivity is driving the workforce analytics market. Companies are using analytics for recognizing skill gaps, monitor performance metrics, and design customized training programs. Predictive analytics is playing a crucial part in analysing workforce requirements and minimizing risks related with high attrition rates. Furthermore, workforce analytics is assisting businesses to improve employee satisfaction levels, promoting better engagement.
Workforce Analytics Market Restraints
High Implementation Expenses
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The high expense related with implementing workforce analytics solutions is creating restraint for the growth of the market. The small and medium-sized enterprise mainly deals with face budget constraints, restricting the capability to invest in advanced analytics tools. These expenses consist of software licensing, system integration, training, and constant maintenance. The companies also need to maintain resources for the skilled workforce so that they can manage and interpret analytics efficiently.
Growing Data Privacy and Security Concerns
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The increasing data privacy and security concerns are immensely hampering the growth of the workforce analytics market. The analysis of confidential information can lead to data breaches and misuses. Furthermore, companies are constantly cautious about the possible legal and reputational consequences that can occur from non-compliance of regulations. Many employees can also resist the adoption of analytics because they are wary about surveillance or invasion of privacy, which can create more hindrance during the implementation of these solutions.
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Workforce Analytics Market Competitive Landscape
The workforce analytics market is characterized by the presence of several key players, driving competition through technological advancements, strategic collaborations, and product innovation. Major players, such as FormFactor Inc., Micronics Japan Co., Ltd., and Technoprobe S.p.A, isw dominating the market, employing MEMS technology to provide exacting test solutions. To tackle the challenges posed by next-generation semiconductor devices, these companies are heavily focused on R&D investments. New entrants from Asia Pacific, providing low-cost yet viable solutions, are also adding to the competitive landscape. Furthermore, mergers, acquisitions, and partnerships are also playing vital part in the market growth as it helps the companies to expand their global footprint and diversify their product offerings.
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 January 2024, Samsung opened a new US based R&D lab that will focus on advanced and new-generation 3D-DRAM. The laboratory will operate within Device Solutions America (DSA), which is responsible for Samsung's semiconductor fabrication in the United States and will strive to develop an advanced DRAM architecture to ensure that Samsung continues to be the leader of the global 3D memory chip industry.
- In September 2023, Jenoptik announces new UFO probe card vertical Jenoptik expands its range for wafer-level testing of photonic integrated circuits (PICs) by the UFO Probe Vertical. Similar to the prior probe cards, the vertical version is based on the proprietary UFO Probe technology.
- In April 2024, FormFactor unveils a novel presentation, COMPASS, on how to optimize CCC in a Probe Card and journey to an Unburnable Probe. This presentation discusses various probe card design strategies for CCC improvement toward a practical CCC above 2.5A at 80-um minimum pitch. These strategies include new probe designs and architectural enhancements to preserve probe integrity in vigorous high-stress, high-current environments.
Workforce Analytics Key Market Trends
- Increasing Incorporation of AI and ML: The incorporation of AI and ML technologies is becoming a huge trend in transforming the workforce analytics market. The advanced AI algorithms help in predictive and prescriptive analytics. This helps companies to predict trends, anticipate workforce requirements, and form proactive strategies. Furthermore, the ML models improve the decision-making process by uncovering patterns in workforce data, providing information about employee behavior and performance.
- High Adoption of Real-Time Analytics: The demand for real-time analytics is rapidly increasing in the workforce analytics market. Companies are focusing on real-time insights so that they can make rapid and informed decisions in a competitive work setting. This process helps in solving various problems like reduction in productivity and predicting employee burnout. Real-time analytics also helps in agile workforce planning in sectors like retail and medical care, where demand can fluctuate frequently.
Workforce Analytics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the workforce analytics industry plays a vital part in the semiconductor testing sector that tests and evaluates semiconductor wafers after they are manufactured. These cards play vital role to maintain higher performance and reliability in many semiconductor applications. Probe cards are developed to deal with the requirements related to the compact and complex devices like MEMS and DRAM with the advancement of technology. Moreover, the growing use of AI, IoT, and 5G technologies has added fuel to the sales, since they need advanced semiconductor testing solutions. In addition, emergence of new designs including MEMS-based and cantilever probe cards have strengthened the market. Continuous growth in semiconductor manufacturing and testing facilities worldwide drives the overall market expansion.
| 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 |
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| 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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