The incorporation of advanced technologies such as artificial intelligence and machine learning in workforce analytics is expected to provide new growth opportunities for the market player in the near future. A surge in investment in workforce analytics from multinational companies and growing need to close the skill gaps drive the growth of the global workforce analytics market.
Major industry players such as – WorkForce Software, LLC, IBM Corporation, Oracle Corporation, Tableau Software Inc., ADP LLC., SAP SE, Workday Inc., Cornerstone OnDemand Inc., Visier Inc., and Kronos Incorporated.
The global workforce analytics market generated $1.64 billion in 2018 and is estimated to reach $5.97 billion by 2026, registering a CAGR of 17.6% from 2019 to 2026.
The report offers detailed segmentation of the global workforce analytics market based on component, deployment model, industry vertical, and region.
Based on region, North America contributed the highest share, accounting for nearly two-fifths of the total market share in 2018, and will maintain its dominance throughout the forecast period. However, Asia-pacific is expected to grow at the highest CAGR of 20.1% from 2019 to 2026.
Based on deployment, the on-premise segment accounted for the largest share in 2018, holding nearly three-fifths of the total share, and is expected to maintain the largest share throughout the forecast period. However, the cloud segment is expected to register the highest CAGR of 19.3% from 2019 to 2026.
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Based on component, the solution segment contributed to the largest share in 2018, accounting for nearly three-fourths of the total share, and is estimated to maintain its dominant position during the forecast period. However, the service segment is estimated to portray the highest CAGR of 20.0% during the forecast period.
Covid-19 scenario:
- The demand for workforce analytics software has surged during the Covid-19 pandemic for productive and efficient management of the workforce as several companies across the globe have adopted work from home concept.
- In addition, governments of various countries have lifted the lockdown to start industrial activities to revive the economy. Thus, companies have resumed hiring processes, which increased the demand for workforce analytics.
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