Global HR Analytics Market is anticipated to reach US $XX billion by 2027 from US $XX in 2019, at a CAGR of XX% during the forecast period.
HR analytics is the methodology for collecting and analyzing Human Resource (HR) data for creating insights to improve an organization’s workforce performance. HR analytics helps understand the contribution of investments in human capital assets for generating revenue, mitigating risks, minimizing expenses, and executing strategic plans. In order to perform HR analytics, statistical methods are applied to the integrated HR, talent management, operational, and financial data. Analyzing and comparing the data of current employees helps the recruitment and hiring process to be better tailored for the actual skillset needs of an organization. HR analytics aids in increasing the productivity of the existing employees, in place of hiring additional staff, and in improving the selection criteria.
The study includes a detailed market assessment. It does so by in-depth qualitative perspectives, historical evidence, and market size verifiable predictions. Using validated research methodologies and assumptions, the predictions featured in the study have been derived. The research report thus serves as an analysis and information for all aspects of the market, including, regional markets, technologies, by applications.
Increasing workforce globalization and the growing need to employ skilled talent with the help of innovative methods like analytics are the key reasons for the HR analytics market growth. Enterprises can focus more on improving employee engagement and increasing workforce efficiency. Moreover, the rising adoption of HR analytics solutions in SMEs is expected to drive the HR analytics market in near future. Cloud-based solutions, being cost-effective and efficient, are increasingly getting preferred by the organizations, thus further pushing the market forward.
The latest trend of encapsulating the technological like the Internet of Things (IoT) and Artificial Intelligence (AI) to improve software designs as per the customer requirements is likely to create several opportunities for the market expansion. However, monitoring and collecting large datasets with new technologies like cloud-based systems as well as data predictions can create ethical issues. Security concerns regarding increased possibility for data breaches and cyber-attacks pose a threat to the market growth as SMEs more likely tends to adopt public cloud services due to its low cost.
Similarly, Global HR Analytics Market drivers and restraints are covered in the MMR report by region since each region has different market dynamics. Demand drivers and restraints are covered in a separate chapter by keeping the user’s convenience in mind. Drivers are divided by demand-side drivers and supply side.
On the basis of solution, the workforce planning segment generated a major share of US$ XX Mn. in 2020. Based on the end-user industry, the IT and telecom segment is expected to dominate the market during the forecast period. Enterprises in the IT and telecom industry are expanding the global footprint, which increases the need for managing the globally scattered workforce, thereby driving the demand for efficient HR analytics solutions. According to the deployment model, on-premise solutions held the largest share as they offer the tractability to customize operations and enhance plug-ins when required. The cloud segment is expected to grow at the highest CAGR of XX% during the forecast period.
The small and medium scale enterprise segment is expected to expand at the highest CAGR of XX% over the forecast period. SMEs need better methods to solve the resource crunch and difficulties for cost optimization on their requirements and assets. This is convincing SMEs to focus on utilizing the HR analytics solutions, thereby driving the growth of the segment.
Global HR Analytics Market
Global HR Analytics Market 1
North America is expected to account for the largest market share of US$ XX Bn. during the forecast period.
North America dominated the HR analytics market in 2020 with US$ XX Bn. and is expected to hold the highest market share during the forecast period. North America has been a major hub for technological innovations and an early adopter of new technologies for several years. Enterprises are increasingly focusing on improving workforce efficiency and implementing the best practices for HR operations, which is primarily driving the market growth in North America. Moreover, well-established economies like the U.S. and Canada are further contributing to the increased developments for the cloud-based HR analytics model deployment.
The Asia Pacific is expected to witness a rapid growth at a CAGR of XX% during the forecast period owing to the presence of emerging economies such as India, China, and the Philippines. Additionally, the increasing government programs like Skill India and Make in India to promote SMEs and the rising adoption of cloud technologies & digitalization are further promoting the market growth in this region.
The objective of the report is to present a comprehensive analysis of the Global HR Analytics Market to the stakeholders in the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global HR Analytics Market dynamics, structure by analyzing the market segments and project the Global HR Analytics Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global HR Analytics Market make the report investor’s guide.
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Scope of Global HR Analytics Market
Global HR Analytics Segmentation by Solution
• Employee Engagement & Development
• Payroll & Compensation
• Talent Analytics
• Workforce Planning
Global HR Analytics Segmentation by Service
• Implementation & Integration
• Support & Maintenance
• Training & Consulting
Global HR Analytics Segmentation by Deployment Model
Global HR Analytics Segmentation by Enterprise Size
• Large Enterprise
• Small & Medium Enterprise
Global HR Analytics Segmentation by End-user
• Alcoholic Beverage Academia
• IT & Telecom
Global HR Analytics Segmentation by Region
• North America
• South America
• Middle East & Africa
Global HR Analytics Major Players
• IBM Corporation
• Cognizant Technology Solutions Corp.
• Accenture plc
• Infosys Limited
• ADP LLC
• Ascentis Software Corporation
• Genpact Ltd.
• Cornerstone OnDemand, Inc.
• GainInsights Solutions Pvt. Ltd.
• Nakisa, Inc.
• PeopleFluent Companies
• PeopleStreme Pty. Ltd
• Visier, Inc.
• SAP SE
• Kronos Incorporated
• TABLEAU SOFTWARE
• Sage Software Solutions Pvt Ltd
• Zoho Corporation Pvt. Ltd.
• Workday, Inc.
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