According to a new market report published by Transparency Market Research, the global workforce analytics market
is expected to reach a value of US$ 2,453.9 Mn by 2026, supported by
rising adoption of compliance initiatives, improved operational
efficiency, and controlled workflow. The market is projected to expand
at a CAGR of 10.3% during the forecast period from 2018 to 2026.
Increasing demand for integrated workforce analytics, growing trend of
mobile workforce coupled with multiple benefits offered by workforce
analytics are encouraging the higher adoption of workforce analytics.
In addition, rising penetration of
mobile devices is boosting the global demand for mobile based workforce
analytics. Asia Pacific is anticipated to be the fastest growing region
for the market during the forecast period which is expected to be
followed by Europe. Workforce analytics is experiencing flourishing
growth in terms of adoption across different industry verticals around
the globe. Increase in the implementation of big data analytics and
artificial intelligence offered by vendors is further contributing to
the growth of the workforce analytics market.
Growing list of HRM solution vendors likely to boost the growth of workforce analytics solutions over the forecast period
The growth of workforce analytics
software/services is directly or indirectly related to the growth of
workforce management solutions, as most of the vendors offer workforce
analytics solutions as an add-on feature to their workforce management
solutions. Adoption of workforce analytics by small and medium-sized
enterprises (SMEs) is increasing mainly due to cost efficiency as well
as limited capital investment required for subscription based (cloud)
services. Installing workforce analytics in an organization for cost
cutting and time savings (process optimization) is fuelling the growth
of the market substantially with the trend expected to be maintained
during the forecast period.
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Workforce Analytics Market: Scope of the Report
The workforce analytics market has been
segmented on the basis of parameters such as component, enterprise size,
application, end-use industry, and geographical regions. In terms of
component, the market has been segmented into software and services. The
software segment has further been segmented into cloud, on-premise, and
hybrid while the services segment has been classified into managed and
professional services. The enterprise size segment includes small &
medium enterprises (SME’s) and large enterprises. While considering the
application based segmentation, the market has been divided into time
& attendance, scheduling & staffing, performance management,
benchmarking and others (recruiting management, turnover tracking etc.).
In terms of end-user industry, the
market has been segmented into BFSI, telecom & IT, government &
public sector, healthcare, retail, energy & utilities,
manufacturing, and others (aerospace & defense, travel &
hospitality). The report covers the analysis of these segments across
North America, Europe, Asia Pacific, Middle East & Africa, and South
America, along with the qualitative analysis for market estimates
supplementing the growth of the workforce analytics market during the
forecast period. BFSI, and telecom & IT segments are anticipated to
experience lucrative growth opportunities in the market. In terms of
adoption of workforce analytics, the BFSI sector is projected to expand
at a CAGR of approximately 12.0% during the forecast period from 2018 to
2026.
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