Global Workforce Analytics Market Size to Exceed USD 7.62 Billion by 2033
According to a research report published by Spherical Insights & Consulting, the Global Workforce Analytics Marketis Expected to Grow from USD 2.04 Billion in 2023 to USD 7.62 Billion by 2033, at a CAGR of 14.09% during the forecast period 2023-2033.
Browse key industry insights spread across 233 pages with 107 Market data tables and figures & charts from the report on the Global Workforce Analytics Market Size, Share, and COVID-19 Impact Analysis, By Component (Solutions and Services), By Deployment (Cloud and On-premise), By Enterprise Size (SMEs and Large Enterprises), By End-use (Healthcare, IT & Telecommunication, BFSI, Manufacturing, Retail, Aerospace & Defense, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/workforce-analytics-market
The workforce analytics market refers to the use of technologies and data analysis techniques to evaluate and enhance worker performance, productivity, and engagement. It comprises collecting and analyzing data about employee performance, skills, behavior, and other workforce indicators to help businesses make educated decisions, improve people management, and improve overall company outcomes. This market provides software, services, and solutions that help businesses effectively manage and develop their workforce by leveraging data-driven insights. The market growth is driven by the competitive market, businesses aim to draw in and keep top personnel. As sophisticated, cloud-based solutions become more widely available, businesses can learn important lessons about staff growth, skill gaps, and talent acquisition. In the end, workforce analytics boosts hiring effectiveness, retention, and productivity, which propels company success. However, the market growth is hindered by the lack of awareness and the high expenses of integrating advanced analytics solutions.
The solution segment accounted for the majority of the share in 2023 and is estimated to grow at a remarkable CAGR during the forecast period.
Based on the component, the workforce analytics market is categorized into solutions and services. Among these, the solution segment accounted for the majority of the share in 2023 and is estimated to grow at a remarkable CAGR during the forecast period. The segmental growth can be attributed to the companies searching for comprehensive solutions that effectively integrate data from multiple sources, including performance evaluations, employee feedback, and HR systems. Strategic workforce planning and informed decision-making are made possible by these technologies, which give businesses a complete picture of their workforce.
The cloud segment accounted for the majority of the share in 2023 and is estimated to grow at a remarkable CAGR during the forecast period
Based on the deployment, the workforce analytics market is categorized into cloud and on-premise. Among these, the cloud segment accounted for the majority of the share in 2023 and is estimated to grow at a remarkable CAGR during the forecast period. The segmental growth can be attributed to the businesses that may use cloud platforms to scale their workforce analytics capabilities up or down in response to changing demands. This flexibility allows businesses to manage data storage, add or remove functionality, and alter the number of users without having to make significant infrastructure or upfront expenditure changes. As companies expand or contract, cloud solutions can adapt to these changes with ease, providing a flexible and cost-effective way to manage staff.
The large enterprises segment held the greatest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.
Based on the enterprise size, the workforce analytics market is categorized into SMEs and large enterprises. Among these, the large enterprise segment held the greatest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The segmental growth can be attributed to the complex personnel management procedures used by big businesses are driving the need for sophisticated labor analytics solutions. When overseeing thousands of employees in many departments, locations, and functions, advanced technology is essential for effective monitoring and strategic planning. Workforce analytics systems offer comprehensive performance tracking, in-depth employee engagement surveys, and advanced workforce planning capabilities to satisfy these complex demands.
The healthcare segment held the largest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.
Based on the end use, the workforce analytics market is categorized into healthcare, it & telecommunication, BFSI, manufacturing, retail, aerospace & defense, and others. Among these, the healthcare segment held the largest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The segmental growth can be attributed to the use of workforce analytics tools, healthcare administrators may optimize personnel numbers, improve scheduling processes, and reduce labor costs. By analyzing data on staff requirements, shift patterns, and overtime expenses, these tools help healthcare providers reduce operating costs and inefficiencies.
North America is anticipated to hold the largest share of the global workforce analytics market over the forecast period.
North America is anticipated to hold the largest share of the global workforce analytics market over the forecast period. In this region with advanced IT infrastructure and a large number of market participants, workforce analytics solutions are widely used in industries including healthcare, IT and communications, BFSI, etc. The increasing focus on enhancing employee engagement, retention, and productivity is another factor driving the need for workforce analytics solutions.
Asia Pacific is estimated to grow at the fastest CAGR of the global workforce analytics market during the forecast period. The advanced workforce management solutions are becoming more and more necessary in these areas to help firms adjust to the rapid changes in the labor market. Workforce analytics solutions can help increase talent acquisition, operational efficiency, and employee performance.
Major vendors in the global workforce analytics market are UKG, ADP, Inc., SAP SE, Anaplan, Inc., Cornerstone, Willis Towers Watson, Oracle Corporation, UKG, TABLEAU SOFTWARE, LLC (Salesforce, Inc.), Paycom Payroll LLC, Ascender HCM, Workday, Inc., and others.
Key Target Audience
Market Players
Investors
End-users
Government Authorities
Consulting and Research Firm
Venture capitalists
Value-Added Resellers (VARs)
Key Market Development
In June 2023, Sapience Analytics and QuantumWork Advisory collaborated to use data analytics and strategic workforce planning to revolutionize the way external labor expenditures are managed. This partnership helps companies validate purchase orders, goods receipts, and bills by providing insight into actual work time. By putting better procedures and technology in place it also helps executives detect certain labor needs and improves user experience.
Market Segment
This study forecasts revenue at the global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global workforce analytics market based on the below-mentioned segments:
Global Workforce Analytics Market, By Component
Solutions
Services
Global Workforce Analytics Market, By Deployment
On-Premise
Cloud
Global Workforce Analytics Market, By Enterprise Size
SMEs
Large Enterprises
Global Workforce Analytics Market, By End-use
Healthcare
IT & Telecommunication
BFSI
Manufacturing
Retail
Aerospace & Defense
Others
Global Workforce Analytics Market, By Regional
North America
US
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
Russia
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Australia
Rest of Asia Pacific
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
UAE
Saudi Arabia
Qatar
South Africa
Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights& Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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