According to a new market research report published by Acute Market Reports “Global Workforce Analytics Market (Component (Software, Service [Professional, Managed]); Deployment (On-Premise, Cloud); Application (Aerospace & Defense, BFSI, Healthcare, Manufacturing, Retail, Telecom and IT, Others)) – Growth, Future Prospects and Competitive Analysis, 2023 - 2030”, the workforce analytics market is set to grow with a CAGR of 16.5% during the forecast period.
Market Insights
The workforce analytics market is driven by need of standard performance indicators to evaluate the workforce performance among the organizations. The workforce analytics solution allows the enterprises to analyze the huge chunks of the unstructured data to extract actionable insights pertaining to the human resource utilization in real-time. Moreover, the solutions enable the enterprises to optimize the data virtualization, storage optimization and work management. This is driving the demand for the workforce analytics solution among the organizations.
The increasing adoption of the cloud based services among the organizations is acting also driving the market growth. As the business dynamics are changing and competition among the market players is increasing, organizations are adopting the cloud based solutions to enhance their operational efficiency and reduce the cost of operation. The cloud based solution works effectively with analytics solutions that enable the organization to gain flexibility and agility.
The workforce analytics market is segmented based on the type into aerospace & defense, BFSI, healthcare, manufacturing, retail, telecom and IT. BFSI segment accounted for majority share in the revenue in 2021. The increasing digitalization across the BFSI sector is the major factor driving the market growth. On the other hand, retail sector is estimated to grow significantly during the forecast period. The implementation of advance software solution to automate the human resource process is propelling the market growth.
Asia Pacific's workforce analytics market is anticipated to grow considerably during the forecast period. The wide scale adoption of the cloud based solution among the SMEs is the primary factor accelerating the adoption of the solutions. Furthermore, the growing adoption of the workforce analytics solution among the retail and BFSI sector is propelling the market growth.
The Global Workforce Analytics Market is Segmented into:
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2020-2030 |
| Base Year | 2021 |
| Forecast Period | 2023-2030 |
| Historical Year | 2020 |
| Unit | USD Billion |
| Segmentation |
Component Segment (2020–2030; US$ Bn) |
|
Deployment Segment (2020–2030; US$ Bn) |
|
|
Application Segment (2020–2030; US$ Bn) |
|
|
Geography Segment (2020–2030; US$ Bn) |
*Complete segmentation list is on report page
Browse the full report at https://www.acutemarketreports.com/report/workforce-analytics-market
The prominent vendors of the workforce analytics market are Aquire Inc, ADP LLC, Cornerstone OnDemand Inc, IBM Corporation, Genpact Ltd, Kronos Inc, PeopleSreme Pty Ltd, Oracle Corporation, SAP SE, Visier Inc, Tableau Software, and Workforce Software LLC.
