According to the most recent analysis by Emergen Research, the size of the worldwide HR Analytics Market was USD 3.10 billion in 2021 and is anticipated to grow at a revenue CAGR of 15.0% over the forecast period. A significant driver anticipated to boost market revenue growth between 2022 and 2030 is the growing usage of HR analytics across big, medium, and small size organisations to make data-driven decisions. Organizations can use cloud computing, artificial intelligence (AI), and predictive analysis to examine human resource data, which can then be used to create digital workforce representations and improve employee experiences. Machine Learning (ML) algorithms used with HR analytics technologies can produce data correlations that properly forecast future business consequences. These tools, for instance, can forecast how workplace diversity will affect an organization’s sales success.
Internal mobility is supported by HR analytics solutions as well, helping businesses make the most of their workforce. It enables staff members to broaden their experiences, pick up new abilities, and advance in their careers within the company, all of which can help them meet both short- and long-term goals. Additionally, it will boost retention rates, boost diversity and innovation, and save time and money on external hires.
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The report also discusses key players involved in the market, such as International Business Machines (IBM) Corporation, Oracle, SAS Institute Inc., Infor, Sage Group plc, Zoho Corporation Pvt. Ltd., Visier, Inc., Syncfusion Inc., UKG Inc., Degreed, Inc., ADP, Inc., and Cegid.
However, challenges impeding the market’s revenue growth include a lack of statistical and analytical expertise required to work with massive datasets, as well as security and privacy concerns due to the fact that HR analytics tools deal with a significant quantity of sensitive and personal data.
Some Significant Report Highlights
- Over the forecast period, the service segment is anticipated to record a consistent revenue CAGR. The service segment’s implementation and integration efforts support the seamless integration of organisational internal and external systems with people analytics solutions. Organizations can use this to comprehend how current systems work and build solid connections across solutions.
- The cloud segment is anticipated to grow quickly during the anticipated timeframe. Organizations are using cloud computing infrastructure to benefit from modern technologies that will increase economic value and company efficiency. Regardless of the size of the firm, a centralised management system is provided via a cloud-based HR analytics solution.
- Due to growing innovation in HR Analytics systems and the presence of major market participants in the area, including Oracle, SAS Institute Inc., IBM, and others, the North American market held the biggest revenue share in 2021.
- Oracle Advanced HCM Controls, which went live on March 3, 2022, are designed to give HR professionals and leaders more visibility into potential compliance and fraud-related issues within their systems and to assist them stop suspicious activity as it happens.
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Emergen Research has segmented the global HR analytics market based on component, deployment, organization size, application, verticals, and region:
- Component Outlook (Revenue, USD Billion; 2019–2030)
- Training & Support
- Implementation and Integration
- Deployment Outlook (Revenue, USD Billion; 2019–2030)
- Organization Size Outlook (Revenue, USD Billion; 2019–2030)
- Large Enterprises
- Small and Medium-Sized Enterprises (SMEs)
- Application Outlook (Revenue, USD Billion; 2019–2030)
- Workforce Management
- Employee Development
- Employee Engagement
- Verticals Outlook (Revenue, USD Billion; 2019–2030)
- IT & Telecom
- Education & Training
- Energy & Utilities
- Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- North America
Key Questions Answered in the Report:
- What is the anticipated market growth rate for HR analytics through 2030?
- Who are the market’s leading vendors, distributors, and producers?
- What factors will propel and restrain the market for HR analytics over the course of the forecast?
- What are the market trends for HR analytics both now and in the future?
- What are the product’s sales and price analyses by categories, uses, and geographical areas?
- What opportunities are anticipated for businesses and new entrants in the upcoming years?
The research shows the development and growth made by the worldwide HR Analytics market, covering historical analysis and development over the years to come. Stakeholders, investors, product managers, marketing executives, and other business experts can all benefit from the report’s insightful observations. By using Porter’s Five Forces analysis and SWOT analysis, the report delivers an accurate estimation. The market’s growth in the present and the future, technological developments, volume, raw materials, and company profiles of the major players are the main topics of the study.
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