DUBLIN--(BUSINESS WIRE)--The "HR Analytics Market by Component, Application Area (Workforce Management, Recruitment, and Employee Development), Organization Size, Deployment Type, Vertical (BFSI, Manufacturing, and IT and Telecom), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Global HR Analytics Market Size is Expected to Grow from USD 1.9 Billion in 2019 to USD 3.6 Billion by 2024, at a CAGR of 13.7% During the Forecast Period.
The growing demand to improve retention and need to hire skilled talent with the help of advanced technologies to drive the overall growth of the HR analytics market
The HR analytics market is driven by various factors, such as easy employee on-boarding, better employee engagement, and enhanced workforce efficiency. However, the cultural barrier to adopt advanced solutions over traditional systems can hinder the growth of the market.
The workforce management segment to grow at the highest CAGR during the forecast period
The diverse nature of the business, coupled with remote working employees, has resulted in the generation of huge enterprise data. Modern workforce tools, such as HR analytics, can leverage the benefits of the enterprise data to improve workforce management. HR analytics helps in predicting employee and project needs during the planning phase. This helps organizations save and allocate resources according to project requirements.
The integration and implementation segment to hold the highest market share during the forecast period
Integration and implementation services provide ease to organizations in terms of deploying HR analytics. The services ensure that applications would be integrated effortlessly with their internal and external systems, and get the most out of investments made on IT infrastructure. System integrators help enterprises understand the operational functionalities of their existing systems and establish reliable connectivity between applications for revenue growth.
The consumer goods and retail vertical to grow at the highest CAGR during the forecast period
With time, many retail organizations have deployed a mix of technologies, computer systems, and disparate applications to cater to the growing demands of customers. Customer experience proves to be a very vital differentiating factor among a wide array of online shopping options. To improve performance and achieve higher profits, it is important to have skilled employees and offer best-in-class offerings through touch points, such as stores, and web or mobile applications. Hence, retailers across the globe are formulating data-driven strategies for targeting more customer with a better convergence rate. HR analytics helps retailers in training their employees in offering a better experience to customers.
The Small and Medium-sized Enterprises (SMEs) segment to grow at a higher growth rate during the forecast period
The SMEs segment is expected to grow at a higher CAGR in the HR analytics market during the forecast period. More than larger enterprises, the SMEs face a greater resource crunch and require better methods to solve the complexities for cost optimization on their assets and requirements. Therefore, these days, the SMEs are majorly focusing on utilizing the HR analytics solution to work globally and manage multiple workers.
Asia Pacific (APAC) to record the highest growth rate during the forecast period
APAC is expected to grow at the highest CAGR during the forecast period. The rapid digital transformation in the region has increased the need for HR analytics solution and services. HR analytics enables organizations to fine-tune HR processes so that they can perfectly align employees' performance with their vision and goals. Australia and New Zealand (ANZ), India, and China have emerged as the undisputed leaders in the HR analytics market. North America is projected to hold the largest market size during the forecast period.
- Growing Adoption Among Enterprises to Make Data-Driven Decisions
- Rising Demand for Workforce Optimization and Talent Mobility
- Varying Structure of Regulatory Policies and Data Regulations
- Cultural Barrier to Adopt Advanced Solutions Over Traditional Systems
- Availability of Huge Volume of HR Data and Increase in Number of Data Sources
- Increasing Adoption of Artificial Intelligence and Machine Learning to Assist Decision-Making
- Inconsistent and Unstructured Data Format
- Prevalent Concerns Over Deployment and Usage of Advanced Solutions
- Use Case 1: Kronos
- Use Case 2: Crunchr
- Use Case 3: Talentsoft
- Sage Software
For more information about this report visit https://www.researchandmarkets.com/r/vvsa6f