HR Analytics Market Size Predicted to Flourish with Digital Workforce Trends | Estimated to Cross USD 11 Billion by 2031

Demand for data-driven HR decisions, workforce optimization, predictive insights, and employee experience enhancement fuels HR Analytics market growth.

PORTLAND, OREGON, UNITED STATES, August 4, 2023/EINPresswire.com/ — The Global HR Analytics Market Size was valued at $2.4 billion in 2021 and is anticipated to increase to $11 billion by 2031, at a CAGR of 16.6%.

The study of people and the application of analytical methods to the human capital inside a company in order to enhance staff productivity and improve employee retention is known as human resource analytics (HR Analytics). Additionally, HR analytics does not gather information about how individuals perform at their jobs; rather, it just seeks to improve understanding of each human resource process by gathering pertinent information and using it to influence decisions about how to enhance these processes.

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HR Analytics is witnessing transformative trends that are reshaping workforce management strategies. One key trend is the increasing integration of data-driven insights. Organizations are leveraging HR analytics to make informed decisions about recruitment, employee engagement, and performance optimization. This trend is enabling HR professionals to align their strategies with the broader business goals, enhancing overall organizational efficiency.

The rise of predictive analytics is another prominent trend. By analyzing historical data, organizations are predicting future workforce trends, identifying potential talent gaps, and streamlining succession planning. Predictive analytics is revolutionizing talent acquisition by identifying the most suitable candidates for various roles, leading to more efficient and targeted recruitment efforts.

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Diversity and inclusion are also driving HR analytics trends. Organizations are using analytics to track diversity metrics, identify biases, and promote inclusivity. This data-driven approach helps foster diverse and equitable workplaces while ensuring that biases are addressed in hiring, promotions, and employee development processes.

There’s a growing emphasis on employee experience. HR analytics is being used to gauge employee sentiment, gather feedback, and measure engagement. This trend allows organizations to identify pain points, improve workplace culture, and enhance employee satisfaction, ultimately leading to higher retention rates and improved overall productivity.

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Due to its higher spending on technological solutions, North America had the regional lead in the HR analytics market in 2021 and is anticipated to keep it throughout the forecast period. However, Asia-Pacific is anticipated to have considerable growth during the forecast period due to the rise in startup activity and the region’s increasing infrastructure, which is anticipated to fuel the expansion of the HR analytics market there.

The key players profiled in the HR analytics market analysis are Crunchr, Gaininsights, IBM Corporation, Infor, Kronos Incorporated, Microstrategy Incorporated, Oracle Corporation, Sage group PLC, SAP SE, Sisense Inc, Tableau Software Inc, Talentsoft, Visier Inc, Workday Inc, Zoho Corporation, Zoios, and Legartise. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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David Correa
Allied Analytics LLP
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