In 2015, the global workforce analytics market was worth USD 430.9 millions. There is a growing need to improve productivity and reduce operational costs, which will increase the demand for workforce analytics software platform in various industries. It allows organizations to optimize their workforce and create metrics that will improve the workforce's performance.
Market growth will be stimulated by the lack of standard performance indicators that track human capital performance. Business development is dependent on the ability to quickly access large amounts of unstructured data and make business decisions regarding human resource utilization. Large enterprises have a unique problem with the optimal use of workforce analytics.
Europe's workforce analytics market by application, 2014-2025 (USD million)
This platform integrates data from various verticals, such as finance and IT, ERP, human resources, and learning management, into one common data warehouse. Strategic roadmaps can be formulated to align workforce data. It can also be used to establish a baseline for analysis of workforce planning, training and staffing, as well as talent management and labor cost optimization.
For workforce analytics to have real commercial impact, it is crucial that data is presented and accumulated in a systematic manner. The Fifth Biennial Global CEO Study by IBM recognized the importance of human resources in ensuring sustainable economic development. Companies are now speculating on how to channel funds to the best possible level for high-value human resources.
The BFSI sector will be one of the most prominent applications sectors in the workforce analytics market during the forecast period. This segment was valued at USD 120.0million in 2016, and is expected to grow at a 16.5% CAGR from 2017 to 2025. The growth of financial and banking services was facilitated by end-to-end computerization. Organizations can now access personalized and fast human capital solutions via workforce analytics.
An increase in online business solutions and e-commerce transactions, CRM will drive the need for workforce analytics platform in the retail sector. Merchants have access to more data because of the increasing use of online communication. Workforce analytics can comprehend both structured and unstructured data, like videos and images. It also understands and reasons the human experience through learning, senses and experience.
Cloud deployment is the fastest growing segment, with a CAGR exceeding 15.0% between 2017 and 2025. This segment was worth USD 259.7 millions in 2015. It is expected to experience significant growth due to its secure, flexible, and scalable infrastructure. Users can get customized solutions that meet specific business requirements. Growth is also driven by cost savings and quicker deployment.
Asia Pacific workforce analytics market by deployment, 2016, (%)
On-premise deployment is expected to grow in the coming nine years due to its benefits such as greater control over data and system. On-premise solutions can be easily replaced and allow for customization and the addition of plug-ins when needed. This will drive on-premise deployment demand in the future. However, on-premise deployment is more expensive than cloud deployment and requires dedicated IT staff to maintain and support high-end IT infrastructure.
Systems Integration was a significant segment that was valued at USD 202.6 millions in 2016. New technologies like cognitive computing, IoT and multiple analytics platforms such big data and advanced analysis have made it possible to develop a human capital solution that will improve operational efficiency. System integration is essential in all industries due to the heterogeneous nature of information technology.
Large enterprises have acquired numerous businesses in order to increase product development. This has led to a greater homogeneity in service provision. This new business model will likely boost the growth of consulting services.
North America is expected be a major region, with high demand for the workforce analytics platform platform and strong industrial sector. This region was responsible for more than 40% of 2016's revenue and is expected to grow to over USD 6660.0 million by 2025.
Due to the presence robust economies like India, China and Japan, the Asia Pacific region is expected to grow the fastest. Regional growth is being boosted by the increasing use of analytics platforms in retail. The market growth will also be triggered by the strong advancement in the human resource consulting industries, which uses an analytics platform for efficient and productive human capital channelization to the right organizations.
ADP is a key competitor. The market share is dominated by IBM Corporation, Tableau Software., SAP Se, LLC and LLC. Genpact Ltd. and Kronos Inc. are other prominent players. Oracle Corporation, PeopleSreme Pty. Ltd., and other. These actors are involved in research-and-development activities to create products that meet the requirements of the government authorities. Partnerships and strategic investments are expected to be the best way to quickly access emerging markets.
This report predicts revenue growth at the national, regional, and global levels. It also analyzes the industry trends for each sub-segment between 2014 and 2025. Up Market Research has divided the global Workforce Analytics market by type, service, deployment, application, region, and purpose.
Type Outlook (Revenue USD Million; 2014-2025)
Solution
Services
Services Outlook (Revenue USD Million; 2014-2025)
Managed
Consulting
System Integration
Outlook for Deployment (Revenue, USD million; 2014-2025)
Cloud
On-premise
App Outlook (Revenue USD Million; 2014-2025)
Healthcare
IT & Telecommunication
BFSI
Manufacturing
Retail
Aerospace & Defense
Other
Regional Outlook (Revenue USD Million; 2014-2025)
North America
The U.S.
Canada
Europe
Germany
The U.K.
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Middle East & Africa
Up Market Research published a new report titled “Workforce Analytics Market research report which is segmented by Services (Consulting, System Integration, Managed), by Type (Services, Solution), By Players/Companies Services, Type Outlook (Revenue USD Million; 2014 - 2025)SolutionServices, Solution”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Workforce Analytics Market Research Report |
By Services | Consulting, System Integration, Managed |
By Type | Services, Solution |
By Companies | Services, Type Outlook (Revenue USD Million; 2014 - 2025)SolutionServices, Solution |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 237 |
Number of Tables & Figures | 166 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Services (Consulting, System Integration, Managed), by Type (Services, Solution).
Workforce Analytics Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Workforce Analytics Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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