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.
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.
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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.
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.
- 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.
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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
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- 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
Key Questions Answered in the Report:
- What will be the estimated growth rate of the HR Analytics market by 2030?
- Who are the prominent distributors, vendors, and manufacturers of the market?
- What are the driving and restraining factors of the growth of the HR Analytics market throughout the forecast period?
- What are the current and future market trends of the HR Analytics market?
- What are the sales and price analysis of the product by types, applications, and regions?
- What are the expected opportunities for the companies and new entrants in the coming years?
The report demonstrates the progress and advancement achieved by the global HR Analytics market, including the historical analysis and progress through forecast years. The report provides valuable insights to the stakeholders, investors, product managers, marketing executives, and other industry professionals. The report provides an accurate estimation by applying SWOT analysis and Porter’s Five Forces analysis. The report focuses on current and future market growth, technological advancements, volume, raw materials, and profiles of the key companies involved in the market.
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