News Market Insights

Currently, the HR analytics market is highly competitive due to the presence of numerous players, such as Workday Inc., MicroStrategy Incorporated, International Business Machines Corporation, ADP LLC, Zoho Corporation, TalentSoft SA, Oracle Corporation, Sisense Inc., Infor Inc., SAP SE, Sage Group PLC, Crunchr, Visier Inc., and Kronos Incorporated. Presently, the market is dominated by Oracle Corporation, SAP SE, Workday Inc., and ADP LLC, as they offer better quality HR analytics solutions than other players. The industry segment of the HR analytics market is classified into banking, financial services, and insurance (BFSI), energy and utilities, education, government, healthcare, information technology (IT) and telecom, manufacturing, retail, and others. Under this segment, the BFSI category accounted for the largest market share in 2018. The dominance of this category can be primarily ascribed to the surging need of financial companies to deploy HR analytics solutions to attract t...

The surging need for workforce optimization is one of the key factors responsible for the soaring demand for HR analytics solutions . Workforce optimization assists businesses in making their operations smoother and more efficient by ensuring that all operations are running in perfect synchronization and complete harmony. Moreover, workforce optimization helps enterprises in aligning resources and skills to a particular demand or a job for faster turnaround, collecting data pertaining to performance in a highly standardized framework, and empowering the human resource (HR) professionals so that they can accurately monitor the performance of employees. As HR analytics enables the analysis of business data, it has become a highly popular method of attaining workforce optimization in recent years. Additionally, HR analytics solutions can assist HR professionals in gaining a deeper understanding of the strengths and weaknesses of employees, the best course of action going forward, and futu...

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 efficie...