Workforce Analytics Market to Witness an Incremental Rise by 2026, Growing Need for Automation Offers Growth Opportunities
Pune, India -- (SBWIRE) -- 06/13/2019 -- The global workforce analytics market involves advanced workforce management software operating on statistical models to efficiently deliver work-related data. The above information was provided by Fortune Business Insights in a report, titled "Workforce Analytics Market Size, Share and Global Trend By Component (Solutions & services), By Deployment (Cloud & On-premise), By Industry Vertical (Healthcare, IT & Telecommunication, and others) and Geography Forecast till 2025."
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Workforce analytics software helps to manage the different verticals of workforce management and records employee details. In addition to this, workforce analytics software helps to enhance the productivity of HR professionals. Majority of the organizations are expected to adopt workforce analytics software to save their cost and time and improve operational efficiency.
Presence of Large Players in the U.S. and Canada to Fuel Demand for Workforce Analytics Solutions in North America
North America is expected to maintain its dominance in the global workforce analytics market throughout the forecast period. Presence of well-established and leading vendors is the chief factor responsible for growth in this region. Furthermore, the early adoption of cloud-based solutions in workforce analytics is anticipated to create lucrative growth opportunities in the global market by 2025.
Also, a large number of medium-sized and small-sized companies, especially in the U.S. and Canada, are likely to lean towards workforce analytics and planning. This is further expected to drive the market in North America. Besides North America, Asia Pacific is projected to register burgeoning growth during the forecast period. This is ascribable to the increasing adoption of automation in talent management and rising internet penetration.
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Managing Humongous Amount of Data to Propel Demand for Workforce Analytics Software
"The rising need to effectively and efficiently manage workforce across organizations is the primary factor responsible for promoting workforce analytics tools," stated a lead analyst at Fortune Business Insights. "As a result of this, several organizations are planning to provide workforce analytics training and certification to its employees, which is further expected to boost the market," he added. The high adoption of automation in analytics technology helps to manage large volumes of data related to human resource capital across organizations. This, coupled with the implementation of cloud services, is likely to stimulate growth in the market.
Also, the emergence of blockchain technology and big data is another key trend in advanced analytics, which is estimated to offer new growth opportunities until 2025. Growing demand for better-recruiting functions has gained popularity over the years. Moreover, with the advent of advanced technology, the introduction of novel workforce analytics models is likely to enter the market, which in turn, is likely to boost the global market by 2025.
On the contrary, certain factors are likely to create a growth slag in the global workforce analytics market. In some areas of developing countries, internet penetration is still low and connectivity is poor. This limited availability of internet is expected to be one of the chief factors hampering growth in the market. Also, stringent regulatory guidelines are likely to hamper the market's growth in the upcoming years.
New Product Launches to Simplify the Recruitment Process
In October 2018, Oracle Corporation launched a new workforce analytics tool supported by cloud services. This innovative tool is developed to simplify the recruitment process and enhance the employee experience. Leading players are expected to adopt workforce analytics software as this software helps to easily identify talented candidates during recruitment.
Some of the leading players likely to promote the growth of the global workforce analytics market include Beeline,
Cornerstone OnDemand, Inc.,
WorkForce Software LLC.,
gain insight Solutions Pvt. Ltd,
PeopleStreme Pvt. Ltd.,
Visier, Inc., and
SAP Success Factors.
The market is expected to be highly competitive with the presence of a large number of solution providers. These companies are planning to introduce innovative workforce analytics tools to ensure product differentiation.
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