The
ever-increasing business competitiveness has developed a new demand
for analyzing the workforce and bring-out better business outcomes.
Workforce analytics are the set of tools which are used to analyze
the performance of the employees/workers in an organization. These
tools and metrics are ideal in analyzing staffing, training &
development, cost per hire, retention rate and all similar workforce
related parameters which allow enterprise leaders to optimize their
human resources.The recent trends in workforce analytics shows that
the rising need for effective return on investment (ROI) andto
mitigate company’s overall investmentsis leading to the adoption of
workforce analytics tools in the organizations.
Workforce
analytics market is segmented on the basis of type, deployment
and end-use industry. On the basis type, work force analytics market
is further segmented into solutions and services. Workforce analytics
solutions are the software tool which help an organization to manage
its workforce. While, theservices are the parallel business
consulting, implementation of solutions and expert opinions which are
provided to an organizations post deployment of the workforce
analytics tools.On the basis of deployment type, work force analytics
market is further segmented into on-premise and cloud-based.
An
on–premise workforce analytics tool allows organization to set-up
the infrastructure inside the company’s premises. Whereas,
cloud-based workforce analytics require networked services linked
with remotely located cloud storage, which are provided by the
software service provider. The workforce analytics becomes crucial in
analyzing task force in the organizations with high accountability of
workers. In terms of end-use industry, workforce analytics market is
further classifiedinto telecom and IT, manufacturing, retail,
healthcare and research, government and public sector, banking,
financial services and insurance (BFSI) and others (education, travel
& hospitality and media & entertainment).
Shrinking
task force to enhance company performance is key aspect which is
leading to the adoption of workforce analytics and subsequently
increasing its market growth. However, data security concerns for the
cloud based workforce analytics tools may restrain its market. Also,
lack of awareness amongst the organizations, especially in emerging
markets is hampering its market growth. Improvement of work analytics
tools in terms of its interface and end results has fuelled its
penetration in the North American region.Similarly, with improving
analytical skills in developing economies is expected to lead in its
adoption in near term. On the global scale, North America region is
expected to dominate in terms of uses of workforce analytics tools in
coming years. However, escalating workforce in Asia pacific region is
expected to propel workforce analytics market in the forecast period.
Further, BFSI and government & public segment is expected to key
driver for overall workforce analytics market during the coming
years. The high ratio of employees/workers and changing working
dynamics will be the significant factors leading to its market
growth.
Some
of the key players in the development and manufacturing of workforce
analytics systems include Visier, Inc., Genpact Ltd., SAP Success
Factors, Peoplefluent companies, Kronos, Inc., Aquire, Inc., Workday,
Inc., PeopleStreme Pty. Ltd., Towers Watson & Co., Oracle
Corporation, Cornerstone OnDemand, Inc., WorkForce Software LLC, and
Tableau Software, Inc.
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