Artificial Intelligence
Workforce Analytics Global Market Report 2023
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New York, April 05, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Workforce Analytics Global Market Report 2023” – https://www.reportlinker.com/p06319477/?utm_source=GNW
, Workday Inc., WorkForce Software LLC, Accenture PLC., Capgemini SE, Sage Software, TriNet, Peoplestreme Pty Ltd., Towers Watson & Co, Sisense Inc., Infor, Verint, and Genesys.
The global workforce analytics market grew from $1.45 billion in 2022 to $1.65 billion in 2023 at a compound annual growth rate (CAGR) of 14.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The workforce analytics market is expected to grow to $2.89 billion in 2027 at a CAGR of 14.9%.
The workforce analytics market includes revenues earned by entities by providing open job requirement data management, talent acquisition management, team constitution, leadership development, career management, performance development, and safety and wellness interventions.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
The workforce analytics refer to advanced algorithm-based analytical software and tools used to analyze employee-related data for performance measurement and improvement.It collects and accumulates all data from internal and external sources and analyzes it to gain insights about the employees within the organization to improve workplace planning and management.
These tools and technologies help to understand specific trends such as attrition rate, efficiency, and learning efficacy.
North America was the largest region in the workforce analytics market in 2022.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in the workforce analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of workforce analytics include solutions and services.Workforce analytics solutions refer to workforce analytics software and analytical tools used to improve productivity, workforce planning, and improve other processes.
Workforce analytics solutions utilize statistical models to handle worker-related data and offer enterprises to optimize human resource management.The workforce analytics solutions are deployed on-premises or cloud.
Both large enterprises and small & medium enterprises from industries ranging from BFSI, manufacturing, healthcare, government, retail, IT and telecom, education, and others, for various day-to-day activities.
The increasing investment in workforce analytics is expected to propel the workforce analytics market.Many organizations are considering increasing their investments in workforce analytics as it assists enterprises in improving the productivity of the employees, developing effective recruiting methods, deriving better hiring decisions, retaining the best talent, efficient use of the workforce, and effective workforce planning.
Workforce analytics uses the latest technologies and metrics to improve the workforce and management that offers a great return on investment in the long run.For instance, in September 2022, according to an article published by Randstad, a Netherlands-based HR services company, Randstad Sourceright’s 2022 Talent trends study shows, 73% of talent leaders are investing in HR and workforce analytics.
Therefore, the increasing investment in workforce analytics is expected to boost demand for workforce analytics solutions and services during the forecast period.
The integration of advanced technologies is a key trend 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.
The workforce analytics based on AI, ML, and NLP aids in better evaluation, productivity, increasing business scalability, boosting business operations, and efficiency of employees.Key players are focusing on offering advanced workforce analytics to meet end-customer demands and strengthen their market position.
For instance, in October 2020, Tata Consultancy Services (TCS), an Indian global information technology company introduced TCS Workforce Analytics, an AI-based workforce analytics solution to assist businesses in attracting and retaining the right digital talent. It includes machine learning, natural language processing, and a proprietary cognitive engine created by TCS Co-Innovation partnered dotin Inc to objectively analyze an individual’s skills, personality characteristics, strengths, cultural fit, workplace values, and learning style for improving productivity and 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 improving its workforce capabilities and expanding its capacity to help clients with HR transformation. Workforce Insight is a US-based provider of workforce software and workday solutions.
The countries covered in the workforce analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The workforce analytics market research report is one of a series of new reports that provides workforce analytics market statistics, including workforce analytics industry global market size, regional shares, competitors with a workforce analytics market share, detailed workforce analytics market segments, market trends and opportunities, and any further data you may need to thrive in the workforce analytics industry. This workforce analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06319477/?utm_source=GNW
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