The global HR analytics market is expected to witness a growth of 12.8% CAGR during the forecast period from 2019 to 2027.
Product Insights
The global HR analytics market accounted for US$ 2.33 Bn in 2018 and is likely to witness a notable growth, growing at a CAGR of 12.8% during the forecast period from 2019 to 2027. HR departments in various organizations are increasing their proficiencies from outdated reporting to the usage of analytics for real-time information on employee opportunities, issues and provision of enhanced solutions. Over time, the role of human resource has developed from an administrative function towards more planned partnership. A major driving force behind this evolution has been the continuous advancement in the technology. Rising demand for scaling up the efforts of HR personnel coupled with growing to requirement for automating the HR processes and facilitate the workforce engagement is boosting the market for HR analytics worldwide.
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The HR analytics market is segmented on the basis of component, deployment mode, application, end-use vertical and geography. Based on component, the solution segment led the market in 2018 and is likely to dominate the market during the forecast period from 2019 to 2027. Growing adoption of HR analytics solutions across several end-use verticals is boosting the segment growth worldwide. Various organizations across the globe are implementing HR analytics solutions for refining and uplifting the overall experience and performance of the employee. These solutions also involve the employees in various activities, helping them nurture in an improved and healthier manner. Furthermore, based on geography, North America ruled the HR analytics market in 2018. The region is expected to continue with its reign during the forecast period. Growing investments in HR analytics is increasing at a greater extent as the use of data has become more evident in all functions.
Competitive Insights:
Major players in the HR analytics market include Oracle Corporation, SAP SE, Workday, Inc., The Sage Group plc, Kronos Incorporated, MicroStrategy Incorporated, International Business Machines Corporation, Tableau Software, Zoho, Crunchr, Visier Inc., GainInsights, Sisense Inc., and Talensoft among others. The major players are focusing on taking up strategies such as partnerships, product innovation, etc. to endure and stand out in the competitive market environment. For instance, in February 2019, Crunchr, one of the specialized HR Tech Company entered into a partnership with Mercer, which is one of the world’s largest human resource consulting firm. The two companies joined forces in order to bring HR to another level. The workforce or HR analytics solution from Crunchr will enable Mercer to set clear workforce priorities and develop a strategy for addressing them.
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HR Analytics Solution Garnered the Largest Market Share in 2018
In 2018, based on component, the solution segment led the market and is expected to retain its dominance in the years to come. The use of HR analytics is significantly transforming the human resource strategy. With time, HR analytics solutions are seen as one of the critical tools that are shaping the future business strategy. The globalization of businesses, changing demographics and patterns of mobility alter continuously, changing the nature of work and the worker. Due to this change, the HR is required to become the provider of human capital analytics, which helps them in planning, developing, hiring, retaining and engaging key talents and also make strategic business decision-making. As a result, various organizations across the globe are implementing HR analytics solutions which help their HR department in improving the employee’s overall experience and involves them in various activities that help them grow in a better manner. Consequently, a significant increase in the adoption of HR analytics solutions is expected to lift the overall growth of the market during the forecast period.
Adoption rate of HR analytics in North America has been strong
In 2018, North America garnered the largest market share in the HR analytics market and will continue with its supremacy during the forecast period from 2019 to 2027. In the recent years, the adoption HR analytics in North America has become stronger and higher in comparison to other regions. In the overall regional market, 22% of companies have espoused HR analytics and 11% have adopted the role itself. The industries with the most prevalent adoption of HR analytics are tech-software and finance. Also, as the region is an early adopter of new technologies and a major hub for technological innovations, various organizations in the region are incessantly focusing on improving their workforce efficiency and are employing the best practices for HR set-ups. Moreover, the presence of some leading players in the region including Oracle Corporation, International Business Machines Corporation, Workday, Inc., etc. is altogether supporting the adoption of HR analytics.
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