Surge in need to close the skills gap and increase in investment on workforce analytics drive the growth of the global workforce analytics market
PORTLAND, Oregon, May 18, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Workforce Analytics Market by Component (Solution and Services), Deployment Model (On-Premise and Cloud), Organization Size (Large Enterprises and Small & Medium Enterprises), Industry Vertical (BFSI, Manufacturing, Healthcare, Government, Retail, It & Telecom, Education, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026."According to the report, the global workforce analytics market was estimated at $1.64 billion in 2018, and is expected to hit $5.97 billion by 2026, registering a CAGR of 17.6% from 2019 to 2026.
Drivers, restraints, and opportunities
Rise in need to close the skills gap and increase in investment on workforce analytics fuel the growth of the global workforce analytics market. On the other hand, lack of analysis skills restrains the growth to some extent. However, incorporation of advanced technologies such as machine learning, natural language processing, and AI in workforce analytics is expected to create multiple opportunities in the industry.
The solution segment to remain dominant by 2026
Based on component, the solution segment held the major share in 2018, generating nearly three-fourths of the global workforce analytics market. The fact that workforce analytics solutions are cheaper than other traditional solutions and are pretty faster to deploy has augmented the segment growth. The service segment, on the other hand, would grow at the fastest CAGR of 20.0% throughout the forecast period. Rise in need of services like managed services and professional services drives the growth of the segment.
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The on-premise segment to lead the stream during the estimated period
Based on deployment, the on-premise segment accounted for nearly three-fifths of the global workforce analytics market revenue in 2018, and is projected to rule the roost by the end of 2026. Enhanced security features provided by the on-premise model have made it widely adopted among organizations. And, this factor has boosted the growth of the segment. Simultaneously, the cloud segment would register the fastest CAGR of 19.3% from 2019 to 2026. This is attributed to a wide array of different services provided by cloud.
North America held the major share in 2018
Based on geography, North America contributed to nearly two-fifths of the global workforce analytics market share in 2018, and is expected to maintain its lead status by 2026. Businesses in this province are transitioning from on-premise to cloud enabled workforce analytics, owing to its low-cost implementation and maintenance which, in turn, has supplemented the growth. At the same time, the region across Asia-Pacific would cite the fastest CAGR of 20.1% during the study period. This is due to rise in adoption among large number of enterprises in the region to implement cloud-based workforce analytics in order to perk up employee productivity and their performance.
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Leading market players in the industry
- IBM Corporation
- WorkForce Software, LLC.
- Tableau Software Inc.
- Oracle Corporation
- SAP SE
- ADP LLC.
- Cornerstone OnDemand Inc.
- Workday Inc.
- Kronos Incorporated
- Visier Inc.
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