Workforce Analytics Market Healthy with Impressive Rate of Adoption

The ever-increasing business competitiveness has developed a new demand for analyzing the workforce and bring-out better business outcomes. Workforce analytics are the set of tools which are used to analyze the performance of the employees/workers in an organization. These tools and metrics are ideal in analyzing staffing, training & development, cost per hire, retention rate and all similar workforce related parameters which allow enterprise leaders to optimize their human resources.The recent trends in workforce analytics shows that the rising need for effective return on investment (ROI) andto mitigate company’s overall investmentsis leading to the adoption of workforce analytics tools in the organizations.

Workforce analytics market is segmented on the basis of type, deployment and end-use industry. On the basis type, work force analytics market is further segmented into solutions and services. Workforce analytics solutions are the software tool which help an organization to manage its workforce. While, theservices are the parallel business consulting, implementation of solutions and expert opinions which are provided to an organizations post deployment of the workforce analytics tools.

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On the basis of deployment type, work force analytics market is further segmented into on-premise and cloud-based. An on–premise workforce analytics tool allows organization to set-up the infrastructure inside the company’s premises. Whereas, cloud-based workforce analytics require networked services linked with remotely located cloud storage, which are provided by the software service provider. The workforce analytics becomes crucial in analyzing task force in the organizations with high accountability of workers. In terms of end-use industry, workforce analytics market is further classifiedinto telecom and IT, manufacturing, retail, healthcare and research, government and public sector, banking, financial services and insurance (BFSI) and others (education, travel & hospitality and media & entertainment).

Shrinking task force to enhance company performance is key aspect which is leading to the adoption of workforce analytics and subsequently increasing its market growth. However, data security concerns for the cloud based workforce analytics tools may restrain its market. Also, lack of awareness amongst the organizations, especially in emerging markets is hampering its market growth. Improvement of work analytics tools in terms of its interface and end results has fuelled its penetration in the North American region.Similarly, with improving analytical skills in developing economies is expected to lead in its adoption in near term.

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On the global scale, North America region is expected to dominate in terms of uses of workforce analytics tools in coming years. However, escalating workforce in Asia pacific region is expected to propel workforce analytics market in the forecast period. Further, BFSI and government & public segment is expected to key driver for overall workforce analytics market during the coming years. The high ratio of employees/workers and changing working dynamics will be the significant factors leading to its market growth.

Some of the key players in the development and manufacturing of workforce analytics systems include Visier, Inc., Genpact Ltd., SAP Success Factors, Peoplefluent companies, Kronos, Inc., Aquire, Inc., Workday, Inc., PeopleStreme Pty. Ltd., Towers Watson & Co., Oracle Corporation, Cornerstone OnDemand, Inc., WorkForce Software LLC, and Tableau Software, Inc.

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