Workforce Analytics Market 2017 Trends, Sales, Supply, Demand and Analysis by Forecast to 2023

Market Synopsis:
Workforce analytics is a software platform which applies statistical algorithms to the work force data with an aim to efficiently optimize human resources. Workforce analytics helps to develop and improve recruiting and hiring, identify the new positions needs, measuring and predicting performance, time-work optimisation and other functions in an organisation.
 
The global workforce analytics market is expected to reach approximately USD 1026 Million by the end of 2023 with 13 % CAGR during the forecasted period from 2017 – 2023.
 
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Major Key Players:
ADP LLC (U.S.), Aquire, Inc (U.S.), Cornerstone OnDemand Inc (U.S.), Genpact Ltd (Bermuda), IBM Corporation (U.S.) Kronos Inc (U.S.), Oracle Corporation (U.S.), PeopleSreme Pty. Ltd (Australia), SAP SE (Germany), Tableau Software (U.S.), Tower Watson & Co (U.S.), Visier Inc (Canada), Workday Inc (U.S.), WorkForce Software, LLC (U.S.) among others.
 
Market Dynamics of Global Workforce Analytics Market
Drivers:

• Benefits of workforce analytics such as efficiency gains, avoiding bottle necks, better management of work load, higher employee job satisfaction, better work culture, and others
• Better customer satisfaction resulting from the these benefits helps in greater sales and customer retention
• Growing size of companies in nations such as China, as large companies have greater difficulty in managing human resources
• Growing mergers and acquisitions which increase the complexity of human resource management and buying power of the merged companies
• Increasing awareness and need to tap data generated in everyday operations for better forecasting which increases returns on investment by reducing the operating cost of the companies
• Greater confidence of investors arising from lower operating costs which is considered as the best marker of management effectiveness and the benefits of such confidence as reduced interest rates and greater access to external funding.
• Increasing capabilities of analytics and big data opportunities such as continuous performance management.

 
Restraints:

• Presence of inefficient small scale sector in nations like India and the failure of these to grow
• High installation and maintenance costs
• Concerns about data security
• Lack of trained manpower and need to constant upgrading the data

 
Current trend and developments:

• Cloud based workforce analytics is expected to be the trend due to elimination of maintenance and installation issues. Business models such as software as a service, platform as a service are expected to result in greater traction.
• Strategic mergers and acquisitions so as to benefit complimentary technologies of both players and to reduce development costs and time is an attractive strategy
• Mobile based workforce analytics is expected to be the next revolution due to technological convergence and mobility advantages
• Growing automation and the cost effective collection of data from multiple sources resulting from increased capabilities of analytics
• Improved user interfaces and integration into other system platforms such as enterprise or financial, so as to provide holistic solutions.

 
Segmented of global Workforce Analytics Market:
The market for workforce analytics is segmented by type, deployment, organization size, industry vertical and by region.
 
Type - solutions and services (consulting service, system integration service, and managed services) The services segment is dominating the market for workforce analytics by type due to changing workforce, changing work dynamics, governmental labour rules and regulations and labour challenges.
 
Deployment – on-premise, or on-cloud. Cloud-based workforce analytics accounts for the largest share in workforce analytics market due to ease of implementation and user-friendly environmental features.
 
Organization Size – Large scale, Small scale
Verticals - banking, insurance, government, retail, and logistics, healthcare and manufacturing.
 
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Regional analysis of the Workforce Analytics Market:
On the basis of region, the market for workforce analytics is divided into North America, Europe, Asia pacific and rest of the world. North America region is leading the market in workforce analytics and is dominated by the U.S. The presence of a large number of vendors and greater demand is a key driver of the market in the U.S. The U.S. market is also an early adopter of technology which gives it a first comer advantage. The European market is the second largest market driven by Germany, France, and Scandinavian countries.
 
However the market is expected to shift ion favour of Asia Pacific region due to the large unmet needs and growing economies. Japan and China are expected to be the largest markets with India playing the first comer.
 
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