According
to new market research report "HR
Analytics Market by
Component, Application Area (Workforce Management, Recruitment, and Employee
Development), Organization Size, Deployment Type, Vertical (BFSI,
Manufacturing, and IT and Telecom), and Region - Global Forecast to 2024", is expected to grow from USD 1.9 billion in
2019 to USD 3.6 billion by 2024, at a Compound Annual Growth Rate (CAGR) of
13.7% during the forecast period.
The
increasing demand to automate HR processes, scaling HR personnel effort
with the help of advanced technologies, and growing need to enhance workforce
engagement are some of the major factors driving the growth of the HR analytics
market.
Browse and
in-depth TOC on “HR Analytics Market”
70 - Tables
34
- Figures
135
- Pages
The workforce management segment to hold the largest market size
during the forecast period
The
workforce management application area is widely adopted across verticals, owing
to the need to place right people at right job for meeting business objectives.
Labor is one of the biggest expenses to be bared by organizations. The use of
HR analytics enables organizations to predict and forecast an accurate number
of employees required to complete a particular job. Enterprises employ the HR
analytics solution for standardizing processes across varied departments. The
adoption of the HR analytics solution enables organizations to increase
employees’ productivity, performance, and satisfaction.
The
Banking, Financial Services, and Insurance (BFSI) vertical to hold the largest
market size during the forecast period
The
BFSI vertical is undergoing massive disruption, due to regulatory changes and
competitive pressures. It is facing unique challenges, such as low-profit
margins, information security threats, and compliance requirements. The
challenges encourage the BFSI vertical to adopt HR analytics for aligning
workforce to streamline operations and minimizing workforce costs. With the
advent of mobile technology, customer preferences and behavior are changing.
Enterprises are emphasizing on adopting the HR analytics solution to boost the
performance of their sales employees and marketing representatives. The
solution leads to better customer satisfaction and engagement.
The
solution segment to hold a larger market size during the forecast period
The HR
analytics solution has a wide scope of usage among enterprises, as it assists
businesses in managing different applications, such as payroll, retention,
recruitment, workforce management, employee engagement, and employee
development. This has created opportunities for vendors to provide the HR
analytics solution to enterprises across different verticals and help them in
managing complex functions, such as recruiting, on-boarding, and training of
employees.
North
America to hold the largest market size during the forecast period
North
America is estimated to account for the highest market share in 2019. The
region comprises developed countries, such as the US and Canada, and is
considered the most advanced region in terms of adopting digital technologies.
The North American region houses key industry players offering HR analytics
solution and services. Its financial position enables it to invest majorly in
leading solutions and technologies for effective business operations.
The key
vendors in the HR analytics market are Oracle (US), SAP (Germany), Infor (US), Workday
(US), Sage Software (UK), Kronos (US), MicroStrategy (US), IBM (US), Tableau
(US), Zoho (India), Crunchr (Netherland), Visier (Canada), TALENTSOFT (Paris),
GainInsights (India), and Sisense(US).
Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
