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The Workforce Analytics market is expected to register a CAGR of over 15.64% during the forecast period 2018 - 2023. The report profiles the on-cloud and on-premise providers of Workforce Analytics software and service for various industries.
The entry of data analytics into HR sector is one of HR’s most significant opportunities to modernize the function and raise its level the value, the growing amount of data generating from an organization company can be collected to improve the performance and output seemingly with no bounds. The organizations are now digging even deeper into analyzing the data surrounding its employees, their well-being, and their performance.
Several HR managers and analytics experts are using the data to study the behavior of employees, how they use their time in office, what makes them stay at their job, patterns of overtime, and at what times, how employees relate to each other at work all these efforts are used to understand their workforce production and performance.
Growing Demand for Workforce Analytics
With the advancements in the new technology such as Artificial Intelligence and Deep Learning has increased the global trade between different countries, which has made a significant impact on the work culture across the globe for various organizations which resulted in the increased number of the skilled workforce. The accelerated rise of large amounts of data generated from the various Smart devices such Radio Frequency Identification (RFID) chips, tracking sensors are connected with each other collects large amounts of data from the various devices for an instance attendance Biometric is used for an employee working duration details.
For instance, Bank of America installed various smart sensors within the organizations to study how the group dynamics impacted the performance, productivity. These sensors eventually help the company to experience a 10 % improvement in the productivity by making some workplace culture changes after the study.
Increasingly the workforce analytics vendors are forming the strategic partnerships with technology leaders to combine their products with the latest technologies or some workforce analytics vendors that will develop technologies on their own and can analyze the outcomes from their employees accordingly to compete with these technology vendors. For instance, Raet and Activ8 have done the partnership to develop a world-class product (Workforce analytics tool), superior to traditional dash boarding offerings.
North America the largest market in terms of global share
The North America region is projected to have the largest growth in demand, during the forecast period (2018-2023), as it provides a suitable environment for startups and SMEs, regarding government regulations and compliance. According to Business.org, the top 20 startups of ecosystems are located in North America, for instance Austin, Texas has more than 5,500 start-ups, as well as big- tech giants firms like Facebook, Google, and Apple. Owing to this, enterprises are proliferating in this North America region and have a massive demand for workforce analytics market. The major trends responsible for the growth of workforce analytics market in the North American region include the growing number adoption of cloud-based workforce analytics from the U.S and Canadian companies with the shift towards software as a service (SAAS) in cloud-based workforce analytics.
Key developments in the market
• Mar 2018: Oracle Corporation has done product innovation in the HCM Cloud with new analytics and artificial intelligence features. With this new product innovation it will help to improve engagement, recruitment, and HR productivity, and also helps to empower employees to quickly and easily access the information they need to excel at work.
• Aug 2017: SAP SE has done product enhancement in its product SAP RealSpend and SuccessFactors Workforce Planning tool which its cloud finance application. With this integration, it will help companies to move away from using spreadsheets for personal budgeting and enable them to fine-tune HR and finance decisions throughout the year.
Major players: AUTOMATIC DATA PROCESSING, INC., IBM CORPORATION, ORACLE CORPORATION, ACCENTURE. , CAPGEMINI SE, CISCO SYSTEMS INC., CLICKSOFTWARE TECHNOLOGIES, GENPACT, PEOPLESTREME, TABLEAU SOFTWARE, CORNERSTONE ONDEMAND INC., WORKDAY, INC. , and KRONOS INCORPORATED., among others.
Reasons to Purchase this Report
• Provides latest insights into Global Workforce Analytics Market.
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
• To understand the dominating technology in the market.
• The region that is expected to witness the fastest growth during the forecast period.
• Identify the latest developments, market shares and strategies employed by the major market players.
• 3 months analyst support along with the Market Estimate sheet (in Excel).
Customization of the Report
• This report can be customized to meet the desired requirements. Please connect with our analyst/sales representative, who will ensure you get a report that suits your needs.
The entry of data analytics into HR sector is one of HR’s most significant opportunities to modernize the function and raise its level the value, the growing amount of data generating from an organization company can be collected to improve the performance and output seemingly with no bounds. The organizations are now digging even deeper into analyzing the data surrounding its employees, their well-being, and their performance.
Several HR managers and analytics experts are using the data to study the behavior of employees, how they use their time in office, what makes them stay at their job, patterns of overtime, and at what times, how employees relate to each other at work all these efforts are used to understand their workforce production and performance.
Growing Demand for Workforce Analytics
With the advancements in the new technology such as Artificial Intelligence and Deep Learning has increased the global trade between different countries, which has made a significant impact on the work culture across the globe for various organizations which resulted in the increased number of the skilled workforce. The accelerated rise of large amounts of data generated from the various Smart devices such Radio Frequency Identification (RFID) chips, tracking sensors are connected with each other collects large amounts of data from the various devices for an instance attendance Biometric is used for an employee working duration details.
For instance, Bank of America installed various smart sensors within the organizations to study how the group dynamics impacted the performance, productivity. These sensors eventually help the company to experience a 10 % improvement in the productivity by making some workplace culture changes after the study.
Increasingly the workforce analytics vendors are forming the strategic partnerships with technology leaders to combine their products with the latest technologies or some workforce analytics vendors that will develop technologies on their own and can analyze the outcomes from their employees accordingly to compete with these technology vendors. For instance, Raet and Activ8 have done the partnership to develop a world-class product (Workforce analytics tool), superior to traditional dash boarding offerings.
North America the largest market in terms of global share
The North America region is projected to have the largest growth in demand, during the forecast period (2018-2023), as it provides a suitable environment for startups and SMEs, regarding government regulations and compliance. According to Business.org, the top 20 startups of ecosystems are located in North America, for instance Austin, Texas has more than 5,500 start-ups, as well as big- tech giants firms like Facebook, Google, and Apple. Owing to this, enterprises are proliferating in this North America region and have a massive demand for workforce analytics market. The major trends responsible for the growth of workforce analytics market in the North American region include the growing number adoption of cloud-based workforce analytics from the U.S and Canadian companies with the shift towards software as a service (SAAS) in cloud-based workforce analytics.
Key developments in the market
• Mar 2018: Oracle Corporation has done product innovation in the HCM Cloud with new analytics and artificial intelligence features. With this new product innovation it will help to improve engagement, recruitment, and HR productivity, and also helps to empower employees to quickly and easily access the information they need to excel at work.
• Aug 2017: SAP SE has done product enhancement in its product SAP RealSpend and SuccessFactors Workforce Planning tool which its cloud finance application. With this integration, it will help companies to move away from using spreadsheets for personal budgeting and enable them to fine-tune HR and finance decisions throughout the year.
Major players: AUTOMATIC DATA PROCESSING, INC., IBM CORPORATION, ORACLE CORPORATION, ACCENTURE. , CAPGEMINI SE, CISCO SYSTEMS INC., CLICKSOFTWARE TECHNOLOGIES, GENPACT, PEOPLESTREME, TABLEAU SOFTWARE, CORNERSTONE ONDEMAND INC., WORKDAY, INC. , and KRONOS INCORPORATED., among others.
Reasons to Purchase this Report
• Provides latest insights into Global Workforce Analytics Market.
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
• To understand the dominating technology in the market.
• The region that is expected to witness the fastest growth during the forecast period.
• Identify the latest developments, market shares and strategies employed by the major market players.
• 3 months analyst support along with the Market Estimate sheet (in Excel).
Customization of the Report
• This report can be customized to meet the desired requirements. Please connect with our analyst/sales representative, who will ensure you get a report that suits your needs.
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
