The lack of a skilled workforce will hamper the HR analytics industry during the forecast period.

PORTLAND, PORTLAND, OR, UNITED STATES, February 28, 2024 /EINPresswire.com/ — As per the report, the global HR analytics market was estimated at $2.4 billion in 2021, and is set to reach $11 billion by 2031, growing at a CAGR of 16.6% from 2022 to 2031. The report analyzes changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

Human Resource analytics (HR Analytics) is defined as the area in the field of analytics that deals with people analysis and applying analytical process to the human capital within the organization to improve employee performance and improving employee retention. Moreover, HR analytics does not collect data about how employees are performing at work, instead, its sole aim is to provide better insight into each of the human resource processes, gathering related data, and then using this data to make informed decisions on how to improve these processes.

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Factors, such as enhancement of mobile employee engagement and increase in automation of HR operations aided in propelling the growth of the global HR analytics market during the forecast period. Moreover, HR analytics helps to make HR activities more efficient by using collected data to predict key attributes, such as performance, retention, and recruitment during the period has positively impacted HR analytics industry. However, data security and privacy concerns and lack of workforce is anticipated to hamper the HR analytics market during the forecast period. On the contrary, increase in use of cloud-based technology is expected to offer remunerative opportunities for the expansion of the HR analytics market forecast.

Based on the offering, the solution segment contributed the highest market share in 2021, accounting for more than two-thirds of the global HR analytics market share. Furthermore, the segment is projected to contribute majorly toward the global market share during the forecast period. The growth of the segment during the forecast period can be attributed to the large-scale adoption of HR analytics solutions by HR teams for automating HR processes. However, the services segment will record the highest CAGR of 18.0% during the forecast timeline. The growth of the segment over the assessment period is attributed to a surge in the adoption of professional services for the integration and deployment of HR analytics solutions.

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Based on the application, the workforce management segment contributed to the largest market share in 2021, accounting for more than two-fifths of the global HR analytics market share. Furthermore, the same segment is anticipated to dominate the growth of the global market over the forecast period. The growth of the segment over the assessment period is subject to the massive use of HR analytics for enhancing the business decision-making capabilities of a firm. However, the employee segment is predicted to record the highest CAGR of 21.1% over the forecast period. The growth of the segment over the forecast timeline can be credited to the ability of HR analytics to offer insights, visibility, and actionable data of employees to HR for employee retention.

In terms of industry vertical, the BFSI segment contributed to the largest market share in 2021, accounting for more than one-fourth of the global HR analytics market share. Furthermore, the same segment is anticipated to dominate the growth of the global market over the forecast period. The growth of the segment over the assessment period can be due to the rise in the use of HR analytics solutions for employee management activities. However, the retail and e-commerce segment is predicted to record the highest CAGR of 19.8% over the forecast period. The growth of the segment over the forecast timeline can be credited to the ability of HR analytics in automating HR processes.

Region-wise, the HR analytics market was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to its higher expenditure on technological solutions. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to the growth in number of startups and the expanding infrastructure in the region, which is expected to fuel the growth of the HR analytics industry in the region during the forecast period.

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The current estimation of 2031 is projected to be higher than pre-COVID-19 estimates. The global COVID-19 pandemic has drastically affected businesses across the globe. It has positively impacted the adoption of HR analytics solutions due to lockdowns imposed by governments of different countries. During COVID-19, companies are focusing on emerging technologies such as AI-powered solutions, automation, cloud-based technologies and app-based HR analytics solutions across industries such as BFSI, healthcare, IT and telecom and others to perform contactless operations.

Furthermore, as industries move toward digitalization, the HR analytics solution is a great option, as it provides agile efficiency by eliminating manual tasks that slow down the HR process, as well as providing real-time reporting features, which drive market growth. In addition, it also reduces errors and business risks that come with manual data entry. Due to such benefits, it provides lucrative growth opportunities for the market growth during the forecast period.

Major market players

• IBM Corporation
• TalentSoft SA
• Visier Inc.
• Workday Inc.
• Crunchr
• Gaininsights Solutions
• INFOR INC.
• Kronos Incorporated
• Microstrategy Incorporated
• Oracle Corporation
• Zoho Corporation
• Zoios
• Legartise
• Sage Group plc
• SAP Se
• Sisense Inc.
• Tableau Software Inc.

The report analyzes these key players in the global HR analytics market. These players have implemented key business strategies such as strategic expansion, new product launches, alliances, and joint ventures to enhance market penetration and reinforce their position in the industry. The report helps the target audience in determining the market performance, performance of each segment, product portfolio development in the market, and contributions made by each player to the market expansion.

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