Workforce Analytics Market Size, Trends, Drivers, Growth Rate And Future Expansion To 2033

The workforce analytics market size has grown rapidly in recent years. It will grow from $1.6 billion in 2023 to $1.82 billion in 2024 at a compound annual growth rate (CAGR) of 13.7%. The growth in the historic period can be attributed to regulatory compliance and reporting, cloud-based solutions adoption, integration with hr management systems, predictive analytics for retention, diversity and inclusion analytics, efficiency and productivity improvement, talent acquisition optimization..

The workforce analytics market size is expected to see rapid growth in the next few years. It will grow to $3.23 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The growth in the forecast period can be attributed to vendor innovation and competition, industry-specific analytics solutions, global economic conditions and recovery, focus on learning and development analytics, growth in mid-sized enterprises adoption.. Major trends in the forecast period include workforce resilience planning, employee productivity measurement, ai and machine learning integration, utilization of people metrics for business strategy, real-time performance monitoring..

Market Overview -
The workforce analytics refer to advanced algorithm-based analytical software and tools used to analyze employee-related data for performance measurement and improvement. It collects and accumulates all data from internal and external sources and analyzes it to gain insights about the employees within the organization to improve workplace planning and management. These tools and technologies help to understand specific trends such as attrition rate, efficiency, and learning efficacy.

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Increasing Investment In Workforce Analytics To Propel The Workforce Analytics Market
The increasing investment in workforce analytics is expected to propel the workforce analytics market. Many organizations are considering increasing their investments in workforce analytics as it assists enterprises in improving the productivity of the employees, developing effective recruiting methods, deriving better hiring decisions, retaining the best talent, efficient use of the workforce, and effective workforce planning. Workforce analytics uses the latest technologies and metrics to improve the workforce and management that offers a great return on investment in the long run. For instance, in September 2022, according to an article published by Randstad, a Netherlands-based HR services company, Randstad Sourceright's 2022 Talent trends study shows, 73% of talent leaders are investing in HR and workforce analytics. Therefore, the increasing investment in workforce analytics is expected to boost demand for workforce analytics solutions and services during the forecast period.

Competitive Landscape -
Major companies operating in the workforce analytics market report are ADP LLC (Automatic Data Processing Inc. ), Cornerstone OnDemand Inc., International Business Machines Corporation (IBM), Kronos Incorporated, Oracle Corporation, Capgemini SE, Tableau Software LLC, Workday Inc., PeopleStreme Pty Ltd, Microsoft Corporation, Visier Inc., UKG Inc. (Ultimate Kronos Group), SAP SE, Beeline. com Ltd., Brightfield Strategies LLC, Bullhorn Inc., Cisco Systems Inc., Talentsoft SA, Trianz Holdings Pvt. Ltd., Genpact Limited, Deloitte Touche Tohmatsu Limited, Cognizant Technology Solutions Corporation, Infosys Limited, Wipro Limited, HCL Technologies Limited, NICE Systems Ltd., Verint Systems Inc., WorkForce Software LLC, Google LLC

Integration Of Ai And Ml
The integration of advanced technologies is a key trend gaining popularity in the workforce analytics market. The market is witnessing the implementation of advanced technologies such as artificial intelligence (AI), machine learning (ML), and natural language processing (NLP) in workforce analytics solutions. The workforce analytics based on AI, ML, and NLP aids in better evaluation, productivity, increasing business scalability, boosting business operations, and efficiency of employees. Key players are focusing on offering advanced workforce analytics to meet end-customer demands and strengthen their market position. For instance, in June 2023, Visiera, a Canadian-based cloud-based workforce analytics and workforce planning software company that provides HR analytics and workforce intelligence solutions, introduced a new technology, Vee, a powerful new generative AI-based digital assistant that adds a simple conversational interface to Visier People, the most widely adopted people analytics solution in the world. This new capability puts the right insights in the hands of any leader with questions about their workforce.

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Key Segments -

The workforce analytics market covered in this report is segmented -

1) By Component: Solution, Services
2) By Deployment: On-Premise, Cloud
3) By Organization Size: Large Enterprises, SMEs
4) By Industry Vertical: BFSI, Manufacturing, Healthcare, Government, Retail, IT and Telecom, Education, Other Industry Verticals

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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