Hr Analytics Market Synopsis

Hr Analytics Market Size Was Valued at USD 3.4 Billion in 2023, and is Projected to Reach USD 12.1 Billion by 2032, Growing at a CAGR of 15.1% From 2024-2032.

HR analytics is a process that entails consolidating of human resource data, analyzing of such data, and presenting the findings. It allows the organization focus on the results of a wide variety of HR performance indicators on company’s performance and make decisions based on proved facts. That is, HR analytics is defined as the utilization of data to increase the effectiveness of human resource management.

Thus performing HR analytics needs business analytics and data mining solutions which will analyze data got from different activities of HR like recruitment, training, attendance, engagement, performance, and compensation. Applying analysis on HR also helps in increasing the productivity of activities carried out by HR so that data collected can be effectively used in predicting attributes like performance, retention and recruitment. The above-discussed factors are anticipated to propel the growth of the global HR analytics market during the forecast period. However, the most prominent threat for the HR analytics industry during the period under consideration is the scarcity of skilled workforce.

• Huge demand is seen for the optimization of the human resource and reduction of the operational cost of an enterprise and, additionally real-time monitoring of employees are some of the trends that can be considered to be the factors driving the growth of the market. However, the COVID 19 pandemic impacted the business environment, where the application of the HR analytics solutions became essential for making data-based decisions concerning organizational and employees’ productivity. It has shifted a paradigm that calls for organisations to drawn up a means of dealing with social distancing, and hence comes remote working which has proven essential when it comes to management of the crisis while, at the same time assuring the sustainability of companies’ futures.
• The increasing adoption of analytical solutions in organizations for effective management of human capital is the main driver in the growth of the HR Analytics Market. Employers are realizing how valuable analytics are in helping them gain insights on the employees’ behaviors and activities, anticipate turnover and select appropriate strategies to adopt when recruiting their workers hence enhancing organizational performance.
• Easy availability and effectiveness of HR analytics are due to the development in artificial intelligence, machine learning, big data technology. These technologies make it possible to process extensive quantities of data belonging to the HR field that yields hitheretofore unobtainable insights into the market’s needs and propels its advancement.

Hr Analytics Market Trend Analysis

Increase in automation of HR operations

• The future of HR analytics solution now lies in the strong and effective integration. It has become crucial for the business to have an HR analytics solution that can be easily taken over to other software tools for implementation. Moreover, the HR payroll industry is aimed at emerging technologies, for instance, artificial intelligence and block chain to improve the business process which in turn contributes to the growth of the market.
• For example, TCS introduced in the WFH model in October 2020 an AI-based integrated system of communication, understanding, and vision for employees, managers, and CEOs called TCS Workforce Analytics. The new solution was developed with an aim of tackling the talent management issues that are characteristic of the intense digital age in enterprise. This kind of advance development is believed to foster the growth of the market in respect to human capital analytics in the period under review.

Increasing use of cloud-based technology

• The demand for cloud-based technology is on the rise to improve security, as well as for real-updates. The implementation of cloud in the area of HR administration allows for efficient and secure linking and connection of the main systems of the company’s HR activity. It is more effective, elaborate, open and makes the businesses get more exposure internationally.
• Technology specifically clouds serve as an enabler in all the functions of human resource (HR) and provides a catapulting force to enable business advancement. In addition, accountability and transparency with the aid of cloud having turn into expansive and convenient for the services of HR. It also helps make working and access to all information more unified from any location. In addition, the HR analytics solution entails flexibility and scalability to enhance the business process.

Hr Analytics Market Segment Analysis:

Hr Analytics Market Segmented based on Component, Deployment Mode, Product, and Vertical.

By Product, workforce management segment is expected to dominate the market during the forecast period

• Depending on the Product, the market is divided into Employee Development Software, Recruitment Software, Workforce Management Software, and Other Software. The mostly influencing parameter in enterprises is workforce management, and thus, the workforce management segment of the HR Analytics Market is expected to remain in the lead in the course of the fiscal year. Workforce management solutions in the field of HR analytics allow one to obtain precise data on labor requirements, employees’ productivity, and possible schedule improvements. These tools are indispensable for the strategic planning and forecasting as well as organizational decision-making processes which in turn may influence an organization’s financial bottom line.

By Vertical, banking, financial services, and insurance (BFSI) segment held the largest share in 2023

• According to the type of the Vertical, the market is divided into Banking, Financial Services, and Insurance (BFSI), Telecom & IT, Consumer Goods & Retail, Healthcare, Manufacturing, and Others. Among all the sectors, the banking, financial services, and insurance sector is expected to rise most significantly within the HR Analytics Market due to a highly complex personnel demand and the impressive need to meet strict guidelines. Given that the sector is concerned with minimizing risks and compliance, HR analytics appear to offer relevant data on human capital management, recruitment, measures of productivity, and organizational performance. In addition, the competition in BFSI business is very high, which means it is significant to accept the approach of talent management and optimise the human resource resources to offer excellent customer service and efficient operations.

Hr Analytics Market Regional Insights:

North America is Expected to Dominate the Market Over the Forecast period

• North America holds the largest market share for HR analytics. The growth of the market in this region has been influenced by several factors, including; There is increased digitalization and the use of HR analytics solutions in the various sectors including manufacturing, BFSI, and the governments. Furthermore, a sufficiently large number of leading players also gives enough opportunities for the growth of the market. Nevertheless, Asia-Pacific is expected to have the highest growth rate for the forecast period because of the increasing number of SMEs and the development of digitalization in the area.
• The organizations in North America especially have evolved a culture of management decision-making based on data information. This aspect of the culture in the region gives more weight to data in corporate activities especially in human resource and thus the higher uptake of HR analytics solutions. A large number of the global players as well as prominent startups in the field of HR analytics software have their origins in North America. The localization of such organizations makes it possible for local businesses to have close proximity and therefore access advanced and up-to-date tools and services in the field of HR analytics to corner the market.

Active Key Players in the Hr Analytics Market

• Cegid
• Crunchr
• GainInsights
• IBM Corp.
• Infor
• MicroStrategy Inc.
• Oracle Corp.
• Sage Software Solutions Pvt. Ltd.
• SAP SE.
• Sisense Inc.
• Tableau Software, LLC.
• UKG Inc.
• Visier, Inc.
• Workday, Inc.
• Zoho Corp. Pvt. Ltd.
• Other Active Players

Key Industry Developments in the Hr Analytics Market:

• In June 2023, Cegid a leading cloud solutions provider in the regions of Canada released its Digitialrecruiters as a mult-site recruitment management tool. This will go a long way in enhancing the speed at which the companies recruit .
• In June of the year 2023, Visier rolled out Smart Compensation to the market, a tool employed to help in compensation planning. It will in fact reinvent the pay process and bring efficiency and data analysis back to the people managers.
• In June of the year 2023, the company which is Visier launched Vee, a strong AI-centered digital assistant. It translates simple query to visier’s query language and-present detailed info to the managers regarding its workforce.
• On June 7, 2023, Workday Inc will announced the further augment the strategic partnership with Samsung SDS. Together, this will give a consistent and easily navigated interface and system for HCM and for the local HR people.
• In June 2023, Oracle unveiled generative AI features in the Oracle Fusion Cloud Human Management (HCM). They will increase the candidate and employee throughput, raise the efficiency of HR activities, and optimize HR procedures.

Chapter 1: Introduction
 1.1 Scope and Coverage

Chapter 2:Executive Summary

Chapter 3: Market Landscape
 3.1 Market Dynamics
  3.1.1 Drivers
  3.1.2 Restraints
  3.1.3 Opportunities
  3.1.4 Challenges
 3.2 Market Trend Analysis
 3.3 PESTLE Analysis
 3.4 Porter's Five Forces Analysis
 3.5 Industry Value Chain Analysis
 3.6 Ecosystem
 3.7 Regulatory Landscape
 3.8 Price Trend Analysis
 3.9 Patent Analysis
 3.10 Technology Evolution
 3.11 Investment Pockets
 3.12 Import-Export Analysis

Chapter 4: Hr Analytics Market by Component
 4.1 Hr Analytics Market Snapshot and Growth Engine
 4.2 Hr Analytics Market Overview
 4.3 Solutions
  4.3.1 Introduction and Market Overview
  4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.3.3 Key Market Trends, Growth Factors and Opportunities
  4.3.4 Solutions: Geographic Segmentation Analysis
 4.4 Services
  4.4.1 Introduction and Market Overview
  4.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.4.3 Key Market Trends, Growth Factors and Opportunities
  4.4.4 Services: Geographic Segmentation Analysis

Chapter 5: Hr Analytics Market by Deployment Mode
 5.1 Hr Analytics Market Snapshot and Growth Engine
 5.2 Hr Analytics Market Overview
 5.3 On-premise
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 On-premise: Geographic Segmentation Analysis
 5.4 Cloud
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 Cloud: Geographic Segmentation Analysis
 5.5
  5.5.1 Introduction and Market Overview
  5.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.5.3 Key Market Trends, Growth Factors and Opportunities
  5.5.4 : Geographic Segmentation Analysis

Chapter 6: Hr Analytics Market by Product
 6.1 Hr Analytics Market Snapshot and Growth Engine
 6.2 Hr Analytics Market Overview
 6.3 Employee Development
  6.3.1 Introduction and Market Overview
  6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.3.3 Key Market Trends, Growth Factors and Opportunities
  6.3.4 Employee Development: Geographic Segmentation Analysis
 6.4 Recruitment
  6.4.1 Introduction and Market Overview
  6.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.4.3 Key Market Trends, Growth Factors and Opportunities
  6.4.4 Recruitment: Geographic Segmentation Analysis
 6.5 Workforce Management
  6.5.1 Introduction and Market Overview
  6.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.5.3 Key Market Trends, Growth Factors and Opportunities
  6.5.4 Workforce Management: Geographic Segmentation Analysis

Chapter 7: Hr Analytics Market by Vertical
 7.1 Hr Analytics Market Snapshot and Growth Engine
 7.2 Hr Analytics Market Overview
 7.3 Banking
  7.3.1 Introduction and Market Overview
  7.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  7.3.3 Key Market Trends, Growth Factors and Opportunities
  7.3.4 Banking: Geographic Segmentation Analysis
 7.4 Financial Services & Insurance (BFSI)
  7.4.1 Introduction and Market Overview
  7.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  7.4.3 Key Market Trends, Growth Factors and Opportunities
  7.4.4 Financial Services & Insurance (BFSI): Geographic Segmentation Analysis
 7.5 Telecom & IT
  7.5.1 Introduction and Market Overview
  7.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  7.5.3 Key Market Trends, Growth Factors and Opportunities
  7.5.4 Telecom & IT: Geographic Segmentation Analysis
 7.6 Consumer Goods & Retail
  7.6.1 Introduction and Market Overview
  7.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  7.6.3 Key Market Trends, Growth Factors and Opportunities
  7.6.4 Consumer Goods & Retail: Geographic Segmentation Analysis
 7.7 Healthcare
  7.7.1 Introduction and Market Overview
  7.7.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  7.7.3 Key Market Trends, Growth Factors and Opportunities
  7.7.4 Healthcare: Geographic Segmentation Analysis
 7.8 Manufacturing
  7.8.1 Introduction and Market Overview
  7.8.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  7.8.3 Key Market Trends, Growth Factors and Opportunities
  7.8.4 Manufacturing: Geographic Segmentation Analysis

Chapter 8: Company Profiles and Competitive Analysis
 8.1 Competitive Landscape
  8.1.1 Competitive Benchmarking
  8.1.2 Hr Analytics Market Share by Manufacturer (2023)
  8.1.3 Industry BCG Matrix
  8.1.4 Heat Map Analysis
  8.1.5 Mergers and Acquisitions
  
 8.2 CEGID
  8.2.1 Company Overview
  8.2.2 Key Executives
  8.2.3 Company Snapshot
  8.2.4 Role of the Company in the Market
  8.2.5 Sustainability and Social Responsibility
  8.2.6 Operating Business Segments
  8.2.7 Product Portfolio
  8.2.8 Business Performance
  8.2.9 Key Strategic Moves and Recent Developments
  8.2.10 SWOT Analysis
 8.3 CRUNCHR
 8.4 GAININSIGHTS
 8.5 IBM CORP
 8.6 INFOR
 8.7 MICROSTRATEGY INC
 8.8 ORACLE CORP
 8.9 SAGE SOFTWARE SOLUTIONS PVT LTD
 8.10 SAP SE
 8.11 SISENSE INC
 8.12 TABLEAU SOFTWARE LLC
 8.13 UKG INC
 8.14 VISIER INC
 8.15 WORKDAY INC
 8.16 ZOHO CORP PVT LTD
 8.17 OTHER ACTIVE PLAYERS

Chapter 9: Global Hr Analytics Market By Region
 9.1 Overview
 9.2. North America Hr Analytics Market
  9.2.1 Key Market Trends, Growth Factors and Opportunities
  9.2.2 Top Key Companies
  9.2.3 Historic and Forecasted Market Size by Segments
  9.2.4 Historic and Forecasted Market Size By Component
   9.2.4.1 Solutions
   9.2.4.2 Services
  9.2.5 Historic and Forecasted Market Size By Deployment Mode
   9.2.5.1 On-premise
   9.2.5.2 Cloud
   9.2.5.3
  9.2.6 Historic and Forecasted Market Size By Product
   9.2.6.1 Employee Development
   9.2.6.2 Recruitment
   9.2.6.3 Workforce Management
  9.2.7 Historic and Forecasted Market Size By Vertical
   9.2.7.1 Banking
   9.2.7.2 Financial Services & Insurance (BFSI)
   9.2.7.3 Telecom & IT
   9.2.7.4 Consumer Goods & Retail
   9.2.7.5 Healthcare
   9.2.7.6 Manufacturing
  9.2.8 Historic and Forecast Market Size by Country
   9.2.8.1 US
   9.2.8.2 Canada
   9.2.8.3 Mexico
 9.3. Eastern Europe Hr Analytics Market
  9.3.1 Key Market Trends, Growth Factors and Opportunities
  9.3.2 Top Key Companies
  9.3.3 Historic and Forecasted Market Size by Segments
  9.3.4 Historic and Forecasted Market Size By Component
   9.3.4.1 Solutions
   9.3.4.2 Services
  9.3.5 Historic and Forecasted Market Size By Deployment Mode
   9.3.5.1 On-premise
   9.3.5.2 Cloud
   9.3.5.3
  9.3.6 Historic and Forecasted Market Size By Product
   9.3.6.1 Employee Development
   9.3.6.2 Recruitment
   9.3.6.3 Workforce Management
  9.3.7 Historic and Forecasted Market Size By Vertical
   9.3.7.1 Banking
   9.3.7.2 Financial Services & Insurance (BFSI)
   9.3.7.3 Telecom & IT
   9.3.7.4 Consumer Goods & Retail
   9.3.7.5 Healthcare
   9.3.7.6 Manufacturing
  9.3.8 Historic and Forecast Market Size by Country
   9.3.8.1 Bulgaria
   9.3.8.2 The Czech Republic
   9.3.8.3 Hungary
   9.3.8.4 Poland
   9.3.8.5 Romania
   9.3.8.6 Rest of Eastern Europe
 9.4. Western Europe Hr Analytics Market
  9.4.1 Key Market Trends, Growth Factors and Opportunities
  9.4.2 Top Key Companies
  9.4.3 Historic and Forecasted Market Size by Segments
  9.4.4 Historic and Forecasted Market Size By Component
   9.4.4.1 Solutions
   9.4.4.2 Services
  9.4.5 Historic and Forecasted Market Size By Deployment Mode
   9.4.5.1 On-premise
   9.4.5.2 Cloud
   9.4.5.3
  9.4.6 Historic and Forecasted Market Size By Product
   9.4.6.1 Employee Development
   9.4.6.2 Recruitment
   9.4.6.3 Workforce Management
  9.4.7 Historic and Forecasted Market Size By Vertical
   9.4.7.1 Banking
   9.4.7.2 Financial Services & Insurance (BFSI)
   9.4.7.3 Telecom & IT
   9.4.7.4 Consumer Goods & Retail
   9.4.7.5 Healthcare
   9.4.7.6 Manufacturing
  9.4.8 Historic and Forecast Market Size by Country
   9.4.8.1 Germany
   9.4.8.2 UK
   9.4.8.3 France
   9.4.8.4 Netherlands
   9.4.8.5 Italy
   9.4.8.6 Russia
   9.4.8.7 Spain
   9.4.8.8 Rest of Western Europe
 9.5. Asia Pacific Hr Analytics Market
  9.5.1 Key Market Trends, Growth Factors and Opportunities
  9.5.2 Top Key Companies
  9.5.3 Historic and Forecasted Market Size by Segments
  9.5.4 Historic and Forecasted Market Size By Component
   9.5.4.1 Solutions
   9.5.4.2 Services
  9.5.5 Historic and Forecasted Market Size By Deployment Mode
   9.5.5.1 On-premise
   9.5.5.2 Cloud
   9.5.5.3
  9.5.6 Historic and Forecasted Market Size By Product
   9.5.6.1 Employee Development
   9.5.6.2 Recruitment
   9.5.6.3 Workforce Management
  9.5.7 Historic and Forecasted Market Size By Vertical
   9.5.7.1 Banking
   9.5.7.2 Financial Services & Insurance (BFSI)
   9.5.7.3 Telecom & IT
   9.5.7.4 Consumer Goods & Retail
   9.5.7.5 Healthcare
   9.5.7.6 Manufacturing
  9.5.8 Historic and Forecast Market Size by Country
   9.5.8.1 China
   9.5.8.2 India
   9.5.8.3 Japan
   9.5.8.4 South Korea
   9.5.8.5 Malaysia
   9.5.8.6 Thailand
   9.5.8.7 Vietnam
   9.5.8.8 The Philippines
   9.5.8.9 Australia
   9.5.8.10 New Zealand
   9.5.8.11 Rest of APAC
 9.6. Middle East & Africa Hr Analytics Market
  9.6.1 Key Market Trends, Growth Factors and Opportunities
  9.6.2 Top Key Companies
  9.6.3 Historic and Forecasted Market Size by Segments
  9.6.4 Historic and Forecasted Market Size By Component
   9.6.4.1 Solutions
   9.6.4.2 Services
  9.6.5 Historic and Forecasted Market Size By Deployment Mode
   9.6.5.1 On-premise
   9.6.5.2 Cloud
   9.6.5.3
  9.6.6 Historic and Forecasted Market Size By Product
   9.6.6.1 Employee Development
   9.6.6.2 Recruitment
   9.6.6.3 Workforce Management
  9.6.7 Historic and Forecasted Market Size By Vertical
   9.6.7.1 Banking
   9.6.7.2 Financial Services & Insurance (BFSI)
   9.6.7.3 Telecom & IT
   9.6.7.4 Consumer Goods & Retail
   9.6.7.5 Healthcare
   9.6.7.6 Manufacturing
  9.6.8 Historic and Forecast Market Size by Country
   9.6.8.1 Turkey
   9.6.8.2 Bahrain
   9.6.8.3 Kuwait
   9.6.8.4 Saudi Arabia
   9.6.8.5 Qatar
   9.6.8.6 UAE
   9.6.8.7 Israel
   9.6.8.8 South Africa
 9.7. South America Hr Analytics Market
  9.7.1 Key Market Trends, Growth Factors and Opportunities
  9.7.2 Top Key Companies
  9.7.3 Historic and Forecasted Market Size by Segments
  9.7.4 Historic and Forecasted Market Size By Component
   9.7.4.1 Solutions
   9.7.4.2 Services
  9.7.5 Historic and Forecasted Market Size By Deployment Mode
   9.7.5.1 On-premise
   9.7.5.2 Cloud
   9.7.5.3
  9.7.6 Historic and Forecasted Market Size By Product
   9.7.6.1 Employee Development
   9.7.6.2 Recruitment
   9.7.6.3 Workforce Management
  9.7.7 Historic and Forecasted Market Size By Vertical
   9.7.7.1 Banking
   9.7.7.2 Financial Services & Insurance (BFSI)
   9.7.7.3 Telecom & IT
   9.7.7.4 Consumer Goods & Retail
   9.7.7.5 Healthcare
   9.7.7.6 Manufacturing
  9.7.8 Historic and Forecast Market Size by Country
   9.7.8.1 Brazil
   9.7.8.2 Argentina
   9.7.8.3 Rest of SA

Chapter 10 Analyst Viewpoint and Conclusion
10.1 Recommendations and Concluding Analysis
10.2 Potential Market Strategies

Chapter 11 Research Methodology
11.1 Research Process
11.2 Primary Research
11.3 Secondary Research