New York, Sept. 14, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the “Workforce Analytics Global Market Report 2022” – https://www.reportlinker.com/p06319477/?utm_source=GNW
The global workforce analytics market is expected to grow from $1.27 billion in 2021 to $1.44 billion in 2022 at a compound annual growth rate (CAGR) of 14.12%. The workforce analytics market is expected to reach $2.46 billion in 2026 at a compound annual growth rate (CAGR) of 14.21%.
The Workforce Analytics Market includes sales of workforce analytics by entities (organizations, sole traders, and partnerships) that refer to advanced analytical software and tools based on algorithms used to analyze employee data for performance measurement and improvement purposes. data from internal and external sources and analyzes it to gain insights into employees within the organization to improve workplace planning and management.
These tools and technologies help understand specific trends such as attrition rate, efficiency, and learning effectiveness.
The main components of workforce analysis include solutions and services. Workforce analytics solutions refer to workforce analytics software and analytical tools used to improve productivity, workforce planning, and other processes .
Workforce analytics solutions use statistical models to manage worker data and enable companies to optimize human resource management. Workforce analytics solutions are deployed on-premises or in the cloud.
Large enterprises and small and medium enterprises from sectors ranging from BFSI, manufacturing, healthcare, government, retail, IT and telecommunications, education and others, for various daily activities.
North America was the largest region in the workforce analytics market in 2021. North America is expected to be the fastest growing region during the forecast period.
Regions covered in the Workforce Analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America South, the Middle East and Africa.
The Workforce Analytics Market research report is part of a series of new reports that provides statistics on the Workforce Analytics market including size Global Workforce Analytics Industry Market Report, Regional Shares, Competitors Holding Workforce Analytics Market Share, Detailed Market Segments workforce analysis, market trends and opportunities. , and any other data you may need to thrive in the workforce analytics business. This Workforce Analytics Market research report provides a comprehensive perspective of everything you need, with an in-depth analysis of current and future industry scenarios.
Growing investment in workforce analytics is expected to propel the workforce analytics market. Many organizations are considering increasing their investment in workforce analytics as it helps companies improve employee productivity, develop effective recruiting methods, make better hiring decisions, retaining top talent, efficient workforce utilization and effective workforce planning.
Workforce Analytics uses the latest technologies and metrics to improve workforce and management, delivering excellent long-term ROI. For example, according to a study presented in January 2019 by SD Worx, a global HR and payroll company based in Belgium, 50% of HR professionals across Europe are not satisfied with the way HR analytics is currently prioritized in the industry, and only 9% are very satisfied, indicating a need for improved analytics and prioritization.
Additionally, 76% of organizations intend to increase their investments in HR technology as a whole, which also includes workforce analytics, with 45% intending to increase their investments over the next two years and 65% over the next 3 years. Additionally, 95% of organizations agreed that high-quality data and analytics are important to future business success.
Hence, the growing investment in workforce analytics is expected to drive the demand for workforce analytics solutions and services over the forecast period.
The integration of advanced technologies is a key trend that is gaining popularity in the workforce analytics market. The market is witnessing the implementation of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML), and Natural Language Processing (NLP) in workforce analytics. solutions.
AI, ML, and NLP-based workforce analytics helps improve assessment, productivity, increase business scalability, boost business operations, and improve performance. employee efficiency. The major players are focusing on offering advanced workforce analytics to meet the demands of end customers and strengthen their market. position.
For example, in October 2020, Tata Consultancy Services (TCS), an Indian global information technology company, launched TCS Workforce Analytics, an AI-based workforce analytics solution to help businesses to attract and retain the right digital talent. It includes machine learning, natural language processing and a proprietary cognitive engine created by TCS Co-Innovation in partnership with dotin Inc to objectively analyze skills, personality characteristics, strengths, cultural fit, values of the workplace and an individual’s learning style to improve productivity and the workforce experience. .
In July 2021, Accenture Plc, an Ireland-based information technology company, acquired Workforce Insight for an undisclosed amount. With this acquisition, Accenture is focused on enhancing its workforce capabilities and expanding its ability to help clients with HR transformation.
Workforce Insight is an American provider of workforce software and workday management solutions.
The countries covered in the Workforce Analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea South, the United Kingdom and the United States.
Read the full report: https://www.reportlinker.com/p06319477/?utm_source=GNW
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