The market for HR analytics is anticipated to expand from US$ 2.9 billion in 2020 to US$ 10.5 billion by 2031, with a forecasted CAGR of 20.2% for the study period of 2021-2031. As technology and cloud computing continue to progress, businesses can use the data sources at their disposal to help them make decisions and advance their own success.
The term “human resource analytics” (HR Analytics) refers to a technique that helps organizations increase employee retention and performance. The procedure examines individuals within the organization and applies an analytical process to the human capital.
What is Driving Demand for HR Analytics Market?
Organizations are realizing an array of benefits of HR analytics services and focusing on it to improve their workforce planning. With the help of HR analytics services, HR departments of organizations are making better decisions based on their data.
The process is also helping enterprises to find the best practices for recruitment, retention, and employee engagement. Overall experience of employees and engagement is improved in a better manner with HR analytics. Such factors are driving the growth of HR analytics services globally.
Enterprises are able to draw out conclusions based on the analysis and analyze the HR data from various HR systems and with the help of HR analytics. There is an increase in the need for reducing the operational cost and improving the efficiency in an organization, this too will help the HR analytics market to grow.
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What are the Key Trends for HR Analytics Market?
There are many challenges faced by financial industry related to the HR department. The challenge is to keep the workforce updated to the maintaining payroll, compliance, workforce aging among others. Financial industries struggle in attracting talent, engaging the existing employee, and optimizing the performance.
Such industries can use cloud computing tools such as HR analytics to act on the human resources (HR) data. They can work on building a digital representation to drive personalized insights on social media platform like LinkedIn for each employee. Trends like theses will help the HR analytics market to grow.
Cloud-based HR analytics helps organizations to avoid the costs related to software, storage, and technical staff. Organizations can use cloud-based solutions with limited budget as the enhanced speed and scalability are offered by the cloud deployment model.
Europe Demand Outlook for HR Analytics Market
All the major small or large enterprises in finance, retail and IT & Telecom are moving towards the adoption of HR analytics solutions to avoid the costs related to software, storage, and technical staff. The growing demand for promoting workforce optimization in Europe through HR analytics has opened new growth avenues for market growth.
The key factor for driving the HR analytics market in Europe region is presence of major industry players. Enterprises in the region has shown a keen interest in implementing HR analytics solutions and they are investing in advanced and new technologies on a large scale. Such factors will drive the growth of HR analytics in upcoming years
Who are the Key HR Analytics Market Vendors?
Some of the leading vendors of HR analytics include
- Oracle
- SAP
- Infor
- Workday
- Sage Software
- Kronos
- MicroStrategy
- IBM
- Tableau
- Zoho
- Crunchr
- Visier
- TALENTSOFT
- GainInsights
- Sisense and others.
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Key Segments
By Solution:
- HR Analytics Software
- Cloud-Based
- On-Premises
- Services
- Professional Services
- Managed Services
By Application:
- Payroll
- Retention
- Recruitment
- Workforce Management
- Employee Engagement
- Employee Development
By Enterprise Size:
- Small and Mid-Sized Enterprises (SMEs)
- Large Enterprises
By End-use Industry:
- Consumer goods and retail
- BFSI
- IT & Telecom
- Manufacturing
- Healthcare
- Education
- Others
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