PUBLISHER: SkyQuest | PRODUCT CODE: 1174062
PUBLISHER: SkyQuest | PRODUCT CODE: 1174062
Global Workforce Analytics Market was valued at USD 1.03 billion in 2021, and it is expected to reach a value of USD 2.92 billion by 2028, at a CAGR of more than 16.5% over the forecast period (2022-2028).
An advanced set of data analysis tools and applications called "workforce analytics" is used to fully analyze performance measurement, operation, and improvement. It is a methodology and software combination that uses statistical models to deliver worker-related data, enabling the company's core management to improve and optimize human resource management (HRM). Manual workforce analytics tools are automated and digitalized to eliminate human error and provide accurate analysis of organizational operational trends. The development of analytics with the advent of big data and blockchain technology is one of the key trends driving market expansion.
Top-down and bottom-up approaches were used to estimate and validate the size of Global workforce analytics market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Global workforce analytics market is segmented based on the component, deployment, industry vertical, and region. Based on the component, the global workforce analytics market is segmented as service, solutions, managed, consulting, and system integration. Based on deployment, the market is segmented into cloud and on-premise. Based on industry vertical, the global workforce analytics market is segmented as healthcare, IT & telecommunication, BFSI, manufacturing, retail, aerospace & defence, and others. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Both developing and developed nations worldwide are dealing with economic effects, a labor shortage, and numerous other crises. Therefore, it is crucial for multinational corporations to effectively manage and analyze their workforce. The market for workforce analytics is primarily driven by an increased emphasis on streamlining business processes, technological advancements, and the expansion of businesses of all sizes. A limitless number of automated business applications are produced by workforce analytics software, increasing the dependability and flexibility of work. The workforce analytics market is driven by the growing need to make wiser talent decisions. The need for effective business operations due to increased competition among industries can be met by properly handling and managing the workforce. Organizational structures and business strategies are changing as a result of globalization.
The organization's reluctance to switch from traditional techniques to cutting-edge software solutions is limiting the market expansion. Additionally, one of the biggest barriers to the market's expansion is the lack of knowledge about the advantages of the solution.
Over the course of the forecast period, it is anticipated that the application of workforce analytics and blockchain technology will present lucrative opportunities for the market's expansion. Big data, workforce analytics solutions based on artificial intelligence, the availability of large volumes of human resource data, and an increase in the number of data sources are some of these elements. Workforce analytics software can comprehend spoken and written human language by utilizing a branch of artificial intelligence known as natural language processing. Automation of resume matching and speedy selection of candidates with the best credentials and education are made possible by the integration of AI and NLP with workforce analytics solutions. The workforce analytics market is expected to benefit greatly from this.