Rising Trends in HR Analytics Market: Transforming HR Departments Worldwide | Size $11 Billion by 2031

According to a new report published by Allied Market Research, titled, "HR Analytics Market," the HR analytics market size was valued at $2.4 billion in 2021, and is estimated to reach $11 billion by 2031, growing at a CAGR of 16.6% from 2022 to 2031.

Human Resource analytics (HR Analytics) is defined as the area in the field of analytics that deals with people analysis and applying analytical process to the human capital within the organization to improve employee performance and improving employee retention. Moreover, HR analytics does not collect data about how employees are performing at work, instead, its sole aim is to provide better insight into each of the human resource processes, gathering related data, and then using this data to make informed decisions on how to improve these processes.

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Factors, such as enhancement of mobile employee engagement and increase in automation of HR operations aided in propelling the growth of the global HR analytics market during the forecast period. Moreover, HR analytics helps to make HR activities more efficient by using collected data to predict key attributes, such as performance, retention, and recruitment during the period has positively impacted HR analytics industry. However, data security and privacy concerns and lack of workforce is anticipated to hamper the HR analytics market during the forecast period. On the contrary, increase in use of cloud-based technology is expected to offer remunerative opportunities for the expansion of the HR analytics market forecast.

Some of the rising trends in the HR Analytics Market:

1. Predictive Analytics for Employee Retention: Companies are using predictive analytics to identify factors that contribute to employee turnover. This includes analyzing data on employee satisfaction, performance, and engagement to predict which employees are at risk of leaving. By identifying these patterns early, HR departments can take proactive steps to improve retention.

2. Employee Experience Analytics: Employee experience has become a focal point for organizations looking to attract and retain top talent. HR Analytics is being used to gather data on various touchpoints of the employee journey, from recruitment to onboarding to ongoing development. Analyzing this data helps companies understand where they can improve to create a more positive and engaging workplace.

3. Diversity, Equity, and Inclusion (DEI) Metrics: Many organizations are increasingly focused on improving diversity, equity, and inclusion within their workforce. HR Analytics plays a crucial role here by providing insights into hiring practices, promotion rates, pay equity, and more. Companies are using analytics to track progress toward DEI goals and to identify areas needing attention.

4. Workforce Planning and Skills Gap Analysis: With the rapid pace of technological change, companies are using HR Analytics to assess their current workforce skills and identify gaps. This helps in planning for future talent needs, determining which skills are becoming more critical, and developing training programs to bridge these gaps.

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5. Remote Work Analytics: The shift to remote and hybrid work models due to the COVID-19 pandemic has led to increased interest in analytics related to remote work. HR departments are analyzing data on productivity, collaboration, and employee well-being in remote settings. This data helps in optimizing remote work policies and identifying challenges that need to be addressed.

6. Real-time Feedback and Sentiment Analysis: Traditional annual performance reviews are being complemented or replaced by real-time feedback mechanisms. HR Analytics tools are used to gather and analyze feedback from employees, including sentiment analysis of comments and suggestions. This helps in identifying trends, areas of improvement, and employee sentiment towards various initiatives.

7. AI and Machine Learning in Recruitment: AI and machine learning algorithms are being employed to streamline the recruitment process. These technologies help in screening resumes, identifying top candidates, and even predicting candidate success based on historical data. This not only saves time but also improves the quality of hires.

8. Health and Wellness Analytics: Employee well-being has gained significant attention, especially with the challenges posed by the pandemic. HR Analytics is used to track metrics related to employee health, stress levels, work-life balance, and the effectiveness of wellness programs. This data helps in designing initiatives that promote a healthier and more productive workforce.

9. Ethical and Responsible Use of HR Analytics: As HR Analytics becomes more sophisticated, there is a growing focus on ensuring its ethical use. Companies are developing guidelines and policies to protect employee privacy, ensure data security, and prevent biases in analytics algorithms.

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10. Integration with HR Technology Ecosystem: HR Analytics is increasingly being integrated with other HR technologies such as Human Capital Management (HCM) systems, Learning Management Systems (LMS), and Performance Management tools. This integration allows for seamless data flow between systems, providing a holistic view of the workforce.

Based on application, the workforce management segment dominated the overall HR analytics market in 2021 and is expected to continue this trend during the forecast period. This is attributed to the increase in employee satisfaction trends and the adoption of HR analytics for faster resolution. However, the employee retention segment is expected to witness the highest growth owing to the rise in competition among enterprises to hire skillful candidates.

Region-wise, the HR analytics market was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to its higher expenditure on technological solutions. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to the growth in number of startups and the expanding infrastructure in the region, which is expected to fuel the growth of the HR analytics industry in the region during the forecast period.

The key players profiled in the HR analytics market analysis are Crunchr, Gaininsights, IBM Corporation, Infor, Kronos Incorporated, Microstrategy Incorporated, Oracle Corporation, Sage group PLC, SAP SE, Sisense Inc, Tableau Software Inc, Talentsoft, Visier Inc, Workday Inc, Zoho Corporation, Zoios, and Legartise. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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