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LANDON, GREATER LANDON, UNITED KINGDOM, November 1, 2024 /EINPresswire.com/ -- The workforce analytics market has experienced robust growth in recent years, expanding from $1.6 billion in 2023 to $1.82 billion in 2024 at a compound annual growth rate (CAGR) of 13.7%. The growth in the historic period can be attributed to regulatory compliance and reporting, cloud-based solutions adoption, integration with hr management systems, predictive analytics for retention, diversity and inclusion analytics, efficiency and productivity improvement, talent acquisition optimization.
What Is The Estimated Market Size Of The Global Workforce Analytics Market And Its Annual Growth Rate?
The workforce analytics market is projected to continue its strong growth, reaching $3.23 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The growth in the forecast period can be attributed to vendor innovation and competition, industry-specific analytics solutions, global economic conditions and recovery, focus on learning and development analytics, growth in mid-sized enterprises adoption.
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Growth Driver Of The Workforce Analytics Market
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.
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Which Market Players Are Driving the Workforce Analytics Market Growth?
Key players in the market include ADP LLC (Automatic Data Processing Inc. ), Cornerstone OnDemand Inc., International Business Machines Corporation (IBM), Kronos Incorporated, Oracle Corporation, Accenture plc, Capgemini SE, Tableau Software LLC, Workday Inc., PeopleStreme Pty Ltd, Microsoft Corporation, Visier Inc., UKG Inc. (Ultimate Kronos Group), SAP SE, Beeline. com Ltd., Brightfield Strategies LLC, Bullhorn Inc., Cisco Systems Inc., Talentsoft SA, Trianz Holdings Pvt. Ltd., Genpact Limited, Deloitte Touche Tohmatsu Limited, Cognizant Technology Solutions Corporation, Infosys Limited, Wipro Limited, HCL Technologies Limited, NICE Systems Ltd., Verint Systems Inc., WorkForce Software LLC, Google LLC.
What Are the Emerging Trends Shaping the Workforce Analytics Market?
Major companies operating in the workforce analytics market are developing innovative solutions to sustain in the market. Innovative solutions in workforce analytics refer to cutting-edge approaches and tools that leverage advanced analytics to gain deep insights into workforce performance, productivity, and trends for informed decision-making and strategic HR management.
How Is The Global Workforce Analytics Market Segmented?
1) By Component: Solution, Services
2) By Deployment: On-Premise, Cloud
3) By Organization Size: Large Enterprises, SMEs
4) By Industry Vertical: BFSI, Manufacturing, Healthcare, Government, Retail, IT and Telecom, Education, Other Industry Verticals
Geographical Insights: North America Leading The Workforce Analytics Market
North America was the largest region in the market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Workforce Analytics Market Definition
The workforce analytics 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.
Workforce Analytics Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global workforce analytics market report covering trends, opportunities, strategies, and more
The Workforce Analytics Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on workforce analytics market size, workforce analytics market drivers and trends and workforce analytics market growth across geographies. This market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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