Global HR Analytics Industry Report: Analyzing Trends, Challenges, and Opportunities 2031
The HR analytics market was positively affected by the COVID-19 pandemic and showcased a positive growth rate during the period.
PORTLAND, PORTLAND, OR, UNITED STATES, February 1, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “HR Analytics Market,” the HR analytics market size was valued at $2.4 billion in 2021, and is estimated to reach $11 billion by 2031, growing at a CAGR of 16.6% from 2022 to 2031.
HR analytics involves the collection, analysis, and reporting of HR data, providing organizations with the capability to assess the impact of diverse HR metrics on overall business performance and make informed decisions based on data. Essentially, HR analytics is a data-centric approach to managing human resources.
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To implement HR analytics effectively, businesses need solutions in business analytics and data mining. These tools scrutinize data stemming from various HR activities like employee recruitment, training, attendance, engagement, performance management, and compensation. The analysis of HR analytics serves to enhance the efficiency of HR processes by utilizing gathered data to anticipate critical factors such as performance, retention, and recruitment. These factors are anticipated to be key drivers for the growth of the global HR analytics market in the forecast period. However, the industry may face challenges due to a shortage of skilled workforce during this period.
Factors, such as enhancement of mobile employee engagement and increase in automation of HR operations aided in propelling the growth of the global HR analytics market during the forecast period. Moreover, HR analytics helps to make HR activities more efficient by using collected data to predict key attributes, such as performance, retention, and recruitment during the period has positively impacted HR analytics industry. However, data security and privacy concerns and lack of workforce is anticipated to hamper the HR analytics market during the forecast period. On the contrary, increase in use of cloud-based technology is expected to offer remunerative opportunities for the expansion of the HR analytics market forecast.
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Based on application, the workforce management segment dominated the overall HR analytics market in 2021 and is expected to continue this trend during the forecast period. This is attributed to the increase in employee satisfaction trends and the adoption of HR analytics for faster resolution. However, the employee retention segment is expected to witness the highest growth owing to rise in competition among enterprises to hire skillful candidates.
Region-wise, the HR analytics market was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to its higher expenditure on technological solutions. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to the growth in number of startups and the expanding infrastructure in the region, which is expected to fuel the growth of the HR analytics industry in the region during the forecast period.
The current estimation of 2031 is projected to be higher than pre-COVID-19 estimates. The global COVID-19 pandemic has drastically affected businesses across the globe. It has positively impacted the adoption of HR analytics solutions due to lockdowns imposed by governments of different countries. During COVID-19, companies are focusing on emerging technologies such as AI-powered solutions, automation, cloud-based technologies and app-based HR analytics solutions across industries such as BFSI, healthcare, IT and telecom and others to perform contactless operations. Furthermore, as industries move toward digitalization, the HR analytics solution is a great option, as it provides agile efficiency by eliminating manual tasks that slow down the HR process, as well as providing real-time reporting features, which drive market growth. In addition, it also reduces errors and business risks that come with manual data entry. Due to such benefits, it provides lucrative growth opportunities for the market growth during the forecast period.
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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.
KEY BENEFITS FOR STAKEHOLDERS
• The study provides an in-depth analysis of the global HR analytics market forecast along with current & future trends to explain the imminent investment pockets.
• Information about key drivers, restraints, & opportunities and their impact analysis on global HR analytics market trend is provided in the report.
• The Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
• The HR analytics market analysis from 2022 to 2031 is provided to determine the market potential.
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