Skip to main content

How Will Demand for Workforce Optimization Magnify HR Analytics Market Size?

The rising demand for efficient hiring is also adding significantly to the growth of the industry. HR analytics software offers insights into potential hires by analyzing their expertise and skills. In addition to this, the software assists organizations in making an unbiased decision based on this data, to reduce the discrepancies in hiring. Through this software, organizations yearn to have productive hiring that will help in the growth of their business.

Additionally, the adoption of new technologies in these solutions is one of the prime factors offering growth opportunities to the industry. HR analytics market players are incorporating machine learning and artificial intelligence (AI) in their products to widen their applications. AI could help HR leaders in identifying high-potential employees, endorsing learning courses, predicting results of talent decisions, forecasting employee flight risk, and unearthing engagement issues. This will eventually increase the workforce efficiency of enterprises.


The offering segment of the market is bifurcated into solutions and services, wherein the solutions category accounted for the larger market share in 2018 due to the increasing application of HR analytics software in several organizations. The solutions category is further divided into employee engagement, workforce planning, employee development, retention, compensation and incentive program, recruitment, and others, which includes time & attendance and employee performance. 


Among these, the workforce planning category of the HR analytics market generated the highest revenue in 2018 due to the growing demand for efficient resource utilization within enterprises. Geographically, North America dominated the market in 2018, which can be primarily owed to the presence of several sizable industries with a highly skilled workforce. Moreover, the increasing expenditure on IT and technological developments will boost the regional market growth during the forecast period. 

Furthermore, it is being projected that the Asia-Pacific (APAC) HR analytics market will showcase the fastest growth during the forecast period, driven by the growing investments in IT by organizations, primarily in India and China, for improved operations. Thus, in order to achieve higher profitability, by having a skilled and efficient workforce, companies are adopting HR analytics solutions.



Comments

Popular posts from this blog

Demand for Webgames Set to Shoot Up in Asia-Pacific in Coming Years

The global webgame market valuation will rise from $3.5 billion in 2019 to $6.5 billion by 2030. Furthermore, the market is predicted to demonstrate a CAGR of 5.7% between 2020 and 2030. Depending on genre, webgames are classified into sports games, real-time strategy games, massive multiplayer online roleplaying games (MMORPGs), arcade games, and first-person shooters. Get the Sample Copy of this Report @ https://www.psmarketresearch.com/market-analysis/webgame-market-insights/report-sample Out of these, the popularity of first-person shooters will grow sharply across the world in the forthcoming years, as per the estimates of P&S Intelligence, a market research company based in India. These types of games are not like the third-person shooters, in which, the gamers can see the character which they are controlling. As these games are highly engrossing and thrilling, their popularity is soaring rapidly all over the world. Globally, the webgame industry is predicted to exhibit the...

Revenue Explosion Predicted in Global Micro Battery Market During 2020—2024

The global micro battery market had a valuation of $418.2 million in 2018 and is predicted to generate a revenue of $1,100.0 million by 2024. Furthermore, the market will exhibit a CAGR of 18.4% between 2019 and 2024. The increasing usage of wearable devices, the rising integration of the internet of things (IoT) in medical devices, and the soaring usage of compact batteries in healthcare applications are the major factors fueling the progress of the market. The rising incorporation of the IoT in medical devices is an important factor propelling the growth of the micro battery market across the globe. With the soaring population levels and the rising prevalence of chronic diseases in various countries, the healthcare industry is rapidly adopting high-tech solutions. The growing usage of advanced medical devices and wearable electronics is causing huge improvements in patient care and treatment procedures. Moreover, it is massively reducing the healthcare costs.  For example, medic...

3D Printing Ceramics Market Research by Products & Services, Components & Geography

The technology has created immense opportunities for product designing and helped in consolidating product assembly processes. Ceramics are mainly used for printing plates, cups, and other cutlery items. Ceramic prototypes are also used in high temperature application areas in the aerospace and automotive industries. Get a free sample copy of this report @  https://www.psmarketresearch.com/market-analysis/3d-printing-ceramics-market/report-sample Rapid growth in the 3D printing ceramics market is driven by rise in demand for 3D printing in the dental industry and product modification, and development in various end-use industries. 3D printing is gaining demand in the healthcare industry, especially for dental applications. Ceramics are being preferred for 3D printing of orthopedic and dental implants, and heart valves, due to their characteristics such as inertness, porosity, resistance to high wear, high compression strength, and capability to mold into a variety of shapes...