HR Analytics Market: A Comprehensive Overview of the Industry’s Players and Trends
The global HR analytics market size was USD 3.10 Billion in 2021 and is expected to register a revenue CAGR of 15.0% during the forecast period, according to the latest analysis by Emergen Research. Growing adoption of HR analytics among large, medium, and small size enterprises to make data-driven decisions is a major factor projected to support market revenue growth between 2022 and 2030. Organizations can leverage Artificial Intelligence (AI), predictive analysis, and computing power of cloud to analyze human resource data, which can be used for digital representation of workforce and drive better and personalized employee experiences. HR analytics tools with Machine Learning (ML) algorithms can create data co-relations that accurately predict future business outcomes. For example, these tools can predict how diversity in the workforce will impact sales performance of organizations.
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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.
HR analytics systems also support internal mobility, which assists companies in making the best use of their employees. It allows employees to improve their experiences, acquire new skills, and grow in their careers within the organization, which can help them to achieve both their immediate and long-term objectives. Additionally, it will increase diversity and innovation, save time and money on external hiring, and increase retention rates.
However, lack of statistical and analytical skillset to work with large datasets and security and privacy concerns as HR analytics tools deal with huge amount of personal and sensitive data are factors hampering revenue growth of the market.
Some Key Highlights From the Report
The service segment is expected to register a steady revenue CAGR over the forecast period. Implementation and integration under the service segment help in trouble-free deployment of people analytics systems with internal and external systems of organizations. This also enables organizations to understand functionalities of current systems and create reliable connectivity among solutions.
The cloud segment is expected to register a rapid growth rate during the forecast period. Organizations are adopting cloud computing infrastructure to gain benefits from technologies of recent times that will help to enhance business efficiency along with the economic value. Cloud-based HR analytics system provides a centralized management system irrespective of business size.
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The North America market accounted for largest revenue share in 2021 owing to rising innovation in HR Analytics systems and presence of key market players, such as Oracle, SAS Institute Inc., IBM, and others, in the region.
On 03 March 2022, Oracle released Oracle Advanced HCM Controls, which is expected to help HR professionals and leaders gain enhanced visibility into potential compliance and fraud-related issues within their systems as well as block suspicious activities as they occur.
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
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You need to discover how this will impact the HR Analytics market today, and over the next 10 years:
- Our 250-page report provides 194 tables and 189 charts/graphs exclusively to you.
- The report highlights key lucrative areas in the industry so you can target them – Now.
- It contains in-depth analysis of global, regional and national sales and growth.
- It highlights for you the key successful trends, changes and revenue projections made by your competitors.
This report tells you Today how the HR Analytics market will develop in the next 10 years, and in line with the variations in COVID-19 economic recession and bounce. This market is more critical now than at any point over the last 10 years.
Forecasts to 2030 and other analyses reveal commercial prospects
- In addition to revenue forecasting to 2030, our new study provides you with recent results, growth rates, and market shares.
- You will find original analyses, with business outlooks and developments.
- Discover qualitative analyses (including market dynamics, drivers, opportunities, restraints and challenges), cost structure, impact of rising HR Analytics prices and recent developments.
This report includes data analysis and invaluable insight into how COVID-19 will affect the industry and your company. Four COVID-19 recovery patterns and their impact, namely, “V”, “L”, “W” and “U” are discussed in this report.
Thank you for reading our report. Please get in touch with us if you have any queries regarding the report or its customization. Our team will ensure the report is best suited to your needs.
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