Dallas, Jan. 28, 2022 (GLOBE NEWSWIRE) — Workforce analytics is also known as workforce planning. It is a type of method that is used to make better decisions associated with recruiting, retention, and staff management by analyzing employee and ROI data. The workforce analytics model is used to boost HR efficiency and people-related decision making. For example employee management can also be classed under workforce analytics.
The growing use of workforce analytics for competitive advantage and for shaping the future of HR is leading to increased adoption of workforce analytics. The engaging and integration of global workforce, overwhelming use of big data in HR, increasing demand of workforce analytics for assessing manpower and attaining enhanced business results due to rising corporate competition is boosting the global workforce analytics market. The tools that enable workforce analytics leads to measure training and development, staff management, hiring costs, and other attributes that help businesses improve their human resources.
The major players of the global Workforce Analytics market are Genpact Ltd., Visier, Inc., SAP Success Factors, Kronos, Inc., Aquire, Inc., Peoplefluent companies, Workday, Inc., Towers Watson & Co., PeopleStreme Pty. Ltd., Cornerstone OnDemand, Inc, Oracle Corporation, Tableau Software, Inc. and WorkForce Software LLC. Renowned companies are offering new and modern Workforce Analytics software solutions.
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The ever-increasing demand for successful ROI, enhanced strategies for increasing overall revenue are boosting the use of workforce technologies especially in the corporate world. Other variables such as changing business environment, workforce optimization, changing work dynamics are propelling the adoption of workforce analytics technologies thereby boosting the global workforce analytics market. However, data security and compliance concerns, lack of professional expertise, insufficient IT resources are some key challenges grappled with the global workforce analytics market.
Furthermore, the use of advanced workforce analytics for addressing HR challenges, technical training programs for the employees, advanced data security and compliance measures in place are anticipated to provide growth opportunities to the global workforce analytics market. Additionally, the growing concerns of organization related to huge data about human capital is the key factor driving the global workforce analytics market. The growing implementation of human capital information system for accelerating the profitability, and lower operational costs are boosting the global workforce analytics market. Predictive analytics for identifying the likelihood of future possibilities based on previous data is also increasing interest of workforce analytics technologies.
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Based on various components the market is classified into solutions and services. The solutions segment is anticipated to perform well and gather substantial revenue in the global workforce analytics market. The Deployment segment is classified into two segments namely on-premises and cloud. The On-premises segment is highly preferred by organization which is expected to drive the market in the forthcoming years. The on-premises offers full control over licenses, better data protection, one-time cost investment, independent license from an external service provider, and deeper integration into customer’s infrastructure are the key factors driving the growth of on-premises segment in the global workforce analytics market. Based on organization size the workforce analytics is implemented by large, small, as well as medium organizations. The large enterprises accounted for a major share in the market due to high investment potential, better awareness, and higher expertise team. The industries like BFSI, IT & Telecommunication, retail, e-commerce, healthcare and other industry verticals workforce analytics technologies for better business performance.
Segment Overview of Global Workforce Analytics Market
Component Overview, 2019-2028 (USD Million)
• Consulting Services
• System Integration Services
• Managed Services
Deployment Model Overview, 2019-2028 (USD Million)
Organization Size Overview, 2019-2028 (USD Million)
• Large Enterprise
• Small & Medium-sized Enterprise
Industry Vertical Overview, 2019-2028 (USD Million)
• IT & Telecom
• Retail and E-commerce
• Government and Public Sector
Regional Overview, 2019-2028 (USD Million)
• North America
• Rest of Europe
• Asia Pacific
• Rest of Asia-Pacific
• Middle East and Africa
• South Africa
• Rest of Middle East and Africa
• South America
• Rest of South America
Key Questions Answered in the Market Research Report:
• What are the key factors driving the global workforce analytics market growth?
• What is the key outcome of leading countries and workforce analytics market five forces analysis?
• What is global workforce analytics market 5-year growth forecast with revenue and CAGR?
• What is the region wise industry size, growth drivers and challenges key market trends?
• Who are the Leading key players and what are their Key Business plans in the workforce analytics market?
Table of Contents:
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Executive Summary
Chapter 4 Market Outlook
Chapter 5 Workforce Analytics Market by Component
Chapter 6 Workforce Analytics Market by Deployment model
Chapter 7 Workforce Analytics Market by Organization Size
Chapter 8 Workforce Analytics Market by Industry Vertical
Chapter 9 Workforce Analytics Market By Region
Chapter 10 Competitive Landscape
Chapter 11 Company Profiles
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