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HR Analytics Market By Component (Solutions, Services), By Deployment Mode (On-Premise, Cloud), By Application (Payroll, Recruitment, Retention, Workforce & Employee Management, Employee Development), By End-Use Vertical (Consumer Goods And Retail, IT And Telecom, Healthcare, Education, Others) - Growth, Future Prospects, And Competitive Landscape, 2019 - 2027

Overview:                      

The global HR analytics market garnered a value of US$ 2.33 Bn in 2018 and is likely to witness noteworthy growth, with a CAGR of 12.8% during the forecast period from 2019 to 2027. Analytics has changed and has been continuously changing how every department in an organization does business. It has helped discover, interpret, and communicate meaningful patterns in data. For example, HR analytics collects employees' data, from their work history to their employee satisfaction scores, and instills this information into advanced computer models. Using the requisite algorithms, these models churn out insights that HR leaders can use to make critical decisions.

Over the recent years, the adoption of analytical technology has moved static HR management solutions to the more real-time, dynamic cloud and mobile-based tools and platforms. In addition, these solutions are being integrated into various areas such as collaboration, recruitment, performance management, learning, productivity, wellness, etc. As a result, the growing need amongst organizations to augment profitability by reducing the associated operational costs with HR processes is likely to drive the growth of the market for HR analytics in the foreseeable future.

Market Snapshot

HR Analytics Solution Garnered the Largest Market Share in 2018

In 2018, based on components, the solution segment led the market and is expected to retain its dominance in future years. The use of HR analytics is significantly transforming human resource strategy. With time, HR analytics solutions are seen as one critical tool shaping the future business strategy. The globalization of businesses, changing demographics, and patterns of mobility alter continuously, changing the nature of work and the worker. Due to this change, HR is required to become the provider of human capital analytics, which helps them plan, develop, hire, retain, and engage key talents and make strategic business decisions. As a result, various organizations across the globe are implementing HR analytics solutions that help their HR department improve the employee's overall experience and involve them in various activities that help them grow better. Consequently, a significant increase in the adoption of HR analytics solutions is expected to lift the market's overall growth during the forecast period.

The adoption rate of HR analytics in North America has been strong.

In 2018, North America garnered the largest market share in the HR analytics market and will continue with its supremacy during the forecast period from 2019 to 2027. In recent years, the adoption of HR analytics in North America has become stronger and higher in comparison to other regions. In the overall regional market, 22% of companies have espoused HR analytics, and 11% have adopted the role. The industries with the most prevalent adoption of HR analytics are tech-software and finance. Also, as the region is an early adopter of new technologies and a major hub for technological innovations, various organizations in the region are incessantly focusing on improving their workforce efficiency and are employing the best practices for HR setups. Moreover, the presence of some leading players in the region, including Oracle Corporation, International Business Machines Corporation, Workday, Inc., etc., is altogether supporting the adoption of HR analytics.

Competitive Insights

The major players identified in the HR analytics market include Oracle Corporation, SAP SE, Workday, Inc., The Sage Group plc, Kronos Incorporated, MicroStrategy Incorporated, International Business Machines Corporation, Tableau Software, Zoho, Crunchr, Visier Inc., GainInsights, Sisense Inc., and Talensoft among others. The players in the HR analytics market are continually focusing on expanding their reach and strengthening their product portfolio to cater to the clientele's needs and sustain their foremost place in the market. New product development, product innovation, and partnerships are key strategies implemented by the players in the HR analytics market.

Historical & Forecast Period

The research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from 2019 to 2027.

Report Scope by Segments

HR analytics market report provides market size and estimates based on market dynamics and key trends observed in the industry. In addition, the report provides a holistic view of the global HR analytics market based on component, deployment mode, application, end-use vertical, and geography. Key segments covered in the report are as follows:

Frequently asked questions : 

The market for HR Analytics Market is expected to reach US$ XX Bn in 2027.

The HR Analytics Market is expected to see significant CAGR growth over the coming years, at 12.8%.

The report is forecasted from 2019-2027.

The base year of this report is 2018.

Oracle Corporation, SAP SE, Workday, Inc., The Sage Group plc, Kronos Incorporated are some of the major players in the global market.

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Trusted By
Godaddy
Published Date:  Nov 2019
Category:  Technology & Media
Report ID:   60004
Report Format:   PDF
Pages:   120
Rating:    4.4 (69)
Delivery Time: 24 Hours to 48 Hours   
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