This market research report includes a detailed segmentation of the global HR analytics market by component (software and services), by application (core HR, workforce management, and talent management), by organization size (MSMEs and large enterprises), and by region (North America, Europe, APAC, and RoW). The market research report identifies SAP, Oracle, MicroStrategy, IBM, Tableau, Zoho, Crunchr, Talentsoft, Sisense, and Sage Software as the major vendors operating in the global HR analytics market.
Overview of the HR Analytics Market
Infoholic’s market research report predicts that the global HR analytics market will grow at a CAGR of around 12% during the forecast period 2019–2025. The demand for HR analytics solutions is increasing due to multiple factors, including gaining insights about the enterprise workforce and understanding how an organization culture is impacting the workforce productivity and employee performance. Measuring & reducing the employee turnover rate is also one of the factors boosting the adoption of HR analytics solutions. Protecting the privacy of an employee and ensuring the information is not misused are among the major restraints hindering the HR analytics market growth.
HR analytics, workforce analytics, and people analytics are the terms often used interchangeably, but they differ from each other. People analytics applies to all the people in an organization, including customers as well as employees; however, workforce analytics and HR analytics share the same goal of driving business value by enhancing the employee experience and employee retention rate. HR analytics deals only with the data managed by the HR department. For example, training & development expenses, hiring time, appraisal time of an employee, etc. More and more enterprises are investing in HR analytics to gain meaningful insights necessary for managing their human capital and to enhance ROI. HR analytics software and services focus on the impact of various HR initiatives on employees. These tools, by using predictive analytics, identify trends and risks associated with the workforce.
According to the HR analytics industry analysis, North America accounts for the largest share of the global HR analytics market in 2019. Drivers supporting the growth of the HR analytics market in North America include the presence of major vendors such as IBM, Oracle, and MicroStrategy. Technological advancement is also one of the factors for the HR analytics market growth in this region. Asia Pacific is expected to witness the fastest growth rate during the forecast period due to the increase in the number of HR professionals adopting HR analytics solutions for finding the right talent with the right skillset. In the APAC region, the enterprise’s HR departments are also implementing HR analytics for making more data-driven decisions.
HR Analytics Market Research Competitive Analysis and Key Vendors
The report covers and analyzes the global HR analytics market. Major vendors across different verticals are planning for high investments in this market, and as a result, the HR analytics market is expected to grow at an impressive rate in the coming years. The key players in the market are adopting various organic as well as inorganic growth strategies, such as mergers & acquisitions, collaborations & partnerships, joint ventures, and few other strategies, to be in the strong position in the market.
Few of the Key Vendors in the HR Analytics Market Research:
- Sage Software
Key vendors, including SAP, Oracle, IBM, and MicroStrategy, are already offering HR analytics solutions and are investing in R&D for innovations. These vendors are now focusing on helping small and medium business by offering HR analytics solutions.
There are numerous other vendors that have been studied based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D for analysis of the entire ecosystem.
HR Analytics Market Research By Component
- Integration & Implementation
- Support & Maintenance
The software segment is estimated to hold the largest market share, and the services segment is expected to witness significant growth at the highest CAGR during the forecast period 2019–2025.
HR Analytics Market Research By Application
- Core HR
- Workforce Management
- Talent Management
Core HR is estimated to hold the largest market share in 2019, and workforce management is expected to grow at the highest rate during the forecast period 2019–2025.
HR Analytics Market Research By Organization Size
- Large Enterprises
Large enterprises, due to the availability of workforce data, are estimated to hold the largest share in the HR analytics market; and MSMEs are expected to grow at the highest CAGR during the forecast period 2019–2025.
HR Analytics Market Research Benefits
The report provides an in-depth analysis of the HR analytics market. For driving enhanced employee experience and culture, HR professionals are moving toward using analytics, which helps them in understanding several workforce-related parameters. Analytics is helping the HR teams in better managing their human capital in terms of selection, recruitment, employee behavior, attendance, leaves, and others. The report discusses the global HR analytics market in terms of software, services, application, organization size, and regions. Further, the report provides details about the major challenges impacting the market growth.