Workforce Analytics Market – Snapshot

Workforce analytics enables the control and management of various aspects of workforce management and helps maintain employees’ details from the date of joining to the date of retirement. Moreover, workforce analytics incorporates HR activities such as time & attendance, scheduling & staffing, performance management, and employee benchmarking along with other core HR features. Workforce analytics helps to develop the productivity of HR staff by providing self-service web interfaces.

Workforce analytics not only allows businesses to manage and access their employee details effectually on a real time basis but also provides meaningful insights. Numerous software development providers and vendors are laying emphasis on enrichment of workforce analytics by integrating value added processing such as human resource compliance management tools, artificial intelligence, and other features, for instant process design control. Moreover, increasing workforce globalization is projected to enhance the large scale implementation of workforce analytics by small and large enterprises. Rising demand for better architectures for talent and recruiting functions is crucial to the growth of workforce analytics models, which includes employee benefit administration, employee verification, and employment application processing.

workforce analytics market

The workforce analytics market has been segmented in terms of component, enterprise, application, end-use industry, and region. While considering component, the market has been segmented into software, and services. The global market by enterprise type comprises small & medium enterprises (SME’s) and large enterprises. The small and medium enterprise (SMEs) segment consists of the income generated from the sale of workforce analytics to enterprises/companies with strength of 1-500 employees. Large enterprise segment reflects the revenue generated from the sale of workforce analytics to enterprises/companies with a labor force of more than 500 employees. In large enterprises, adoption of workforce analytics is already high as it is a cost effective process, improves security measures, and assists in compliance management. The application segment of the workforce analytics market has been divided into time & attendance, scheduling & staffing, performance management, benchmarking and others. In terms of end-user industry, the market has been bifurcated into BFSI, telecom and IT, government, healthcare, education, manufacturing, retail and others. Geographically, the market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

North America remained the dominant region in the workforce analytics market in 2017.The region accounted for almost one-third of the global market revenue share and is expected to continue its leading position throughout the forecast period. This is due to the fact that a large number of mid-sized and small enterprises are leaning toward workforce analytics. Europe captured the second largest market share in 2017. Asia Pacific, which showed the fastest growth in 2017, buoyed by rising adoption rate of digitalization in talent management over the years, is however seeing hurdles in the growth of the workforce analytics market. Factors such as different regulatory compliances and limited availability of efficient Internet connectivity infrastructure are seen as key reasons for the potential growth slag.

This report on the global workforce analytics market provides market revenue share analysis of the various key participants. Some of the key players profiled in the workforce analytics market report include ADP, LLC, Beeline, Cornerstone OnDemand, Inc., GainInsights Solutions Pvt. Ltd., Genpact Ltd., Kronos, Inc., Nakisa, Inc., Oracle Corporation, PeopleFluent Companies, PeopleStreme Pty. Ltd., SAP Success Factors, Tableau Software Inc., TALENTSOFT, Visier, Inc., Workday, Inc., and WorkForce Software LLC.

Global Workforce Analytics Market: Snapshot

The growing scope of people analytics for analyzing workforce for human resource management has led to the evolution of the workforce analytics market. Incorporation of data science and machine learning in analytics has helped in better management of talent for organizations, and facilitate an objective decision making. Workforce analytics has evolved in nature and scope in the face of dynamically changing employee behavior and engagement. Key objectives of such analytics are in understanding workers’ productivity, accurately estimating staffing requirements, and monitor employee behavior—all are achieved in real time. In the coming years, workforce analytics will play crucial role in advancing the scope of organizational network analysis. Over the past few years, a growing legion of data scientists are seeing an incredible potential in workforce analytics solutions to help enterprises bolster employee productivity, and on a consistent basis.

Emerging tools of predictive analytics have helped propel new avenues in the workforce analytics market, especially in a few developing countries. ERP providers aiming at tapping into the potential of workforce analytics tools to help develop new methods for productivity enhancement. However, the path of adoption of workforce analytics will not be so smooth and rapid, the reason having to do with the lack of skills in human resource of companies. On the other hand, numerous regional regulations supporting transparency in data exchange are expected to expand the horizon for players and stakeholders in the workforce analytics market. Advent of cloud-based people analytics solution is helping the market see new opportunities for end users. In the near future, as the scope of workforce analytics market expands, new metrics will come into play. This will eventually make workforce performance measurement more elaborate.

The demand within the global workforce analytics market is projected to tread along a lucrative pathway in the years to follow. Human Resource Management (HRM) has become an important area of focus for large-scale organisations, and this factor has aided market growth. The employees within an entity need to be managed with immense transparency, leaving no scope for biases or injustice. The moral fabric of an organisation is knit on the ethos of equality, fair treatment, training, and proper renumeration of employees. Therefore, the relevance of workforce analytics in achieving the aforementioned goals has created tremendous opportunities for market growth and maturity.

  • Optimizing the skills and abilities of the workforce plays an integral role in improving the overall efficiency of the organisation. Furthermore, the need for proper management of various verticals and teams within a company also necessitates the use of workforce analytics. HRs have become increasingly accepting of the modules deployed for management of employees and interns.
  • The relevance of workforce analytics can be gauged from the high amount of investments made towards maintaining databases of employees’ performance index. Furthermore, several research studies prove that the efficiency of employees increases with the induction of welfare schemes and programs within an organisation. The use of workforce analytics helps in narrowing down on the kind of training and welfare schemes that can be introduced across various verticals.
  • Countries in Europe are liberal with their employee welfare policies, and are willing to experiment with new work modules. Therefore, use of workforce analytics has increased by a dramatic chase across Europe. Furthermore, the presence of large-scale enterprises with sophisticated work modules has also given a thrust to regional market growth. As multinational companies invest in the Asia Pacific market, the need for employee management and welfare is indispensable. This factor has also enabled the vendors to capitalise on new areas for accelerated growth.

Workforce Analytics Market - Overview

The workforce analytics market report provides analysis for the period 2016 – 2026, wherein the period from 2018 to 2026 is the forecast period and 2017 is the base year. The report covers all the major trends and technologies playing an influential role in the market’s growth over the forecast period. It also highlights the drivers, restraints, and opportunities for the analysis of market growth during the said period. The study provides a complete perspective on the evolution of the global workforce analytics market throughout the above mentioned forecast period in terms of revenue (US$ Mn).

The market overview section of the report demonstrates market dynamics such as drivers, restraints, and opportunities that influence the current nature and future status of this market, key market indicators, integration challenges, end-user adoption analysis, and key trends of the market. Further, key market indicators included in the report provide the significant factors which are capable of changing the market scenario. These indicators are expected to define the market position during the forecast period and provide an overview about the global workforce analytics market. A market attractiveness analysis has been provided for every segment in the report, in order to present a thorough understanding of the overall scenario in the workforce analytics market. The report also offers an overview of various strategies adopted by key players in the market. The report covers price trend analysis covering various pricing models such as subscription, pay-per-use, and license based. Additionally, the report includes benchmarking of major products available in the market.

Global Workforce Analytics Market: Scope of the Report

The workforce analytics market has been segmented in terms of component, enterprise size, solution, end-use industry, and region. In terms of component, the market has been segmented into software and services. The enterprise size segment includes small & medium enterprises (SME’s) and large enterprises. While considering the application segment, the market has been divided into time & attendance, scheduling & staffing, performance management, benchmarking and others. 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. 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. Apart from the above regions, the report also covers cross country level analysis for the U.S.

The report also highlights the competitive landscape of the global workforce analytics market, positioning all the major players according to their presence in different regions of the world and recent key developments initiated by them in the industry. The comprehensive workforce analytics market estimates are the result of our in-depth secondary research, primary interviews, and in-house expert panel reviews. These market estimates have been analyzed by taking into account the impact of different political, social, economic, and technological factors along with the current market dynamics affecting the workforce analytics market growth.

This report provides all the essential information required to understand the key developments in the workforce analytics market, as well as growth trends of each segment and region. It also includes strategies of companies, financial information, and developments under the company profile section. Also, the report provides insights related to trends and their impact on the market. Furthermore, Porter’s Five Forces analysis explains the five forces, namely buyers bargaining power, suppliers bargaining power, threat of new entrants, threat of substitutes, and degree of competition in the workforce analytics market. This report also provides a comprehensive ecosystem analysis of the workforce analytics market. It explains the various participants including software & third-party vendors, system integrators, and distribution channels within the value chain operating in the market.

Global Workforce Analytics Market: Research Methodology

The research methodology is a perfect combination of primary research, secondary research, and expert panel reviews. Secondary research sources such as annual reports, company websites, broker reports, financial reports, SEC filings and investor presentations, national government documents, internal and external proprietary databases, statistical databases, relevant patent and regulatory databases, market reports, government publications, World Bank database, and industry white papers are referred.

Primary research involves telephonic interviews, e-mail interactions, and face-to-face interviews for detailed and unbiased reviews on the workforce analytics market across geographies. Primary interviews are usually conducted on an ongoing basis with industry experts and participants in order to get the latest market insights and validate the existing data and analysis. Primary interviews offer firsthand information on important factors such as market trends, market size, competitive landscape, growth trends, and outlook. These factors help to validate and strengthen secondary research findings and also help to develop the analysis team’s expertise and market understanding. Moreover, the data collected and analyzed from secondary and primary research is again discussed and examined by our expert panel.

Global Workforce Analytics Market: Competitive Dynamics

The global workforce analytics market report provides company market share analysis of the various key participants. Some of the key players profiled in the report include ADP, LLC, Beeline, Cornerstone OnDemand, Inc., GainInsights Solutions Pvt. Ltd., Genpact Ltd., Kronos, Inc., Nakisa, Inc., Oracle Corporation, PeopleFluent Companies, PeopleStreme Pty. Ltd., SAP Success Factors, Tableau Software Inc., TALENTSOFT, Visier, Inc., Workday, Inc., and WorkForce Software LLC.

The global workforce analytics market is segmented as below:

Global Workforce Analytics Market, by Component

  • Software
    • On-Premise
    • Cloud
    • Hybrid
  • Services
    • Managed
    • Professional

Global Workforce Analytics Market, by Enterprise Size

  • SMEs
  • Large Enterprises

Global Workforce Analytics Market, by Application

  • Time & Attendance
  • Scheduling & Staffing
  • Performance Management
    • Workforce Planning
    • Learning & Development
    • Succession Management
  • Benchmarking
    • Compensation Management
    • Performance Management
    • Training and Development
    • Succession Management
  • Others (Recruiting Management, Turnover Tracking etc.)

Global Workforce Analytics Market, by Industry

  • BFSI
  • Energy & Utilities
  • Government & Public Sector
  • Retail
  • Healthcare
  • Telecom & IT
  • Manufacturing
  • Others (Aerospace & Defense, Travel & Hospitality)

Global Workforce Analytics Market, by Geography

  • North America
    • The U.S.
    • Canada
    • Rest of North America
  • Europe
    • The U.K
    • Germany
    • France
    • Rest of Europe
  • Asia Pacific (APAC)
    • India
    • China
    • Japan
    • Rest of APAC
  • Middle East & Africa (MEA)
    • GCC
    • South Africa
    • Rest of MEA
  • South America
    • Brazil
    • Rest of South America

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Workforce Analytics Market

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