The market for workforce analytics is segmented by type, deployment, organization size, industry vertical and by region. On the basis of type, it is divided into solutions and services. Services are further bifurcated as consulting service, system integration service, and managed services. The services segment is dominating the market for workforce analytics by type due to changing workforce and labor challenges that are faced by the enterprises globally. Also, due to the changing work dynamics and different governmental labor rules and regulations, the demand for consulting services is growing and is expected to grow significantly in the forecasted period. The segmentation is also done on the basis of deployment. Under deployment, the cloud-based workforce analytics is leading segment in workforce analytics market majorly due to ease of implementation and user-friendly environmental features. The market is also divided into large organizations and SME’s under organization size for the industry verticals like banking, insurance, government, retail, and logistics, healthcare and manufacturing.
Workforce Analytics Market is a software platform which applies statistical algorithms to the work force data with an aim to efficiently optimize human resources. Workforce analytics helps to develop and improve recruiting and hiring, identify the new positions needs, measuring and predicting performance, time-work optimisation and other functions in an organisation.
The global workforce analytics market is expected to reach approximately USD 1026 Million by the end of 2023 with 13 % CAGR during the forecasted period from 2017 – 2023.
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Major Key Players:
- ADP LLC (U.S.)
- Aquire, Inc (U.S.)
- Cornerstone OnDemand Inc (U.S.)
- Genpact Ltd (Bermuda)
- IBM Corporation (U.S.)
- Kronos Inc (U.S.)
- Oracle Corporation (U.S.)
- PeopleSreme Pty. Ltd (Australia)
- SAP SE (Germany)
- Tableau Software (U.S.)
- Tower Watson & Co (U.S.)
- Visier Inc (Canada)
- Workday Inc (U.S.)
- WorkForce Software, LLC (U.S.)
On the basis of region, the market for workforce analytics is divided into North America, Europe, Asia pacific and rest of the world. North America region is leading the market in workforce analytics majorly due to the presence of big and large number of vendors. Also Increase in the early adoption of cloud – based workforce analytics from U.S and Canadian companies with the shift towards software as a service in cloud-based workforce analytics.
Following North America is Europe and Asia pacific. Various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. The leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio.
Current trend and developments:
- Cloud based workforce analytics is expected to be the trend due to elimination of maintenance and installation issues. Business models such as software as a service, platform as a service are expected to result in greater traction.
- Strategic mergers and acquisitions so as to benefit complimentary technologies of both players and to reduce development costs and time is an attractive strategy
- Mobile based workforce analytics is expected to be the next revolution due to technological convergence and mobility advantages
- Growing automation and the cost effective collection of data from multiple sources resulting from increased capabilities of analytics
- Improved user interfaces and integration into other system platforms such as enterprise or financial, so as to provide holistic solutions.
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Table of Contents
1 Market Introduction
1.2 Scope of Study
1.2.1 Research Objective
1.3 Market Structure
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