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Emerging Trends to Reshape the Global Workforce Analytics Market: Integration Of AI And ML as a Key Influencer
Workforce Analytics
Workforce Analytics Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The dimension of the workforce analytics market has seen quick expansion recently. The market, which is expected to increase from $1.78 billion in 2024 to $1.99 billion in 2025, exhibits a compound annual growth rate (CAGR) of 11.6%. The factors driving this historic growth include adherence to regulations and reporting, the adoption of cloud-based solutions, integration into HR management systems, the use of predictive analytics for retention, analytics for diversity and inclusion, the enhancement of efficiency and productivity, and the optimization of talent acquisition.
Workforce Analytics Market Size Forecast: What's the Projected Valuation by 2029?
Prospects for the workforce analytics market seem promising with projections showing rapid expansion in the imminent years. The market value is forecasted to surge to $3.77 billion by 2029, with a compound annual growth rate (CAGR) of 17.3%. This growth, projected for the upcoming period, can be associated with factors such as competition and innovation amongst vendors, industry-centric analytics solutions, improvement in global economic conditions, increased focus on analytical strategies regarding learning and development, and an upturn in adoption by mid-sized enterprises. The foroming period also majorly portrays trends such as planning for workforce resilience, measuring employee productivity, incorporation of AI and machine learning, application of people metrics for business strategies, and real-time performance tracking.
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What Are the Drivers Transforming the Workforce Analytics Market?
The surge in funding towards workforce analytics is predicted to drive the growth of this market. In an attempt to boost employee productivity, refine hiring strategies, make more informed employment choices, retain exceptional skills, effectively manage the workforce and carry out efficient workforce planning, numerous organizations are contemplating increasing their financial contribution to workforce analytics. This analytics practice employs cutting-edge tech and metrics to enhance workforce and management, consequently offering a promising return on investment in the long duration. For instance, Randstad - an HR services firm based out of the Netherlands - shared in an article in September 2022 that Randstad Sourceright's study on Talent trends for 2022 reveals 73% of talent leaders are turning their investment focus towards HR and workforce analytics. As such, the heightened investment in workforce analytics is anticipated to stimulate the need for respective solutions and services within the forecasted timeline.
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What Long-Term Trends Will Define the Future of the Workforce Analytics Market?
The adoption of sophisticated technology is a developing trend in the workforce analytics market. The employment of state-of-the-art technologies such as artificial intelligence (AI), machine learning (ML), and natural language processing (NLP) is currently being witnessed in the market's workforce analytics solutions. Workforce analytics that leverage AI, ML, and NLP offer improved assessment, productivity, scalability, and efficiency in business operations and its employees. Key market players are concentrating on delivering enhanced workforce analytics to cater to customer needs and fortify their market standings. For instance, in June 2023, Canadian-based cloud workforce analytics and planning software corporation Visiera, a provider of HR analytics and workforce intelligence solutions, unveiled a new technology named Vee, an AI-powered new generative digital aide which brings simplicity in conversational interaction to Visier People, the world's most generally used people analytics solution. This innovation provides actionable insights to any leader concerned about their workforce.
Which Segments in the Workforce Analytics Market Offer the Most Profit Potential?
The workforce analyticsmarket 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, Healare, Government, Retail, IT And Telecom, Education, Other Industry Verticals
Subsegments:
1) By Solution: Workforce Management Software, Predictive Analytics Tools, Employee Engagement Platforms
2) By Services: Consulting Services, Implementation Services, Training And Support Services
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Which Firms Dominate the Workforce Analytics Market by Market Share and Revenue in 2025?
Major companies operating in the workforce analytics market include ADP LLC (Automatic Data Processing Inc. ), Cornerstone OnDemand Inc., International Business Machines Corporation (IBM), Kronos Incorporated, Oracle Corporation, plc, 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
Which Regions Offer the Highest Growth Potential in the Workforce Analytics Market?
North America was the largest region in the workforce analytics market in 2024.North America is expected to be the fastest-growing region in the forecast period. The regions covered in the workforce analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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