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Global Workforce Analytics Market Report 2019 | Industry Share, Growth Analysis, Latest Emerging Trends, Revenue, Competitive Landscape, SWOT Analysis and Regional Overview By 2026 | Cisco Systems Inc., Automatic Data Processing, Inc., Capgemini SE

10-28-2021 05:42 AM CET | IT, New Media & Software

Press release from: StraitsResearch

Workforce Analytics Market

Workforce Analytics Market

Workforce Analytics Market Snapshot:

Workforce analytics entails a sophisticated set of data analysis tools for the measurement and analysis of employee performance. It is used to analyze recruitment, training, staffing, and several other aspects. Assessing employee behavior and retention can be complicated; however, with data-driven approaches, companies are now able to implement effective strategies. A World Economic Forum survey revealed that 85% of respondents are likely to embrace big data analytics by the end of 2022. Thus, the increasing usage of big data analytics and other innovative tools will further contribute to market growth.

The intricacy of workforce management is rising, which paves the way for quantitative approaches to cope with complexities. For instance, companies are adopting big data technologies for growth. A research study by Tata Consultancy Services revealed that organizations are considering optimizations in employee retention as a key potential of big data technologies.
Analytics can provide insights regarding employee behavior and identify employees likely to leave the organization within a short period of time. Further, it also presents an overview of employee behavior by analyzing data, enabling companies to make suitable workforce decisions.

Enterprises emphasize labor strategies and investments to enhance business productivity. For instance, Mindtree, an information technology company, leveraged HR analytics to improve operations. The tool-assisted the company with the prediction of employee turnover for the upcoming 90 days and also supported it to derive suitable insights from data analysis, which were later employed in the forecasting model for hiring.

Human capital is a key asset for an organization, and employee productivity plays a vital role in the success of an organization. Tracking and monitoring employee performance provide a better understanding of the areas that require improvements as well as the areas in which performance is exceeding expectations. For instance, Infosys has adopted a continuous performance management system, which helps it regularly monitor staff performance and predict employee behavior.

Performance data monitoring also assists in the estimation of managerial activities. For instance, Google is leveraging HR analytics for talent management. Project Oxygen helps the company in identifying efficient managers and the consolidation of the eight best managerial qualities. 

Internally, several factors compel companies to leverage workforce analytics. Shifts in strategies, including acquisitions, mergers, and collaborations, demand an insightful view of the labor force. These transformations require the management of employee outflow and inflow. With the help of workforce analytics, companies can identify methods to maintain employee productivity during mergers and acquisitions. In today’s competitive business scenario, companies find it difficult to retain superior talent, which drives the growth of the workforce analytics market.
Externally, various labor market trends, including flexible and temporary workforce, skill shortages, and globalization, positively affect the workforce analytics market. Further, regulatory issues demand companies be more transparent in their operations in order to reduce bias in hiring and promotion. In addition to this, the proliferation of data from various sources, including mobile and other social applications, also provides insights regarding workforce issues.

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The Major Prominent Players Covered in this Report:
Automatic Data Processing, Inc.
Capgemini SE
Cisco Systems Inc.
Cornerstone OnDemand Inc.
IBM Corporation
Oracle Corporation
Peoplestreme Pty. Ltd.
SAP SE
SumTotal Systems, LLC
Visier, Inc.
Workday, Inc.

By Component Type, Solutions, Talent Acquisition & Development Optimization Services, Payroll & Monitoring, Services, Professional Services, Managed Services By Deployment Type, Cloud, On-Premise, By End-Use Industry, BFSI (Banking, Financial Services, and Insurance), Manufacturing, IT & Telecom, Retail, Healthcare, Others

Growing Domestic Demand and Expanding Pharmaceutical Sector to Drive the Demand for Workforce Analytics in the APAC Region
Asia-Pacific region is anticipated to hold the largest market share in the global Workforce Analytics market during the forecast period 2019-2026. The growth in this region can be attributed to the presence of emerging economies like India, China, Japan, Vietnam, and Indonesia, which account for the largest share in this region. India is one of the largest producers of Workforce Analytics and a major exporter of the product to various countries across the globe. India accounts for around 80% of the world’s exports of Workforce Analytics. The favorable climatic conditions and growth of agricultural inputs and allied services like cold storage and warehousing in India are prompting higher production.

View this report with a detailed description and TOC @ 
https://straitsresearch.com/report/workforce-analytics-market/toc

Recent Developments:
Oracle released a revised version of the Oracle Human Capital Management Cloud in March 2019, which offers an improved user experience.

In February 2019, Infor, an enterprise software company, partnered with MODERN HIRE to integrate interviewing technology and predictive talent analytics for the hiring process. This will help users make interviews more automated and smarter. It also allows companies to hire top talent quickly.

Key Questions Answered in The Report:
What will the Workforce Analytics market growth rate?
What are the key factors driving the global Workforce Analytics market?
Who are the key manufacturers in the Workforce Analytics market space?
What are the market opportunities, market risk, and market overview of the Workforce Analytics market?
What are sales, revenue, and price analysis of top manufacturers of the Workforce Analytics market?
Who are the distributors, traders, and dealers of the Workforce Analytics market?
What are the market opportunities and threats faced by the vendors in the global Steerable Medical Devices Industry?
What are sales, revenue, and price analysis by types and applications of the Workforce Analytics Industry?
What are sales, revenue, and price analysis by regions of Workforce Analytics industry?
What are the driving factors contributing to market growth during the short, medium, and long term?

Key Workforce Analytics Market Trends:
- The report identifies, determines, and forecasts the Global Workforce Analytics Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Workforce Analytics Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is Expected to Drive the Growth
- Rising Adoption of Market Segments in this Growth
- North American, Europe is Expected to Witness Higher Growth Rate over the Forecast Period
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Workforce Analytics Market.

Browse Full Report @ 
https://straitsresearch.com/report/workforce-analytics-market/

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