Workforce Analytics Market Size, Share and Trends – Forecast to 2027 | MRFR
Workforce Analytics Market Overview:
Workforce analytics is a comprehensive software that is designed to enhance the employee & employer experience. It is used to study the varying behavior patterns of the employees and other people working in an organization based on data provided by them. It helps in making a better hiring decision. It assists the employers during the procurement and recruitment process. As staffing is a cumbersome task, workforce analytics help in increasing the productivity of the existing workforce so that they work efficiently and in the desired manner.
The Workforce Analytics Market is anticipated to increase at a faster rate in the coming future. The 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.
COVID 19 Analysis:
People across the globe are suffering from Coronavirus, the global pandemic. It has adversely affected the operations of all the industries, except for the pharmaceutical industry. There has been a complete lockdown situation in almost every nation and people are forced to stay at their homes. The borders are sealed, which means no international travel is possible. The businesses are also being shut down. Many people were laid off from their workplaces. This has adversely affected the Workforce Analytics Industry as well.
It is being anticipated that post the Covid19 situation, Global Workforce Analytics Market Share will grow tremendously. As people are working remotely due to the pandemic, a need arises to recruit such people who are capable enough to work in this competitive environment. Workforce analytics helps you in assessing the workforce requirement, the turnover rate, and developing strategies to recruit and train efficient staff members. Soon the market will pick a boom.
Workforce Analytics Market Dynamics:
Drivers:
The human being is the most important and complex asset of an organization. It is the only asset that comes to the organization daily and walks out once the working shift is over. There is a need to analyze their behavior patterns, their working skills, their capacities so that plans can be devised by keeping in mind their needs. This not only leads to increased employee satisfaction but eventually improves their productivity.
Opportunities:
Workforce analytics empowers top-level management and enables them to implement statistical tools for analyzing the performance of their employees. It allows them to develop more efficient methods of requirement and helps in making quick decisions. There are several Workforce Analytics Market Opportunities as it enables the managers to estimate the workforce required for a particular project.
Restraints:
People do not have the essential information and the desired knowledge about workforce analytics which has become a major hindrance in its adoption in organizations. The cost of implementation and deployment is also very high.
Value Chain Analysis:
The workforce is diverse. We can distinguish them based on caste, color, creed, religion, region, language, needs, skills, etc. A need arises to understand the employee’s objective so that it can be assimilated with the managerial objects so that the organizational goals can be fulfilled. Workforce analytics acts as an aid to the top-level management in identifying and fulfilling the needs of their employees so that they get a sense of belongingness with the organization.
Workforce Analytics Market Segmentation:
According to Workforce Analytics Market Analysis, its market can be divided into various segments. These are based on type, based on deployment, based on organization size, and based on industry.
Based on type:
Based on the type of components, the workforce analytics market can be subdivided into Solutions & Services. It provides both managerial and professional services. It helps in talent acquisition as well as its development. It helps in devising payroll schemes and monitoring them.
Based on deployment:
Workforce analytics market can be classified into On-cloud & On-premises based on the deployment type.
Based on the organization size:
Workforce analytics software market can be used in all kinds of organizations, that is, small, medium-sized, and large organizations.
Based on the end-users:
Workforce analytics tools are used for Banking & Financial Services, Insurance industry (BFSI), Manufacturing as well as Retail organizations, IT & Telecom department, Healthcare & medical industry
Workforce Analytics Market Regional Analysis:
Workforce Analytics Market Size is increasing rapidly. It is leaving its mark in every part of the world. The regions of the operation of the web application firewall industry include America, Europe, Asia-pacific, and the rest of the world.
American region, which includes the area of North America (the US and Canada) and Latin America, provides the largest market for workforce analytical tools. This owns to tremendous industrial as well as commercial growth in this region.
The European region, which includes Germany, UK, France, Russia, and Italy, is also expanding and holds the second largest market share of workforce analytics.
Asia-Pacific (ASPAC) region, which includes China, Japan, India, Australia, and South Korea, is growing tremendously throughout the forecasted period. This owns to the fact that the work culture in these areas is changing and organizations are becoming more employee-centric.
The rest of the world region, which includes the region of the Middle East and Africa, is growing at a slower but constant rate owing to the lower economic development.
Workforce Analytics Market Competitive Landscape:
The list of major global Workforce Analytics Market Key Players is as follows:
The above-listed companies form joint ventures and partnerships for certain projects, mergers, and acquisitions to make technological advancements. They strive to develop end-products and services that are unique, cost-effective, proficient in working and can deliver accurate solutions to the problems.
Recent Developments
The various recent activities found in Global Workforce Analytics Market Forecast are as follows:
Report Overview:
This Workforce Analytics Market Trends report includes the following elements:
This research report provides a comprehensive study about Workforce Analytics Market Growth. It includes a thorough analysis of its usage and its market trends. Workforce analytics is software or statistical techniques designed to enhance employee satisfaction and productivity. The monitoring and controlling activities help in evaluating and comparing the actual performance with the standard set so that the gap between the two can be bridged.
Frequently Asked Questions (FAQ) :
Implementation of workforce analytics facilitates efficient optimization of the human resource of the organization.
The workforce analytics market is projected to register 13% CAGR.
The workforce analytics market is anticipated to earn revenues worth USD 1026 Mn by 2023 end.
North America, due to the consolidation of major vendors, is anticipated to lead the workforce analytics market.
The end-user industries of workforce analytics are banking, retail, logistics, insurance, government, healthcare, and manufacturing, among others.
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