Workforce Analytics Market Report 2020 Industry Trends, Share and Size, Expected CAGR, Top Manufacturers and Consumer Analysis across the Region and Globe

As per the Eurostat, the total value of the ICT sector in Europe, including the ICT manufacturing and ICT services, was estimated to be more than EUR 475 billion in 2017. In this sector, the ICT services account for the major share as it is predicted to be ten times larger than the share held by ICT manufacturing. ICT services consist of computer programming, consultancy and related activities which held about 49.1% share while the telecommunications activities held around 30.3% share in the segment in 2017. These factors are estimated to impact the market growth in a positive manner in the next few years.

The global workforce analytics market holds some prominent key players and emerging organizations which constantly upgrade their technologies by investing in research and development. These are ADP LLC (U.S.), Aquire, Inc (U.S.), Cornerstone OnDemand Inc (U.S.), Genpact Ltd (Bermuda), IBM Corporation (U.S.) Kronos Inc (U.S.), Oracle Corporation (U.S.), PeopleSreme Pty. Ltd (Australia), SAP SE (Germany), Tableau Software (U.S.), Tower Watson & Co (U.S.), Visier Inc (Canada), Workday Inc (U.S.), WorkForce Software, LLC (U.S.) among others.

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Workforce analytics is a platform designed by the combination of software and algorithms implementing the statistical models to the work force related data giving the benefit to the enterprises to efficiently optimize the human resources management. The result of the workforce analytics allows the organizations to develop and improve the methods of recruiting and effectively take the hiring decisions. Additionally the analytics software help the organizations identify the new positions needs and predicting the success of the employee. This proves a great benefit to the higher management in identifying the factors that influence the employee job satisfaction.

With the advancements in technology and increase in the global trade, it has made a huge impact on the work culture across the globe for different organizations resulting in the decrease of the skilled workforce. This dynamic change in the workforce has made the management to utilize the workforce analytics to better optimize the customer needs and employee workforce.

The market for workforce analytics is segmented by type, deployment, organization size, industry vertical and by region. On the basis of type, it is divided into solutions and services. Services are further bifurcated as consulting service, system integration service, and managed services. The services segment is dominating the market for workforce analytics by type due to changing workforce and labor challenges that are faced by the enterprises globally. Also, due to the changing work dynamics and different governmental labor rules and regulations, the demand for consulting services is growing and is expected to grow significantly in the forecasted period. The segmentation is also done on the basis of deployment.

Under deployment, the cloud-based workforce analytics is leading segment in workforce analytics market majorly due to ease of implementation and user-friendly environmental features. The market is also divided into large organizations and SME’s under organization size for the industry verticals like banking, insurance, government, retail, and logistics, healthcare and manufacturing.

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On the basis of region, the market for workforce analytics is divided into North America, Europe, Asia pacific and rest of the world. North America region is leading the market in workforce analytics majorly due to the presence of big and large number of vendors. Also Increase in the early adoption of cloud – based workforce analytics from U.S and Canadian companies with the shift towards software as a service in cloud-based workforce analytics. Following North America is Europe and Asia pacific.

Various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. The leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio.The global 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.

Segments

For the purpose of this study, Market Research Future has segmented the market of workforce analytics into type, deployment, organization size, industry vertical and region.

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Type

Solution

Services

Deployment

On Premise

On Cloud

Organization Size

Large

SME’s

Industry Vertical

Banking

Insurance

Government

Retail

Logistics

Healthcare

Manufacturing

Region

North America

Europe

Asia pacific

Rest of the world.

Intended Audience

Storage providers

Network providers

Banking Institutions

Insurance providers

Higher management

Research firms

Software investors

Software Developers

Software Testers

Analytics solutions providers

IT enablers

Database solutions

Cloud providers

Insurance companies

Banks

Telecommunication companies

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