The global HR Analytics Market size is anticipated to reach USD 6.29billion by 2027, registering a CAGR of 14.2% from 2020 to 2027, according to a new report by Grand View Research, Inc. HR analytics involves business analytics and data mining solutions, which examines data created from various HR activities such as employee acquisition, attendance, performance management, engagement, training, and compensation. The HR analytics helps in increasing the productivity of HR functions by predicting important parameters such as performance, retention, and recruitment with the help of data generated. All these factors are contributing to the market growth.
Technological proliferation in the field
of Machine Learning (ML), big data analytics, Artificial
Intelligence (AI), and Internet of Things (IoT) is expected to
positively impact the market growth. Analytics solutions test the efficacy of
HR policies and enable simplification of various HR policies. It includes data
cleansing, data collection, data management, visualization, and forecasting
tools. It correlates and integrates data to provide appropriate, actionable,
and timely insights to improve performance leading to more relevant decisions
and correct actions.
HR analytics solutions and services enables complex
compensation planning and allow enterprises to enhance budget allocations and
support compensation decisions within the organizational guidelines.
Furthermore, organizations around the globe are forming a digital workplace
that allows flexibility and mobility, high productivity, and uses modern
communication tools. This business shift from traditional systems to digital HR
is playing a major role in the centralization of HR data, thus allowing for
easy access of data to deploy analytics solutions. Hence, companies are
providing comprehensive HR analytics solutions for all HR functions alongside
with analytics capabilities.
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Market Report
HR Analytics Market Report Highlights
- The
talent analytics solution is anticipated to grow at a faster pace, owing
to the need for companies to attract the right talent in their
organization with the help of technologies such as artificial
intelligence, machine learning, and deep learning
- The
support and maintenance segment is expected to expand at the highest CAGR
from 2020 to 2027. The demand for is expected to grow on account of
increasing need for timely maintenance for system patching and security
updates
- The
demand for hosted deployment segment is expected to increase over the
forecast period as these solutions are cost-effective, which allows
convenient and easy download and storage of data over cloud
- The
Small and Medium Enterprises (SMEs) segment is expected to register the
highest growth during the forecast period. These days, the SMEs are
focusing on utilizing the HR analytics solution to work globally and multi-regional workforce
- The
retail segment is expected to emerge as the fastest growing end-use segment
from 2020 to 2027. The retail industry employs a unique blend of full-time
employees, part-time staff, contractual workers, and multi-regional
stakeholders across distribution networks
- Asia
Pacific is anticipated to grow at a significant rate during the forecast
period, owing to the rapid digitization initiatives taken by the
governments in the region
- The
key players in the HR analytics market include IBM Corporation; Kronos
Incorporated; MicroStrategy Incorporated; Oracle; SAP SE; Sage Software
Solutions Pvt Ltd; Talentsoft, TABLEAU SOFTWARE; Workday, Inc.; and Zoho
Corporation Pvt. Ltd.
About Us:
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, the company offers market intelligence
studies ensuring relevant and fact-based research across a range of industries
including technology, chemicals, materials, healthcare and energy.
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