HR Analytics Market Size, Key Trends & Evaluated Growth to 2030
In 2022, the global market for HR analytics was approximated to be valued at around USD 3 billion. Anticipatedly, this market is set to experience substantial growth, with a projected Compound Annual Growth Rate (CAGR) exceeding 14% during the forecast period from 2023 to 2030. The heightened demand for HR analytics tools across various industries stems from the growing imperative of enhancing data efficiency and reducing operational costs within organizations. Furthermore, the increasing necessity for HR analytics within enterprises to efficiently manage and process their employee data is poised to be a driving force for this market throughout the forecast years.
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Market Trends:
·???????? Increasing adoption of AI and ML:?AI and ML are being increasingly used in HR analytics to automate tasks, improve efficiency, and gain insights that would be difficult or impossible to obtain manually. For example, AI can be used to predict employee turnover, identify high-potential employees, and personalize training programs.
·???????? Growing demand for workforce optimization:?Businesses are increasingly looking to optimize their workforce in order to improve productivity and reduce costs. HR analytics can help businesses to identify areas where they can improve workforce efficiency, such as by reducing absenteeism, optimizing shift scheduling, and improving employee engagement.
·???????? Rising focus on employee experience:?Employee experience is becoming a top priority for businesses, as they recognize the impact that it has on employee productivity, retention, and engagement. HR analytics can be used to track and measure employee experience, and to identify areas where businesses can improve.
According to the recent report published by RC Market Analytics, the Global HR Analytics Market is expected to provide sustainable growth opportunities during the forecast period from 2023 to 2030. This latest industry research study analyzes the HR analytics market by various product segments, applications, regions and countries while assessing regional performances of numerous leading market participants. The report offers a holistic view of the HR analytics industry encompassing numerous stakeholders including raw material suppliers, providers, distributors, consumers and government agencies, among others. Furthermore, the report includes detailed quantitative and qualitative analysis of the global HR analytics market considering market history, product development, regional dynamics, competitive landscape, and key success factors (KSFs) in the industry.
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Geographically, the HR analytics market report comprises dedicated sections centering on the regional market revenue and trends. The HR analytics market has been segmented on the basis of geographic regions into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. HR analytics market estimates have also been provided for the historical years 2020 & 2021 along with forecast for the period from 2023 - 2030. The report includes a deep-dive analysis of key countries including the U.S., Canada, the U.K., Germany, France, Italy, China, Japan, India, Australia, Mexico, Brazil and South Africa, among others. Thereby, the report identifies unique growth opportunities across the world based on trends occurring in various developed and developing economies.
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The HR Analytics Market Segmentation:
By Services:
By Solution:
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By Deployment:
By Enterprise Size:
By End-Use:
By Region:
Some of the major market players operating in the global HR analytics market are Oracle Corporation, SAP SE, IBM Corporation, ADP, LLC, Tableau Software (now part of Salesforce), Workday, Inc., Cornerstone OnDemand, Inc., Visier Inc., Kronos Incorporated, Ultimate Software (now part of Kronos), MicroStrategy Incorporated, and Talentsoft SA.
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Key Questions Answered by HR Analytics Market Report:
About Us: RC Market Analytics is a global market research firm. Our insightful analysis is focused on developed and emerging markets. We identify trends and forecast markets with a view to aid businesses identify market opportunities to optimize strategies. Our expert’s team of analysts’ provides enterprises with strategic insights. RC Market Analytics works to help enterprises grow through strategic insights and actionable solutions. Feel free to contact us for any report customization at [email protected].
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