HR analytics includes data mining and business analytics solutions, which analyzes data generated from HR activities such as performance management, employee acquisition, engagement, attendance, compensation, training, etc., and enhances these core HR functions. HR analytics increases the productivity of HR staff by predicting important parameters such as retention, performance, workforce management opportunities, and offers extensive modeling capabilities for workforce planning. HR analytics also analyzes business scenarios surrounding these functions, thereby guiding HR managers to gain insights from the information. This leads to more relevant decisions and appropriate and timely actions. Analytics solutions test the effectiveness of HR policies and different interventions and enable streamlining of various HR policies. HR analytics solutions offer integrated functionality for small, mid-sized, and large companies. These solutions help in streamlining HR functions and business intelligence functions, thereby improving the operational efficiency of a company. HR analytics involves data collection, data cleansing, data management, forecasting, and visualization. It integrates and correlates data to provide relevant, actionable, and timely insights in order to improve performance and return-on-investment.
HR analytics solutions and services facilitates complex compensation planning and enable enterprises to improve budget allocations and align compensation decisions with organizational guidelines. The global HR analytics market is primarily driven by the increasing demand for cloud-based solutions. Cloud-based solutions are cost-effective, which enables easy and convenient storage and download of data over cloud. Moreover, increasing workforce globalization is anticipated to enhance the adoption of HR analytics solutions by small, medium, and large enterprises. Increasing adoption of HR analytics solutions in small- and medium-sized organizations is expected to drive the HR analytics market during the forecast period. Integrating different HR systems and collection of data is a challenge to the HR analytics market. Leading players in the market are providing integrated comprehensive HR analytics solutions for all core HR functions along with analytics capabilities.
The global HR analytics market can be segmented based on component, enterprise size, end-use industry, and region. In terms of component, the market can be classified into software and services. Software are further categorized based on deployment into cloud-based or on-premise. Based on enterprise size, the HR analytics market can be segregated into small & medium enterprises (SME’s) and large enterprises. Small and medium enterprises (SMEs) are companies with employee strength between 1 and 500. Large enterprise are companies with employee strength of more than 500. In large enterprises, rate of adoption of HR analytics solution is high, as it assists in compliance management and improves security measures of the organization. In terms of end-user industry, the HR analytics market can be split into BFSI, retail, IT & telecom, healthcare, government, education, manufacturing, and others.
Based on region, the global HR analytics market can be segmented into North America, Asia Pacific, Middle East & Africa, South America, and Europe. The HR analytics market in Asia Pacific is expected to expand at a rapid pace during the forecast period due to the rise in number of mid-sized and small enterprises in the region that are adopting HR analytics.
Key players operating in the global HR analytics market include IBM Corporation, Cognizant Technology Solutions Corp., Accenture plc, Infosys Limited, ADP LLC, Ascentis Software Corporation, Genpact Ltd., Cornerstone OnDemand, Inc., Oracle Corporation, Beeline, Kronos, Inc., GainInsights Solutions Pvt. Ltd., Paylocity, Nakisa, Inc., PeopleFluent Companies, SAP SE, PeopleStreme Pty. Ltd., Tableau Software Inc., Visier, Inc., TALENTSOFT, WorkForce Software LLC, PeopleAdmin, SumTotal Systems Inc., Kenexa Corporation, Taleo Corporation, Halogen Software Inc, and Workday, Inc. Increasing number of market payers and rising competition are likely to drive the global HR analytics market during the forecast period.
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