Global Workforce Analytics Solutions and Services Market Report 2022: Integration of Advanced Technologies Gaining Traction - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Workforce Analytics Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.

The global workforce analytics market is expected to grow from $1.27 billion in 2021 to $1.44 billion in 2022 at a compound annual growth rate (CAGR) of 14.12%. The workforce analytics market is expected to grow to $2.46 billion in 2026 at a compound annual growth rate (CAGR) of 14.21%.

North America was the largest region in the workforce analytics market in 2021. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the workforce analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The increasing investment in workforce analytics is expected to propel the workforce analytics market. Many organizations are considering increasing their investments in workforce analytics as it assists enterprises in improving the productivity of the employees, developing effective recruiting methods, deriving better hiring decisions, retaining the best talent, efficient use of the workforce, and effective workforce planning.

Workforce analytics uses the latest technologies and metrics to improve the workforce and management that offers a great return on investment in the long run. For instance, according to research presented in January 2019 by SD Worx, a Belgium-based global HR and payroll company, 50% of HR professionals across Europe are dissatisfied with how HR analytics is currently prioritized within the industry, and just 9% are very satisfied, indicating a need for better analytics and prioritization.

Additionally, 76% of the organizations intend to increase their investment in HR technology as a whole which includes workforce analytics as well, with 45% intended to increase investment in the next two years and 65% within the next 3 years. In addition, 95% of organizations agreed that high-quality data and analytics are important to the future success of the business. Therefore, the increasing investment in workforce analytics is expected to boost demand for workforce analytics solutions and services during the forecast period.

The integration of advanced technologies is a key trend gaining popularity in the workforce analytics market. The market is witnessing the implementation of advanced technologies such as artificial intelligence (AI), machine learning (ML), and natural language processing (NLP) in workforce analytics solutions.

The workforce analytics based on AI, ML, and NLP aids in better evaluation, productivity, increasing business scalability, boosting business operations, and efficiency of employees. Key players are focusing on offering advanced workforce analytics to meet end-customer demands and strengthen their market position.

For instance, in October 2020, Tata Consultancy Services (TCS), an Indian global information technology company introduced TCS Workforce Analytics, an AI-based workforce analytics solution to assist businesses in attracting and retaining the right digital talent. It includes machine learning, natural language processing, and a proprietary cognitive engine created by TCS Co-Innovation partnered dotin Inc to objectively analyze an individual's skills, personality characteristics, strengths, cultural fit, workplace values, and learning style for improving productivity and workforce experience.

In July 2021, Accenture Plc, an Ireland-based information technology company acquired Workforce Insight for an undisclosed amount. With this acquisition, Accenture is focused on improving its workforce capabilities and expanding its capacity to help clients with HR transformation. Workforce Insight is a US-based provider of workforce software and workday solutions.

The workforce analytics market consists of sales of workforce analytics by entities (organizations, sole traders, and partnerships) that refer to advanced algorithm-based analytical software and tools used to analyze employee-related data for performance measurement and improvement.

It collects and accumulates all data from internal and external sources and analyzes it to gain insights about the employees within the organization to improve workplace planning and management. These tools and technologies help to understand specific trends such as attrition rate, efficiency, and learning efficacy.

Major players in the workforce analytics market are

• ADP LLC
• Cornerstone OnDemand Inc
• International Business Machines Corporation
• Kronos Incorporated
• Oracle Corporation
• SAP SE
• Tableau Software
• Visier Inc
• Workday Inc
• WorkForce Software LLC
• Accenture Plc
• Capgemini SE
• Sage Software
• TriNet
• Peoplestreme Pty Ltd
• Towers Watson & Co
• Sisense Inc
• Infor
• Verint
• Genesys

Key Topics Covered:

1. Executive Summary

2. Workforce Analytics Market Characteristics

3. Workforce Analytics Market Trends And Strategies

4. Impact Of COVID-19 On Workforce Analytics

5. Workforce Analytics Market Size And Growth

5.1. Global Workforce Analytics Historic Market, 2016-2021, $ Billion

5.1.1. Drivers Of The Market

5.1.2. Restraints On The Market

5.2. Global Workforce Analytics Forecast Market, 2021-2026F, 2031F, $ Billion

5.2.1. Drivers Of The Market

5.2.2. Restraints On the Market

6. Workforce Analytics Market Segmentation

6.1. Global Workforce Analytics Market, Segmentation By Component, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

• Solution
• Services

6.2. Global Workforce Analytics Market, Segmentation By Deployment, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

• On-Premise
• Cloud

6.3. Global Workforce Analytics Market, Segmentation By Organization Size, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

• Large Enterprises
• SMEs

6.4. Global Workforce Analytics Market, Segmentation By Industry Vertical, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

• BFSI
• Manufacturing
• Healthcare
• Government
• Retail
• IT and Telecom
• Education
• Others

7. Workforce Analytics Market Regional And Country Analysis

7.1. Global Workforce Analytics Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

7.2. Global Workforce Analytics Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/g35bxr