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Workforce Analytics Market Strategies, Trends and SWOT Analysis 2020 - Oracle Corporation, IBM Corporation, Tableau Software Inc, SAP SE, Workday Inc, ADP LLC

07-28-2020 11:46 AM CET | IT, New Media & Software

Press release from: Allied Market Research

Workforce Analytics Market Strategies, Trends and SWOT

The retail & e-commerce sector is expected to attain significant growth in the coming years, owing to the growth in need to improve productivity of and enhance skills of employees.

Based on component, the solution segment held the major share in 2018, generating nearly three-fourths of the global workforce analytics market. The fact that workforce analytics solutions are cheaper than other traditional solutions and are pretty faster to deploy has augmented the segment growth. The service segment, on the other hand, would grow at the fastest CAGR of 20.0% throughout the forecast period. Rise in need of services like managed services and professional services drives the growth of the segment.

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The global workforce analytics market was estimated at $1.64 billion in 2018, and is expected to hit $5.97 billion by 2026, registering a CAGR of 17.6% from 2019 to 2026.

The demand for advanced analytical tools and analytics applications is increasing rapidly as the enterprises face the immense challenge of analyzing the huge amount of HR data structure in real time.

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Rise in need to close the skills gap and increase in investment on workforce analytics fuel the growth of the global workforce analytics market. On the other hand, lack of analysis skills restrains the growth to some extent. However, incorporation of advanced technologies such as machine learning, natural language processing, and AI in workforce analytics is expected to create multiple opportunities in the industry.

Based on deployment, the on-premise segment accounted for nearly three-fifths of the global workforce analytics market revenue in 2018, and is projected to rule the roost by the end of 2026. Enhanced security features provided by the on-premise model have made it widely adopted among organizations. And, this factor has boosted the growth of the segment. Simultaneously, the cloud segment would register the fastest CAGR of 19.3% from 2019 to 2026. This is attributed to a wide array of different services provided by cloud.

Pandemic disrupted the entire world and affected many industries.

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Based on geography, North America contributed to nearly two-fifths of the global workforce analytics market share in 2018, and is expected to maintain its lead status by 2026. Businesses in this province are transitioning from on-premise to cloud enabled workforce analytics, owing to its low-cost implementation and maintenance which, in turn, has supplemented the growth. At the same time, the region across Asia-Pacific would cite the fastest CAGR of 20.1% during the study period. This is due to rise in adoption among large number of enterprises in the region to implement cloud-based workforce analytics in order to perk up employee productivity and their performance.

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The company profiles of workforce analytics market players included in this report are Oracle Corporation, IBM Corporation, Tableau Software Inc, SAP SE, Workday Inc, ADP LLC, Cornerstone OnDemand Inc, Kronos Incorporated, WorkForce Software, LLC, and Visier Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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