Global Workforce Analytics Market

Workforce Analytics Market Size, Share, Growth Analysis, By Component(Service, Solutions, Managed, Consulting), By Deployment(Cloud, On-premise), By Industry Vertical(Healthcare, IT & Telecommunication, BFSI, Manufacturing), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45F2058 | Region: Global | Published Date: July, 2001
Pages: 157 | Tables: 95 | Figures: 76

Workforce Analytics Market Insights

Workforce Analytics Market size was valued at USD 1.37 billion in 2019 and is poised to grow from USD 1.59 billion in 2023 to USD 4.78 billion by 2031, growing at a CAGR of 14.9% in the forecast period (2024-2031).

Workforce analytics refers to the statistical models that are applied at workplaces to boost productivity and streamline process methodologies. For an efficient organization, different methodologies have been developed in order to serve a larger purpose. This further allows the managers to optimize the Human Resource Management (HRM) processes. With the increase in demand for employees, it is difficult to manage the data manually, as it may lead to human errors, thus the demand for workforce analytics has risen in recent times to manage the large amount of data that is being generated on a daily. This is expected to boost the growth of the global workforce analytics market during the forecast period.

The Covid-19 pandemic has boosted the growth of the global workforce analytics market. The adoption of work from home during the pandemic increased the demand for workforce analytics to manage all the data efficiently. Furthermore, since the lockdown has been lifted in approximately almost all the countries, this has resulted in an increase in the hiring process by the companies, which is fueling the growth of the global workforce analytics market.

US Workforce Analytics Market is poised to grow at a sustainable CAGR for the next forecast year.

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Workforce Analytics Market size was valued at USD 1.37 billion in 2019 and is poised to grow from USD 1.59 billion in 2023 to USD 4.78 billion by 2031, growing at a CAGR of 14.9% in the forecast period (2024-2031).

The workforce analytics market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. The prominent players in the competition to provide better solutions to workforce data management with increasing hiring our recruitment procedures. 'Microsoft Corporation', 'SAP SE', 'Oracle Corporation', 'IBM Corporation', 'ADP LLC', 'Tableau Software (Salesforce)', 'Visier Inc.', 'Cornerstone OnDemand, Inc.', 'Kronos Incorporated', 'Workday, Inc.', 'MicroStrategy, Inc.', 'SAS Institute Inc.', 'TIBCO Software Inc.', 'SAP SuccessFactors', 'Infor Inc.', 'SumTotal Systems, LLC', 'Visma Group', 'iCIMS Inc.', 'PeopleFluent Holdings LLC', 'Sage Group plc'

Due to the rapid surge in technological advancements and automation of processes across the globe, the companies are investing huge capital in the employment of workforce analytics tools to manage all resources efficiently. Also, surge in the use of cloud-based computing has made it vital for the organizations to have better security measures to prevent data theft and maintain the data privacy. Furthermore, organizations are shifting to cloud-based systems for better flexibility and better accessibility of data, which are expected to boost the growth of the workforce analytics market during the forecast period.

Seamless Integration: With the rise in employment, real-time monitoring in talent acquisition has become vital and these workforce tools prove to be efficient in handling the data that is required during the process. Also, with the help of these tools, it becomes easier to maintain the workforce and evaluate the employees to keep a tab on everyone in the organization and further allocate tasks to the people that fit the profile. These reasons may boost the growth of the market during the forecast period.

In 2022, North America dominated the workforce analytics market. North America being a huge market for several countries with new technological advancements offers novel opportunities for budding startups. The presence of various companies offering workforce analytic solutions is also responsible for the dominance of North America in the market.Following this, the markets in Asia-Pacific are expected to see a rapid surge in revenue growth during the forecast period. Rapidly developing economies and presence of various organizations, which are launching different regulations to mandate and increase the penetration of workforce analytic tools in the region are further boosting the growth of the workforce analytics market in Asia-Pacific. Increasing partnerships among various organizations in the region to provide better workforce analytics solutions are further propelling the market growth.

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Global Workforce Analytics Market

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