Global Workforce Analytics Market is valued approximately USD XX million in 2021 and is anticipated to grow with a healthy growth rate of more than XX % over the forecast period 2022-2028. The Workforce Analytics can be defined as an advanced set of data analysis tools and metrics for comprehensive workforce performance measurement and improvement. Workforce Analytics utilizes both employee and ROI data to inform decisions on recruitment, retention, and employee management among others. The rising adoption of human capital information system and growing adoption from end use industries as well as recent collaborations & product launches from leading market players are accelerating the global market demand. For instance, according to Statista – In 2020, the global market for (human capital management)HCM applications was estimated at USD 33.6 billion, and this amount is projected to grow to USD 37.9 billion by end of 2025. Furthermore, in October 2020, Tata Consultancy Services launched its AI-based Workforce Analytics system to enhance productivity and workforce experience. The new solution is designed to help enterprise deal with the talent management challenges of the digital era. Moreover, in March 2022, Sapience Analytics, and HCL Technologies (HCL) entered into a partnership to jointly develop and distribute technologies in the area of employee productivity improvement. Under this partnership, HCL would enhance and resell Sapience’s knowledge workforce management solution. Also, growing penetration Artificial intelligence and machine learning technologies and increase in number of data sources across different industries are anticipated to act as a catalyzing factor for the market demand during the forecast period. However, rising concern over data privacy and compliances impede the growth of the market over the forecast period of 2022-2028.
The key regions considered for the global Workforce Analytics Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading region across the world in terms of market share owing to growing adoption of workforce analytics solutions and presence of leading market players in the region. Whereas, Asia Pacific is anticipated to exhibit a significant growth rate over the forecast period 2022-2028. Factors such as rising digitization across different industries and increasing number of collaboration activities, would create lucrative growth prospects for the global Workforce Analytics Market across the Asia Pacific region.
Major market players included in this report are:
Cornerstone OnDemand, Inc.
International Business Machines Corporation
WorkForce Software, LLC.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Deployment Type
IT & Telecommunication
Aerospace & Defense
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2018, 2019, 2020
Base year – 2021
Forecast period – 2022 to 2028
Target Audience of the Global Workforce Analytics Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers