HR Analytics Market Value to Surpass USD 11 Billion by 2031
Factors such as enhancement of mobile employee engagement & increase in automation of HR operations aided in propelling the growth of global HR analytics market
PORTLAND, PORTLAND, OR, UNITED STATES, November 3, 2022 /EINPresswire.com/ — As per the report, the global HR analytics market was estimated at $2.4 billion in 2021, and is set to reach $11 billion by 2031, growing at a CAGR of 16.6% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Scaling need for analyzing data generated through a slew of HR activities including training, employee recruitment, employee engagement, attendance, compensation, and performance management to drive the growth of the global HR analytics market. Nevertheless, less availability of skilled workforce can hamper the expansion of the global market. However, growing demand for enhancing the efficiency of HR activities such as employee retention, performance monitoring & evaluation, and recruitment will open new growth avenues for the global market.
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The solution segment to dominate the global market in terms of revenue in 2031
Based on the offering, the solution segment contributed the highest market share in 2021, accounting for more than two-thirds of the global HR analytics market share. Furthermore, the segment is projected to contribute majorly toward the global market share during the forecast period. The growth of the segment during the forecast period can be attributed to the large-scale adoption of HR analytics solutions by HR teams for automating HR processes. However, the services segment will record the highest CAGR of 18.0% during the forecast timeline. The growth of the segment over the assessment period is attributed to a surge in the adoption of professional services for the integration and deployment of HR analytics solutions.
The workforce management segment to hold the major market share over 2022-2031
The workforce management segment to hold the major market share over 2022-2031On basis of the application, the workforce management segment contributed to the largest market share in 2021, accounting for more than two-fifths of the global HR analytics market share. Furthermore, the same segment is anticipated to dominate the growth of the global market over the forecast period. The growth of the segment over the assessment period is subject to the massive use of HR analytics for enhancing the business decision-making capabilities of a firm. However, the employee segment is predicted to record the highest CAGR of 21.1% over the forecast period. The growth of the segment over the forecast timeline can be credited to the ability of HR analytics in offering insights, visibility, and actionable data of employees to HR for employee retention.
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The segment to dominate the market share during the forecast timeframe
In terms of industry vertical, the BFSI segment contributed to the largest market share in 2021, accounting for more than one-fourth of the global HR analytics market share. Furthermore, the same segment is anticipated to dominate the growth of the global market over the forecast period. The growth of the segment over the assessment period can be due to the rise in the use of HR analytics solutions for employee management activities. However, the retail and e-commerce segment is predicted to record the highest CAGR of 19.8% over the forecast period. The growth of the segment over the forecast timeline can be credited to the ability of HR analytics in automating HR processes.
North America to retain global market domination over 2022-2031
By Region, North America contributed notably toward the global HR analytics market share in 2021, and is projected to continue its dominance during the forecast period. The region accounted for more than two-fifths of the global market share in 2021. The same region is slated to contribute significantly toward the global market size in 2031. The growth of the regional market over the forecast timeline is due to the escalating demand for HR analytics in the countries such as the U.S. and Canada. However, the Asia-Pacific HR analytics industry is anticipated to record the highest CAGR of 18.9% over 2022-2031. The regional market growth over the projected timespan is owing to an increase in digital transformation and economic growth of the region leading to large-scale acceptance of HR analytics in the Asia-Pacific zone.
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Key Findings of the Study –
• By offering, the solution segment accounted for the largest HR analytics market share in 2021.
• By region, North America generated the highest revenue in 2021.
• By enterprise size, large enterprises segment accounted for the largest HR analytics market share in 2021.
• By deployment mode, the on-premise segment generated the highest revenue in 2021.
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