In recent years, the rapid increase in demand for advanced analytics tools and analytics applications as companies face the immense challenge of analyzing the large amount of HR data structure in the real life.
Workforce analysis involves studying the behaviors of people (candidates, employees) and analyzing them to improve the performance of people and the company. This is studied by analyzing data on people (applicants, employees) using statistical methods and software in order to make better workforce decisions. The workforce market covers applications such as performance and talent management, workforce planning, compensation management, learning management, recruiting, collaboration and employee engagement. Growing trends in analytics and big data would dramatically increase the demand for workforce analytics. With increasing confidentiality and data integrity, countries have adopted various regulations in order to avoid huge data and economic loss. For example, the GDPR policy adopted in the European region imposes the need to focus on the confidentiality of data and its storage in the country.
COVID-19 is a global public emergency which has led us to serious implications for all industries as it has deepened growth to a significant level and the workforce analysis market has been no exception . This may be the constraint with long term effects impacting the growth of the industry during the forecast period. During COVID 19, the demand for computer networks, storage, applications or resources accessible through the Internet increased dramatically. As part of the COVID-19 lockdown in various countries, people are having work from home, which has dramatically increased demands for internet applications. Nowadays, the demand for the cloud based solution is increasing dramatically. The growing demand for cloud-based solutions will support the workforce analysis market.
The COVID-19 lockdown which has led us to serious implications for all industries, however, ending the lockdown is expected to result in a significant increase in consumer traffic from this industry.
With rapid urbanization and globalization across the globe, the organization needs flexibility, innovation, speed and talent to differentiate itself from other businesses. These needs have led to a focus on workforce strategies and the various investments made in employees that increase the growth of the business. Due to the increase in automation in the workplace and the growing adoption of workforce analysis, the market for workforce analysis is expected to expand. artwork. Growing trends in analytics and big data would dramatically increase the demand for workforce analytics.
Nowadays, the demand for the cloud based solution is increasing dramatically. The growing demand for cloud-based solutions will support the workforce analysis market. The inability of standard performance indicators to track human capital performance is expected to increase the workforce analysis market. However, the high cost associated with training can hamper the growth of the market.
Scope of the report:
Cloud Based To Dominate The Global Deployment Based Market
The continuous development of technology has led to the adoption of cloud-based solutions. Various advantages such as ease of access and reaching customers make them the most preferred options. Many companies are constantly developing new approaches and models to improve the business model in order to grow their businesses around the world.
Cloud-based deployment is expected to achieve tremendous growth within the market, especially in the current scenario, where organization and businesses operate on a work-from-home policy, thus leading to lucrative double-digit growth for the market. cloud technology. During the period from January 2020 to the current scenario, cloud technology achieved a growth rate of 130% year-on-year, with all software and applications moving to the cloud-based model for easy and efficient access.
BFSI will hold a majority stake
On the basis of application, the global market is segmented into BFSI, government, retail, healthcare, manufacturing, and others. BFSI holds the largest share of the market due to the massive adoption in the sectors. The expectations and demands of human resources (HR) professionals within financial services have changed dramatically over the past decade. The increase and introduction of new technologies have changed the transformation of the scenario. The retail industry is expected to be the fastest growing application industry due to the increasing implementation of Workforce Information System to automate key human resource related processes.
During the forecast period, Asia-Pacific is expected to expand the workforce analysis market at the fastest CAGR of 20.3%. Due to the fastest growing economies such as China, India, and Japan, Asia-Pacific is expected to expand significantly. The unmet demand and widespread deployment of the Workforce Analysis Platform in BFSI industry is expected to drive the market growth.
In addition, thanks to the government initiative, such as Startup India, to inspire entrepreneurship in the country, is also boosting the market. In addition, the ability of workforce analysis to make more factual human resource decisions creates a positive impact in the market which may be the factor responsible for the growth of the market.
During the forecast period, due to the presence of large number of analytics vendors, North America is expected to hold the largest market share and dominate the workforce analytics market. work from 2015 to 2020.
Key Market Players and Competitive Landscape
Some of the major companies operating in the global workforce analysis market are Visier Inc., Genpact Ltd., SAP Success Factors, Peoplefluent companies, Kronos Inc., Aquire Inc., Workday Inc., PeopleStreme Pty . Ltd., Towers Watson & Co., Oracle Corporation, Cornerstone OnDemand Inc., WorkForce Software LLC, and Tableau Software Inc., among others. The detailed description of the players includes such parameters as company overview, financial overview, recent activities and developments and company SWOT analysis.
This report segments the global workforce analysis market as follows:
Global Workforce Analysis Market: Deployment Mode Segment Analysis
Global Workforce Analysis Market: Vertical Segment Analysis
- Health care
Global Workforce Analysis Market: Region Segment Analysis
- North America
- Great Britain
- The rest of europe
- Asia Pacific
- South Korea
- South East Asia
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa