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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.



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