Component Type (Solution, Services), Application area (Payroll, Retention, Recruitment, Workforce Management, Employee Engagement, Employee Development), By Deployment Type (On-cloud, On-premises), By Organization Size (Small- and Medium-Sized Enterprises, Large Enterprises), By End-user Industry (Banking, Financial Services, and Insurance (BFSI), Manufacturing, IT & Telecom, Healthcare, Retail, Other), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
HR analytics market is expected to reach USD 7.75 billion by 2029 in the forecasted period of 2020-2029 with a substantial CAGR of 15.09% Many large companies ' growing concern for degrading data relating to human capital is projected to stimulate demand for the application of workplace information analysis in the forecast period. The widespread adoption of the information system on human capital to increase industry's productivity by rising operational costs has enhanced the growth of HR analytics market in the forecasted period.
Increased popularity in the field of data analysis is anticipated to support the impact of public and private cloud storage systems by various business entities in relation to different data application scalability, tool capabilities and optimum implementation. The successful integration of data analysis systems and cloud computing frameworks, in order to make the data management framework more versatile and more scalable, increased most organizations ' desire for the introduction of the cloud management system.
HR analytics improves the effectiveness of HR employees by forecasting critical factors such as engagement and efficiency, workplace training and providing robust workforce preparation modeling skills. To small, medium and larger businesses, HR management tools provide streamlined capabilities. Such approaches increase the operational efficiency of an organization and enhance HR processes as well as business intelligence functions. HR research involves the compilation, data purification, data management, estimation and simulation of details.
HR analytics market Scope and Market Size
HR analytics market has been segmented on the basis component type, application area, deployment type, organization size, end-user industry.
- On the basis of component type, the HR analytics market is segmented into Solutions, Service. Service is further segmented into implementation and integration, advisory, support and maintenance. In the component type segment the Service sub-segment is expected to hold the largest share of the HR analytics market in the forecasted period. HR analytics allow organizations to evaluate HR data from different HR systems and draw analysis-based judgments. By leveraging the advantages of HR analytics, companies can develop best practice for hiring, maintaining and working with employees. It also lets HR teams rely about their results faster. It also improves and better engages employees ' overall experience. The multiple advantages of HR automation have also started to be understood by organizations and how they can enhance their workforce preparation.
- Based on application area, HR analytics market is segmented into payroll, retention, recruitment, workforce management, employee engagement, employee development.
- Basis of deployment type, the HR analytics market is segmented into cloud, on-premises. In the segment of deployment type the cloud sub-segment is expected to hold major market share in the forecasted period. Cloud-based HR reporting enables the focus on core competencies for small and medium-sized businesses (SMEs) and large companies rather than IT systems. Organizations may reduce infrastructure, data, and technical staff expenses utilizing cloud-based HR analytics. Cloud-based solutions are good options for small-scale businesses like costs related to software, storage, and technical staff.
- Based on organization size the HR analytics market is segmented into Small- and Medium-Sized Enterprises, Large Enterprises.
- On the basis of end user industry the HR analytics market is segmented into banking, financial services, and insurance (BFSI), manufacturing, it & telecom, healthcare, retail, other. In the segment of end user industry the banking, financial services, and insurance (BFSI) sub-segment is expected to hold major market share in the forecasted period. The HR analytics solution helps BFSI companies optimize their workforce, which includes contractors, permanent staff, freelancers and employees. In addition, the use of analytics and AI-based solutions helps banks and financial institutions to turn into highly engaged workforce hyper-productive businesses that separate them from competitors.
Country Level Analysis of HR analytics market
- On the basis of region, the HR analytics market is segmented into North America and South America, Asia Pacific, Europe and Middle East and Africa.
- Countries covered under North and South America region are Canada, Mexico, Brazil, Rest of Americas, along with Germany, France, United Kingdom, Italy, Spain, Rest of Europe covered under Europe region and Japan, China, India, Australia, Rest of Asia-Pacific covered under Asia-Pacific region.
- In the HR analytics market North America hold the largest market shares in the forecasted period due to North America is a major hub for technological innovations and an early successor in new technologies. The North American enterprises aim to improve their workplace performance and introduce best practices for HR operations. HR research helps companies improve the performance of workers.
- The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, disease epidemiology and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands impact of sales channels are considered while provided forecast analysis of the country data.
Key Developments in the Market:
- In January 2020, Jobvite, a San Francisco-based talent acquisition software company, has launched an innovative data science strategy to power its suite of HR products. The purpose of this program is to insure that employees are best served and to reduce wasted time for both recruiters and candidates. The approach involves many models and data points to reflect company-wide expectations and management priorities. The technologies will be implemented in the company starting in early 2020, and will operate across all roles, recruiting requirements and sectors.
- In January 2020, Press Ganey announced its acquisition of Strategic Management Decisions (SMD), a leading health care HR consulting and predictive analytics company. The proprietary SMD technology allows health systems to optimize their talent acquisition and talent management activities and to improve significantly the key HR performance metrics. The acquisition supplements and extends the workforce and commitment solution for Press Ganey with analytical insights that identify and prioritize opportunities for cultural alignment, drive involvement and build resilience for caregivers.
Competitive Analysis and HR analytics market Share Analysis:
HR analytics market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of HR analytics market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
HR analytics market competitive landscape provides details by competitors. Details included are company overview which includes Company focus, business segment, product categories, revenue generated, and global presence. HR analytics market report also provides information on recent financials and R&D expenditures over the years from 2020 to 2029.
Key Market Competitors:
Few of the major competitors currently working in the HR analytics market are Aptilo Networks, Hewlett Packard Enterprise Development LP, Bloom Intelligence WiFi Marketing & Customer Intelligence Hub, Blix, Cisco, Cloud4Wi, Inc., Eleven Software, Flame Analytics, Fortinet, Inc., GoZone WiFi, LLC. , Hughes Network Systems LLC. MetTel, InnoQuant, Presence Aware Tech Ltd, Purple Innovation, LLC. , Ruckus Networks, an ARRIS Company, Singtel , Skyfii Limited, SpotOn Transact, LLC and many others.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved