The “People Analytics Market – Global Outlook & Forecast 2021-2026” report has been added to ResearchAndMarkets.com’s offering.
The people analytics market was valued at USD 2.03 billion in 2020 and is expected to reach USD 4.24 billion by growing at a CAGR of 13.08 % during the forecast period.
Increasing demand for workforce optimization solutions is driving the growth of the people analytics solutions market around the globe due to the growing demand for expertise in new fields and the growing shortage of skilled workers. Small businesses may benefit from using it to keep up with rivals’ pace. The emerging trends such as AI, developments of new technologies, raising awareness of the cloud and its benefits, and maturing business models are projected to support the growth.
KEY HIGHLIGHTS
Some of the prominent trends influencing the global people analytics market are innovation, technology, marketing, price wars, and others. SMEs’ demand for HR analytics solutions is expected to grow at the fastest CAGR of 14.52% during the forecast period.
Based on the end-users, the telecom & IT is the leading segment holding the market share of 23.13%, while BFSI is expected to witness the highest growth rate with a CAGR of 16.29% during the forecast period. Workforce analytics vendors have a huge opportunity to expand in the Asia Pacific region due to the expansion of manufacturing in China and the growth of small and medium enterprises (SMEs) in countries such as China, India, and others.
The market for HR analytics is slowly shifting from being concentrated with Vieser enjoying a significant share of the global people analytics industry to becoming a fragmented one with several independent vendors entering the market.
PEOPLE ANALYTICS MARKET SEGMENTATION
PEOPLE ANALYTICS MARKET SEGMENTS
People analytics software is used to streamline processes in retail, banking, financial services, and insurance (BFSI), government, manufacturing, energy & utilities, entertainment, oil & gas, hospitality, automotive, logistics, information technology & telecom, education, and healthcare. HR analytics software across the world is assisting firms in establishing a personalized employee experience. As a result, demand for people analytics software has increased.
SMEs held a low share of the workforce analytics market in 2020 but are expected to grow at the highest CAGR of 20.76% during the forecast period due to the growing SMEs across countries and the continuous requirement of minimizing expenses to earn high margins. Due to a lack of resources, SMEs try to look for cost-effective solutions and enhance their productivity.
GEOGRAPHICAL ANALYSIS
North America: The region was severely hit by the COVID-19 pandemic, which fueled HR activities in the industry and led to higher adoption of people analytics. North America held the highest share in the global HR analytics market in 2020. The presence of better technology infrastructure supports the growth of HR analytics in the region.
Europe: The second highest share in Europe is owed to the presence of several big companies such as Volkswagen, Daimler, EXOR Group, Allianz, Prudential, and others. People analytics solutions are highly penetrated in the region is due to various prominent reasons, including a large employee base, improved productivity, and extensive business processes, which is boosting the HR analytics industry in the region.
VENDOR ANALYSIS
The key players in the HR analytics industry are IBM, Koch Industries, MicroStrategy Incorporated, Oracle, Ultimate Kronos Group (UKG), and SAP.
Vendors must focus on meeting the end-user requirements. Product customization could prove an effective way to expand the consumer base and increase market shares.
Key Vendors
- IBM
- Koch Industries
- MicroStrategy Incorporated
- Oracle
- Ultimate Kronos Group (UKG)
- SAP
- Workday
Other Prominent Vendors
- Sage Group
- Sisense
- Talentsoft
- Visier
- Zoho Corporation
- Tableau Software
- GainInsights
- Asure
- Beeline
- ConveyIQ by Entelo
- Ellucian Company
- Genesys
- Paycor
- Reflexis Systems
- TrustSphere
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope Of The Study
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Introduction
7.1 Overview
7.2 Evolution Of People Analytics
7.3 Shifting Focus Of The Top Management Toward People Analytics
7.4 Key Trends – 2021
7.5 Risk Analysis In The Market
7.6 Key Factors In The People Analytics Market
7.6.1 Consultancies
7.6.2 Technology Firms
7.6.3 Professional Organizations
7.6.4 Conference Organizers
7.6.5 Business Media
7.6.6 Business Schools
7.6.7 Social Media
7.7 Key Facts & Figures
7.8 Major Costs & Expenses Incurred By Vendors
7.9 Impact Of Covid-19
8 Market Opportunities & Trends
8.1 Rising Adoption Of AI & Ml
8.2 Shifting Focus Toward Predictive Analysis
8.3 Growing Demand For Diversity And Inclusion
9 Market Growth Enablers
9.1 Growing Demand For Workforce Analytics
9.2 Rising Shift Toward Employee Retention And Wellness
9.3 Growing Demand From End-User Industries
10 Market Restraints
10.1 Susceptibility To Several Barriers
10.2 Stringent Government Regulations And Compliances
11 Market Landscape
11.1 Market Overview
11.2 Distribution Channel
11.3 Demand Insights
11.4 Revenue Recognition
11.5 Market Size & Forecast
11.6 Component
11.7 Deployment
11.8 Organization Size
11.9 End-User
11.10 Five Forces Analysis
12 Component
12.1 Market Snapshot & Growth Engine
12.2 Market Overview
12.3 Software: Market Overview
12.3.1 Payroll
12.3.2 Employee Retention
12.3.3 Workforce Management
12.3.4 Recruitment
12.3.5 Other Software
12.3.6 Market Size & Forecast
12.3.7 Market By Geography
12.4 Service: Market Overview
12.4.1 Integration & Deployment
12.4.2 Advisory & Consulting
12.4.3 Other Services
13 Organization Size
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Large Enterprises
13.3.1 Market Size & Forecast
13.3.2 Market By Geography
13.4 Small & Medium Enterprises
13.4.1 Market Size & Forecast
13.4.2 Market By Geography
14 Deployment
14.1 Market Snapshot & Growth Engine
14.2 Market Overview
14.3 On-Premise
14.3.1 Market Size & Forecast
14.3.2 Market By Geography
14.4 Cloud-Based
14.4.1 Market Size & Forecast
14.4.2 Market By Geography
15 End-Users
15.1 Market Snapshot & Growth Engine
15.2 Market Overview
15.3 Telecom & IT
15.4 BFSI
15.5 Healthcare
15.6 Manufacturing
15.7 Retail & Consumer Goods
15.8 Education
15.9 Travel & Hospitality
15.10 Other End-Users
15.10.1 Public Sector
15.10.2 Transport & Logistics
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