According to PMR research, the Human Resource Analytics market is expected to reach US$9 billion by 2032 from US$2.8 billion in 2022. The market is expected to grow at a high CAGR of 12.4 %.
The increased need for organizations to improve efficiency and reduce operational costs is expected to drive the demand for human resource analytics across various industries. It allows the company to encourage workforce optimization and provide benchmarks to improve overall workforce performance. It can assess and retrieve large amounts of unstructured data in real time to make business decisions on the utilization of human resources, which is essential for the growth of the analytics market.
The human resource analytics market is expected to grow in response to the growing need for skilled labor and the use of emerging technologies such as Internet of Things (IoT) and analytics to improve retention employees.
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Businesses can focus more on promoting employee engagement, facilitating employee onboarding, and increasing employee efficiency using these technologies.
HR professionals can use these analytics tools to better manage, attract, and retain employees, which can translate to higher return on investment (ROI) for the business, increased efficiency, and a healthy workplace. , which has a positive impact on the adoption trends of the HR analytics market.
Despite the fact that HR analytics has various advantages including cost effectiveness and ease of deployment, security issues pose a threat to the growth of the market. Due to the low cost of public cloud services, SMBs are increasingly adopting them, increasing the risk of data breaches, cyberattacks, and other security issues.
Therefore, the main stumbling block to the adoption of HR analytics is the security issues associated with cloud services. However, if HR management teams and IT teams work together to agree on a set of technical restrictions, cyber attacks and data loss can be prevented and lead to steady growth of the analytics market.
HR analytics market research by Persistence Market Research indicates that the spread of the pandemic is expected to have a long-term impact on critical business processes.
Additionally, as companies in end-user industries, especially IT and BPO, focus on indefinite work-from-home culture, companies should adopt advanced analytics market models that may leverage machine learning algorithms to find patterns in data.
As a result, vendors could face a difficult task in developing solutions compatible with the new business model, which emphasizes a better work-life balance.
In recent years, there has been a move towards the company emphasizing efficiency-oriented measures, such as increasing productivity since hiring and lowering HR costs per individual, among others.
Additionally, as companies recognize the potential of HR analytics as a strategic center of excellence, it helps them make management decisions based on HR data, resulting in reduced retention, better hiring practices, improved employee experience, task automation and better workforce planning, among others. things.
Key points to remember
- The HR analytics market is expected to reach US$9 billion by 2032.
- Because North America is a significant hub for technical advancements and an early adopter of new technologies, it is likely to hold the largest market share in the HR analytics industry.
- Due to the increased acceptance of the idea of working from home by various businesses, the Covid-19 pandemic is expected to have a beneficial impact on the growth of the workforce analytics industry.
- The US analytics market size is expected to reach US$3.2 billion by 2032, growing at a growth rate of 12.2% during the forecast period.
- Due to its current phase, the lack of understanding and acceptance of HR analytics in sectors such as the public sector, as well as the influence of the recent global COVID-19 pandemic, which led companies to suspend their recruitment in the region, can hamper the growth of the market.
According to the Global Human Resource Analytics Market Research, with prominent vendors such as SAP SE, Oracle Corporation, and IBM Corporation, the Human Resource Analytics industry is moderately fragmented. Suppliers are expanding their customer base and gaining market share by leveraging strategic collaboration activities and acquisitions as a competitive advantage.
Oracle Analytics for Cloud HCM, which is built on Oracle Analytics Cloud and powered by Oracle Autonomous Database, provides HR executives, analysts, and line of business managers with a comprehensive view of data from across the organization, their to obtain more in-depth information on workforce management. Customers can get the most out of Oracle Cloud HCM with new self-service analytics capabilities.
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