Workforce Analytics Market size is set to grow by USD 2.56 billion from 2024-2028, Demand for efficient workforce management and recruitment boost the market, Technavio

NEW YORK, July 10, 2024 /PRNewswire/ — The global workforce analytics market size is estimated to grow by USD 2.56 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 17.74%  during the forecast period. The global workforce analytics market is poised for significant growth, driven by increasing demand for efficient workforce management and recruitment solutions. The trend towards mobile applications for workforce analytics further amplifies this growth trajectory. However, challenges such as the lack of skilled workforce present hurdles to widespread adoption. Key players like Accenture, SAP SE, and Oracle are actively shaping the market with innovative solutions despite these challenges. As the market expands, overcoming skill shortages will be critical to fully realizing the potential benefits of workforce analytics technologies.

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Market Driver

The workforce analytics market has seen consistent growth, with a notable trend being the use of mobile applications for workforce data analysis. Tools like Visier and SAP SuccessFactors enable organizations to make workforce insights accessible via mobile platforms. With the widespread use of mobile devices, providing mobile applications for workforce analytics is essential. Managers, often working remotely or on-the-go, can easily access key employee performance indicators and address issues or opportunities. Mobile applications also enhance the user experience through an intuitive interface, boosting adoption and engagement. The adoption of mobile workforce analytics is expected to continue, allowing organizations to make real-time data-driven decisions and enhance workforce management efficiency, contributing to the market’s growth. 

The Workforce Analytics Market is experiencing significant growth due to the increasing demand for workforce performance improvement. Companies are leveraging data to evaluate staffing, employment, development, and training, compensation, and benefits. Key trends include talent management, recruitment, employee collaboration, and long-term labor issues. Performance data is crucial for identifying talent gaps and addressing employee engagement, retention, and productivity. Machine learning, AI, and cloud technologies are transforming HR data analysis, enabling predictive workforce analytics, data mining, and pattern matching. HR analytics tools are essential for managers to plan improvement, assess risk, and index productivity. Large enterprises in IT and telecommunication sectors are leading the adoption of these advanced technologies for employee performance management and career progression. Data security remains a priority as companies navigate the shift to remote work and work-from-home models. 

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Market Challenges

•         The global workforce analytics market is experiencing a significant challenge in finding a sufficient number of skilled professionals to meet the growing demand for data-driven workforce strategies. With the increasing importance of data analysis and statistical modeling in business, workforce analytics has become a complex field requiring specialized expertise. However, many organizations are struggling to find qualified individuals with the necessary skills and experience to implement and manage effective workforce analytics programs. This shortage can be attributed to the rapid pace of technological change, the expanding need for data-driven decision-making, and the relatively new nature of the field itself. Furthermore, educational institutions have not yet fully adapted their curriculums to the evolving needs of the workforce analytics market, creating a gap between the required skills and those being taught. This skills gap may hinder the ability of service providers to cater to their client base, potentially slowing down the growth of the global workforce analytics market during the forecast period.

•         In today’s dynamic business landscape, workforce analytics has become a crucial tool for large enterprises in IT and telecommunication to optimize their human resources. However, implementing workforce analytics comes with its challenges. One major challenge is the integration of new technologies like blockchain and AI into HR analytics tools. Another challenge is managing the work-from-home model and ensuring employee engagement. Managers need real-time talent decisions for planning improvement and employee performance, but data security is a concern. Employees’ people data must be mined for productivity indexing, predictive workforce analytics, and turnover modeling. HR teams must navigate hiring, dismissing, and career progression with the help of big data analytics and ML. Data security, employee experience, and performance anxieties are key areas of focus. HR analytics tools provide regression analysis, pattern matching, and risk assessment to improve productivity and employee retention. Companies can choose between on-cloud and on-premises solutions based on their needs. Professional and managed services can help with the implementation and management of these solutions. Workplace trends continue to evolve, requiring continuous adaptation and innovation.

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Segment Overview 

This workforce analytics market report extensively covers market segmentation by  

End-user 1.1 Retail1.2 BFSI1.3 Telecom and IT1.4 Healthcare1.5 OthersApplication 2.1 Large enterprises2.2 Small and medium sized enterpriseGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Retail-  The Workforce Analytics market is a significant business solution that helps organizations effectively manage their human resources. It utilizes data and analytics to optimize workforce performance, improve productivity, and reduce costs. By providing insights into employee engagement, turnover rates, and skill gaps, Workforce Analytics enables informed decision-making and strategic workforce planning. This market continues to grow, offering various tools and services to meet the evolving needs of businesses.

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Research Analysis

The Workforce Analytics Market encompasses data analytics solutions designed to evaluate and optimize various aspects of an organization’s workforce. These solutions include staffing, development and training, compensation management, talent management, recruitment, and more. Machine learning and data mining technologies play a significant role in workforce analytics, enabling pattern matching, turnover modeling, risk assessment, and productivity indexing. HR analytics tools provide real-time talent decisions, employee experience insights, and performance improvement recommendations. Additionally, workforce analytics solutions offer AI capabilities for automating hiring teams and making data-driven recruitment decisions. Professional and managed services are also available to support organizations in implementing and maximizing the value of their workforce analytics solutions. Employee engagement, management training programs, and performance anxieties are also addressed through workforce analytics, ensuring a well-equipped workforce that drives business success.

The Workforce Analytics market is a dynamic and evolving field focused on maximizing workforce performance and effectiveness through data-driven insights. It encompasses various areas such as evaluation, staffing, development and training, compensation and benefits, talent management, recruitment, employee collaboration, and more. Key areas of focus include workforce performance improvement, planning and improvement, employee engagement, productivity, and predictive workforce analytics. Machine learning and AI are increasingly being used to analyze HR data, identify talent gaps, and make real-time talent decisions. Compensation management, turnover modeling, and risk assessment are essential components of workforce analytics, helping organizations optimize their workforce and mitigate potential risks. HR teams use various HR analytics tools, including regression analysis, pattern matching, and data mining, to gain insights into employee experience and career progression. Workforce analytics also addresses long-term labor issues, such as data security and the impact of the work-from-home model on employee productivity. The market caters to large enterprises across industries, including IT and telecommunication, with solutions available on-cloud and on-premises. Employee collaboration, hiring teams, and HR teams all benefit from workforce analytics, enabling them to make informed decisions and improve overall organizational performance. Workforce analytics is an essential tool for addressing workplace trends and ensuring a productive, engaged, and motivated workforce.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

End-userRetailBFSITelecom And ITHealthcareOthersApplicationLarge EnterprisesSmall And Medium Sized EnterpriseGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio