In a recent published report, Kenneth Research has updated the market report for Workforce Analytics Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Workforce Analytics Market products.
Kenneth Research, in its repository of market research reports, have recently added a report on Workforce Analytics Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2021 2030. The Workforce Analytics Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017.
On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017. Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2030.
The Workforce Analytics Market is majorly affected by the recently hit global pandemic, COVID-19, which has devastated several businesses worldwide. Although, the ICT industry has observed a significant rise in the utilization of cloud applications, yet several manufacturing organizations in the ICT industry are facing significant issues, especially in places where the ICT infrastructure is not that satisfactory.
Global Workforce Analytics Market
By Organization Size (Large Enterprises, Small and Medium Organizations), Component (Solution, Services), Deployment Model (Private Cloud, Public Cloud), Vertical, and Regional Market Size, Status and Forecast to 2025
Market Overview:
The Global Workforce Analytics Market was valued at USD 502.54 million in 2016 and is projected to reach USD 1,831.13 million by 2025, growing at a CAGR of 15.45% from 2017 to 2025.
Final Report will add the analysis of the impact of COVID-19 on this industry.
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Workforce analytics is a type of analytics that focuses on workforce metrics and optimization. Workforce analytics uses a combination of data analysis tools and statistical methods to measure workforce performance, worker-related data, allowing leaders to improve the effectiveness of people-related decision-making and human resources strategy. Benefits of workforce analytics include – anticipate workforce disruption before they strike, deliver smarter business-focused insights, empower managers within the organization, strengthens stronger team cohesion and organizational values.
Sample Infographics:
Market Dynamics:
1. Market Drivers
1.1 Rising adoption by small and medium businesses
1.2 Increasing demand for mobile applications
1.3 Rapidly changing work dynamics
1.4 Growing need to make smarter decisions
1.5 Growing volume of data in HR departments
2. Market Restraints
2.1 Lack of technical expertise for analysis
2.2 Concerns for data security and privacy
2.3 Poor knowledge and resistance to change
Market Segmentation:
The Global Workforce Analytics Market is segmented on the organization size, component, deployment model, vertical, and region.
1. Organization Size:
1.1 Large Enterprises
1.2 Small and Medium Organizations
2. By Component:
2.1 Solution
2.2 Services
2.2.1 Managed services
2.2.2 Professional services
2.2.2.1 System integration services
2.2.2.2 Consulting services
3. By Deployment Mode:
3.1 Private Cloud
3.2 Public Cloud
4. By Vertical:
4.1 Healthcare
4.2 Government
4.3 IT and Telecom
4.4 Banking, Financial Services, and Insurance (BFSI)
4.5 Travel and Hospitality
4.6 Retail
4.7 Manufacturing
4.8 Others
5. By Region:
5.1 North America (U.S., Canada, Mexico)
5.2 Europe (Germany, UK, France, Rest of Europe)
5.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
5.4 Latin America (Brazil, Argentina, Rest of Latin America)
5.5 Middle East & Africa
Competitive Landscape:
The major players in the market are as follows:
1. IBM Corporation
2. Workforce Software
3. SAP SE
4. Kronos Inc.
5. Tableau Software
6. Visier Inc.
7. Oracle Corporation
8. Workday, Inc.
9. ADP, LLC.
10. Cornerstone Ondemand
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Global Workforce Analytics Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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