Workforce analytics is the tool which analyses the performance of employees and workers and gives a report to the management for efficient productivity. This tool is very helpful in improving recruitment, training and other human resource work related to workers. It is an advanced set of tool for workforce measurement and performance. Workforce analytics tool analyzes recruitment, staffing, training and development, personnel, and compensation and benefits, standard ratios of cost per hire, accession rate, retention rate, and rate, replacement rate, time to start and offer acceptance rate. Acquiring, rewarding and retaining these are the issues related to the workforce are likely to be prominent on business meeting agendas. Tactical issues like disparate HR systems, need for consolidated reporting, need for global and historical data management, self-service reporting, and the need for basic reporting these are the challenges faced by organizations And workforce analytics is the solution for these issues. To analyze task force of company workforce analytics system plays the very important role.
According to the report, global workforce analytics market was valued at approximately USD 459.14 million in 2016 and is expected to reach approximately USD 1056.38 million by 2022, growing at a CAGR of around 15% between 2017 and 2022.
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Increasing massive amount of workforce data in HR department drives the global workforce analytics market. Additionally, increasing adoption of technology such as automation system as well as increasing employee and rising need of streamlining business processes are the key driver of the workforce analytics market. Increasing need for return on investment (ROI) and effective productivity in business operation drives the global workforce analytics market. Increasing need to make a smarter decision about the talent drives the workforce analytics market during the forecasted period. Lack of awareness among the organizations, especially those organizations which are new in the market and targeting to achieve market share restraints the global workforce analytics market. Due to data security concerns, many organizations shifted to the cloud, this factor restrains the market. Adoption of workforce analytics from small and medium businesses and growing demand for mobile applications are expected to fuel global workforce analytics market.
Workforce analytics market is segmented on the basis of deployment mode, vertical and region. Deployment mode segment consists of on-premise and cloud. On-premise, workforce analytics require organization network and infrastructure within the company. Whereas cloud-based workforce analytics system has cloud storage system. Increase in awareness of data security and data tampering many organizations shifted to the cloud-based system of workforce analytics. The vertical segment includes BFSI, government, retail, healthcare, manufacturing, and others. Banking and financial companies are adopting workforce analytics tools to improve the productivity of employees.
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Manufacturing and healthcare industries adopted workforce analytics to improve the efficiency of workers as organizational growth in this industry is depends on the efficiency of people. All the segments have been analyzed based on present and future trends and the market is estimated from 2016 to 2022. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America and the Middle East and Africa with its further bifurcation into major countries including U.S., France, UK, Germany, China, India, Japan, and Brazil.
The report covers detailed competitive outlook including company profiles of the key participants operating in the global market. Key players profiled in the report include Visier Inc., Genpact Ltd., SAP Success Factors, Peoplefluent companies, Kronos Inc., Aquire Inc., Workday Inc., PeopleStreme Pty. Ltd., Towers Watson & Co., Oracle Corporation, Cornerstone OnDemand Inc., WorkForce Software LLC, and Tableau Software Inc.
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