According to a new market report published by Transparency Market Research, the global workforce analytics market is expected to reach a value of US$ 2,453.9 Mn by 2026, supported by rising adoption of compliance initiatives, improved operational efficiency, and controlled workflow. The market is projected to expand at a CAGR of 10.3% during the forecast period from 2018 to 2026. Increasing demand for integrated workforce analytics, growing trend of mobile workforce coupled with multiple benefits offered by workforce analytics are encouraging the higher adoption of workforce analytics.
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In addition, rising penetration of mobile devices is boosting the global demand for mobile based workforce analytics. Asia Pacific is anticipated to be the fastest growing region for the market during the forecast period which is expected to be followed by Europe. Workforce analytics is experiencing flourishing growth in terms of adoption across different industry verticals around the globe. Increase in the implementation of big data analytics and artificial intelligence offered by vendors is further contributing to the growth of the workforce analytics market.
Growing list of HRM solution vendors likely to boost the growth of workforce analytics solutions over the forecast period
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The growth of workforce analytics software/services is directly or indirectly related to the growth of workforce management solutions, as most of the vendors offer workforce analytics solutions as an add-on feature to their workforce management solutions. Adoption of workforce analytics by small and medium-sized enterprises (SMEs) is increasing mainly due to cost efficiency as well as limited capital investment required for subscription based (cloud) services.Installing workforce analytics in an organization for cost cutting and time savings (process optimization) is fuelling the growth of the market substantially with the trend expected to be maintained during the forecast period.
The workforce analytics market has been segmented on the basis of parameters such as component, enterprise size, application, end-use industry, and geographical regions. In terms of component, the market has been segmented into software and services. The software segment has further been segmented into cloud, on-premise, and hybrid while the services segment has been classified into managed and professional services.