Market Size of Workforce Analytics Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 15.64 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Workforce Analytics Market Analysis
The workforce analytics market is expected to register a CAGR of 15.64% over the forecast period. According to the Information Services Group, 58% of enterprises indicated that HR SaaS technology solutions improve the employer user experience globally. This creates a positive impact on the market globally.
- Workforce analytics is used to study the behavior of employees and people data using analyzing people data to make better workforce decisions. This helps increase the productivity of the existing employees instead of hiring additional staff and improves the selection criteria.
- Predictive workforce analytics is one of the critical subtypes of workforce analytics. To forecast, utilizing past data refers to performing workforce analytics to create forecasts. Machine learning and data mining are the primary statistical models employed in this workforce analytics. Many firms use predictive workforce analytics to enhance the employee experience and streamline processes. Regression analysis, pattern matching, multivariate statistics, and other techniques are frequently used in this process to help businesses predict what is likely to occur in the future in terms of risks and talent outcomes.
- In this globalized world, the organization requires flexibility, speed, innovation, and talent to differentiate itself from other firms. It has let employees focus on workforce strategy and employee investment to support business growth and objectives. For instance, Mindtree used HR analytics tools in turnover modeling, risk assessment, management profiles, and productivity indexing. HR analytics tools have helped them predict employee turnover for the subsequent 90 days and enabled them to create usable insights from data analyses used in the forecasting model for the hiring teams.
- However, the lack of product information and the high cost of deployment are a few factors restraining the market from growing in the forecast period.
