The Rising Need for Robust Security Solution is Driving the Growth of Workforce Analytics Market

Globally, the workforce analytics market is expected to grow with a CAGR of 16.5% during the forecast period from 2023 to 2030. The market is propelled by the growing need among the organizations to enhance the operational efficiency and curb the operational cost. The organizations are adopting the technology-based solutions and services for their talent acquisition needs and workforce management and performance evaluation. Moreover, the organizations are leveraging on the working analytics solution to develop a comprehensive workforce performance management.

The growing digital data among the organization is also encouraging the adoption of the workforce analytics solution to derive the actionable insights also accelerates the market growth. Furthermore, the growing adoption of the cloud based services among the organizations is also paving the way for the integration of the workforce analytics solutions. However, the reluctance among the organization to shift from the conventional methods to the advance software solutions is inhibiting the growth of the market.  Moreover, the lack of awareness pertaining to the benefits of the solution is also acting as a major constraint in the growth of the market.   

Cloud Deployment is Estimated to Grow Significantly During the Forecast Period  

The workforce analytics market is segmented based on the deployment into on-premise and cloud. The on-premise segment accounted for more than 70% share in the revenue in 2020. The growth of the market is attributed to the control and rigid security offered by the on-premise deployment model. However, as the organization shifting towards digitalization, the demand for cloud model is anticipated to increase during the forecast period due to the cost effectiveness and numerous other benefits offered by the model over conventional model.

North America is Leading the Workforce Analytics Market                           

North America led the global workforce analytics market in 2021 with the market share of more than 42%.  The growing digitalization across the organizations in the region is the primary driver for the market growth. The growing deployment of cloud based services among the organizations is also one of the major factor accelerating the adoption of the workforce analytics solutions. Furthermore, the changing market dynamics and integration of advance technologies for workforce management also foster the market growth.

The major vendors in the workforce analytics market are Aquire Inc, ADP LLC, Cornerstone OnDemand Inc, IBM Corporation, Genpact Ltd, Kronos Inc, PeopleSreme Pty Ltd, Oracle Corporation, SAP SE, Visier Inc, Tableau Software, and Workforce Software LLC.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Workforce Analytics market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Workforce Analytics market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Workforce Analytics market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Workforce Analytics market?
• Which is the largest regional market for Workforce Analytics market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Workforce Analytics market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Workforce Analytics market worldwide?