The rapidly growing business competitiveness has generated a growing demand for examining the man power and pull-out better business results. Workforce analytics is a preset combination of tools that facilitate the analysis of the worker/employee performance in a firm. These metrics and tools are best suitable for analyzing training & development, staffing, retention rate, cost per hire and all similar task force related parameters that permits enterprise to enhance their human resources. Current trends in workforce analytics exhibit increasing requirement for effective ROI and to lower down company's entire investments, directing towards the implementation of workforce analytics tools in organizations.
Optimization of work force to improvise company performance is an important aspect that is driving the organization to adopt workforce analytics in their system and subsequently leading to growth in market. Also some other factors such as its capability to improvise decision making skills with respect to talent acquisition and cope up with the changing work dynamics are foreseen to drive the market growth globally. However, data security worries for the cloud based task force analytics tools are suspected to restrain the market. Also, deficiency of awareness within the organizations, specifically in emerging markets is hindering the growth of workforce analytics market.
The global market is categorized on the basis of type, deployment type, verticals and region. Based on type, the market is bifurcated into two sections, viz., services and solutions. Workforce analytics tools are the software tool that facilitate an organization to manage its task force. Whereas, the services are the equivalent business consulting, deployment of solutions and professional opinions that are offered to an organizations post deployment of the workforce analytics tools. Based upon deployment type, work force analytics market is further categorized into cloud based and on-premise. An on-premise workforce analytics tool permits organization to build-up the infrastructure within the company's premises. While, cloud-based workforce analytics demand for networked services connected with distantly located cloud storage that are offered by the software service provider. The workforce analytics becomes vital in examining man power in an organizations with high responsibility of workers. In terms of industry verticals, the market is further segmented into IT & Telecom, retail, manufacturing, healthcare & research, government & public sector, banking, financial services & insurance (BFSI), education, media & entertainment and travel & hospitality. government & public and BFSI segment is expected to dominate the overall workforce analytics market in the nearing future. Being a global market, the region wise segment comprises of North America, Europe, Asia-Pacific, South America and Middle East and Africa. In North America enhancement of work analytics tools in terms of its interface and end result has caused the product penetration yet deeper. In developing provinces such as APAC and SAM the adoption of system is expect to boost with emergence of enhanced analytical skills.
Some of the leading players in the manufacturing and development of workforce analytics solutions comprises of Genpact, Visier, SAP Success Factors, Kronos, Aquire, Peoplefluent companies, Workday, Towers Watson & Co., PeopleStreme, Cornerstone OnDemand, Oracle Corporation, Tableau Software, and WorkForce Software LLC.
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