Global Workforce Analytics Market Report and Forecast 2024-2032

Global Workforce Analytics Market Outlook

The global workforce analytics market would likely grow at a CAGR of 14.2% during 2024-2032. Workforce analytics, through advanced data analysis tools and metrics, enables extensive workforce performance measurement and improvement.

It helps in the assessment of activities such as staffing, recruitment, training and development, compensation and benefits, etc. Workforce analytics enables intelligent decision-making on matters related to the workforce. Asia, North America and Europe are likely to be key markets. 

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Global Market Likely to be Driven by Organizations’ Need to Effectively Organize, Optimize and Assess Workforce-related Data for Intelligent Decision Making

Workforce analytics refers to use of data-based intelligence for better decision making with respect to workforce related issues, for example, hiring and managing quality talent, establishing performance-based compensation, identifying the need for new positions and skills, identification of successors to key positions, etc. In other words, workforce analytics uses a sophisticated group do metrics and tools to analyse employee-related data to identify, quantify, and enhance the activity of talent towards the achievement of strategy and value creation. Data may be collected from external as well as internal sources, and stored, processed and analysed to obtain insights into human resources on whom the performance of an organization relies. Workforce analytics helps make intelligent decisions associated with employee recruitment, performance assessment, compensation, training, and others; such benefits are expected to drive the global workforce analytics market.

Workforce analytics may include descriptive analytics (collection and analysis of data describing present state of things or historical occurrences, predictive analytics (to anticipate future outcomes and values on the basis of an assessment of present and historical data), prescriptive analytics (suggesting what course of action to follow on the basis of historical events), and diagnostic analytics (to identify causes of outcomes displayed by descriptive analytics).

Advantages and Benefits Afforded by Workforce Analytics Expected to Boost Market Growth

Workforce analytics offers several benefits that help organizations gain deeper insights into employee and organizational activity. It helps in the development and improvement of hiring methods and retention of skilled workers, predicting the possibilities that an employee’s success could bring to an organization, recognizing the need for new positions and functions, identifying the need for new skill sets, discovering the positions or functions that may be reduced or reallocated, assessing and better managing expenses, identifying and quantifying factors affecting employee engagement, predicting future and present needs, optimizing company policy and structure to promote productivity and superior performance, streamlining processes to make them more effective and efficient, succession planning, creating a fair and effective compensation system, and others. Such benefits are expected to drive the global workforce analytics market.  

Advanced Solutions with Modern Features Likely to Boost Market Growth

Workforce analytics software (WFA) apply statistical models to worker-related data, enabling human resource management (HRM) optimization. Popular software include Anaplan, Paylocity, SAP SuccessFactors, ActivTrak, Board, IBM Planning Analytics with Watson, Predictive Index Behavioral Assessment, Visier, Workday Prism Analytics, Hatica, We360.ai, ChartHop, OrgMapper, OnShift, Fourth Analytics, SAP Workforce Analytics, Acendre, Crunchr, and others. Such solutions are likely to stimulate the global workforce analytics market.  

Leading Companies Offer Novel Solutions to Effectively Meet Workforce Management Related Needs

In 2019, TriNet released TriNet Workforce Analytics – its HR reporting and analytics tool. The solution was integrated with TriNet HR platform, and delivered to small and medium size businesses (SMBs) abundant data drawn from a single system, offering detailed analysis required for precise reporting and forecasting to make intelligent business decisions.

In 2020, Oracle Announced Oracle Analytics for Cloud HCM to allow HR teams to make better decisions and improve business performance. The solution brought ready-to-use workforce analytics to Oracle Cloud HCM customers. Novel self-service analytics capabilities offered intuitive insights across several domains such as manager performance, workforce composition, diversity, span of control, comparison ratio analysis, turnover/retention, and top talent analysis. Such solutions are likely to stimulate the global workforce analytics market.  

In 2020, Tata Consultancy Services (TCS) launched TCS Workforce Analytics to improve productivity and workforce experience. The solution was an AI-based unified system of engagement, insights and foresight, and aimed to help employees, managers and CXOs. 

Market Segmentation

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By component type, the market is divided into:

• Service

• Solution

By deployment mode, the market is classified into:

• Cloud

• On-Premise

By organisation size, the market is segmented into:

• Large Enterprises

• Small and Medium Enterprises

By end use industry, the market is divided into:

• Banking, Financial Services, and Insurance (BSFI)

• Manufacturing

• Healthcare

• Government

• Retail

• IT and Telecom

• Education

• Others

By region, the market is segmented into:

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

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Key Industry Players in the Market

The report offers an extensive assessment of major players in the global workforce analytics market; it evaluates their capability, observes latest occurrences such as mergers and acquisitions, capacity expansions, and plant turnarounds:

• Visier, Inc.

• UKG Inc.

• Workday, Inc.

• SAP SE

• ADP, LLC.

• SAS Institute Inc.

• Microsoft Corporation

• Anaplan, Inc.

• Oracle Corporation

• Paycom Payroll LLC

• Others

Using SWOT analysis and Porter’s Five Forces model, the EMR report offers deep insights into the industry.

Key Highlights of the Report