Workforce analytics is a platform designed by both software and algorithms implementing the statistical models to the work force about data giving the advantage to the enterprises to efficiently upgrade the human resources management. The result of the workforce analytics permits the organizations to develop and improve the methods of recruiting and adequately take the hiring decisions. Furthermore, the analytics software help the organizations distinguish the new positions needs and predicting the achievement of the employee. This proves a great advantage to the higher management in identifying the factors that influence the employee job satisfaction. With the developments in innovation and increment in the global trade, it has made a tremendous impact on the work culture across the globe for various organizations resulting in the lessening of the skilled workforce. This dynamic change in the workforce has made the management to use the workforce analytics to more likely advance the customer needs and employee workforce.
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Human capital is a key resource for an organization, and employee productivity plays a vital role in the achievement of an organization. Tracking and monitoring employee performance offer a better understanding of the zones that need upgrades as well as the zones in which performance is exceeding expectations. The workforce analytics services are dominating the market for workforce analytics because of changing workforce and labor challenges that are faced by the enterprises globally. Likewise, because of the changing work dynamics and different governmental labor rules and guidelines, the demand for consulting services is increasing and is likely to develop significantly. The “Global Workforce Analytics Market” is accounted for $439.4 million in 2015 and is expected to reach $1.29 billion by 2022 growing at a CAGR of 16.7% from 2015 to 2022.
Rising need to productive workforce management by integrating value added services such as analytics among many IT organizations across the globe is going to support the growth of the global workforce analytics market. Likewise, high adoption of analytics technology to develop automation in workforce procedure and need to analyze large volume of data pertinent to human capital among large and medium scale enterprises across the globe is likely to support the growth of the target market. Moreover, increasing preference towards public and private cloud storage system, adoption of human capital information system, and rising integration of data analytics tools and cloud computing platforms to decrease operational cost and improve execution flexibility are among major factors likely to fuel growth of the global workforce analytics market in the next few years.
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Rising adoption of innovation, such as big data, predictive data analytics, cloud computing, and others, attributable to their various features such as upgraded linear scalability, work management, database virtualization, and storage optimization is likely to help market penetration of workforce analytics across the globe. Additionally, increasing preferences for smart employee management software’s in talent and recruiting functions, due to many benefits provided by workforce analytics models such as proficient employee administration, data applications scalability, secure employee verification, and fast application processing among different organizations across the globe is another factor likely to support the growth of the global workforce analytics market. Moreover, rising adoption of AI and deep learning technology predictive systems to achieve optimum implementation and increased number of skilled workforce in different organizations is a rising trend is providing ample opportunities for the market growth in the coming years.
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Asia-Pacific is having the high growth in the global workforce analytics market as China and India are likely remain the most significant contributors in the years to come. While organizations of all sizes are expected to eventually try workforce analytics as a means to upgrade employee productivity, SMEs are going to exhibit the highest adoption during the forecast period. Both China and India have a significant number of SMEs, which fuels market growth in the region. Cloud-based deployment solutions help SMEs adopt these solutions cost-effectively; thus, it can be inferred that the cloud-based deployment of workforce analytics in these countries will be moderately high. In addition, employees in the region ordinarily change jobs regularly, primarily for a wage increase, which increases the requirement for workforce analytics solutions. Different industry verticals in the region, like retail, banking, and manufacturing, are implementing workforce analytics services. The Asia-Pacific region is likely to observe the growth due to the shift towards more employee-centric organizations. The companies are concentrating on their employees to gain competitive advantages in the region. Subsequently, they are implementing the workforce analytics so that they get a clear picture of the internal framework. Moreover, the government's initiative, such as Startup India, to support entrepreneurship within the country, is also fueling the market. The Workforce analytics will assist the organization to make fact-based HR decisions. Therefore, these factors are creating providing a positive impact on the market.
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