Global Workforce Analytics Market Size, Share, Growth Analysis, By Component(Service, Solutions), By Deployment(Cloud, On-premise), By Industry Vertical(Healthcare, IT & Telecommunication) - Industry Forecast 2022-2028

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).

The statistical models that are used on data pertaining to the workplace are referred to as workforce analytics. Moreover, technologies and various approaches have been developed to support effective organisation. Because of this, managers are further able to streamline the HRM procedure. The need for workforce analytics has grown recently in order to manage the massive quantity of data that is being generated on a daily basis due to the rising need for workers, which makes it challenging to manage the data manually because it may result in human errors. Throughout the forecast period, this is anticipated to accelerate the expansion of the worldwide workforce analytics market.

The worldwide workforce analytics industry has grown faster than expected as a result of the Covid-19 pandemic. The use of remote working during the epidemic heightened the need for workforce analytics to effectively manage all the data. Also, since the lockdown has been removed in nearly all of the countries, businesses have increased their hiring practises, which is supporting the expansion of the global workforce analytics market.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Workforce Analytics System 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.

Segments covered in this report

The 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 Workforce Analytics 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, Workforce Analytics Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Driver

The organisations are investing a lot of money in the use of workforce analytics solutions to manage all resources effectively due to the rapid rise in technology breakthroughs and process automation around the world. Also, the increased usage of cloud computing has made it essential for businesses to have better security protocols in place to stop data theft and uphold data privacy. Also, businesses are converting to cloud-based platforms for greater adaptability and data accessibility, which is anticipated to propel the expansion of the worldwide workforce analytics market during the course of the forecast period.

Due to the daily large-scale data extraction, it is crucial to assess and preserve this data correctly so that it can be applied to a variety of projects. The workforce data is also growing quickly and needs to be taken into account as the process goes on. These workforce analytics solutions aid in process simplification and data storage, and they will accelerate market expansion over the course of the projection period. A further factor driving the growth of the global workforce analytics market is the expansion of hiring processes, which call for increased data monitoring in this process.

Restraint

Small and medium-sized businesses use public cloud-based solutions since they have less capital and need to provide more output. Since the businesses cannot afford the top-of-the-line cloud-based systems, they are compromising security in order to deliver a higher performance even though these efficient solutions are not totally secure from security breaches. Throughout the forecast period, this can prevent the global workforce analytics market from expanding.

Market Trends

Real-time talent acquisition monitoring has become essential due to the increase in employment, and these workforce solutions are effective at processing the necessary data. Also, with the aid of these tools, it is simpler to keep track of the workforce, evaluate the employees, and assign duties to those who fit the profile in order to keep an eye on everyone within the firm. Several factors can accelerate the market's growth during the course of the projection period.

The use of big data and artificial intelligence has increased since the pandemic wave, and this might aid in raising the growth of the worldwide workforce analytics market throughout the course of the forecast period.