Global Workforce Analytics Market Is Driven By Growing Need For Efficient Workforce And Hr Management Systems Among Various Organizations

Workforce analytics is a set of software tools that is used to characterize, store, measure, and organize sophisticated employee/workforce data. These tools are widely used to represent or visualize exhaustive employee performance sheets. There are two types of workforce analytics, predictive workforce analytics and prescriptive workforce analytics.

Predictive workforce analytics provides certain data sets which is expected to determine employees that might have greatest potential of success with the organization within specified timeline. The data also predicts regarding employees that are most likely to leave the organization in the near future.

Prescriptive workforce analytics provides data on which human resources can take actions. These actions can be used to help key employees’ retention and development in a workforce. This is based on data uncovered from predictive analytics.

Important functionality or domains offered by workforce analytics are recruitment, internal, retention, performance management, training, compensation & benefits, and workforce management

Integration of value added services by workforce analytics enhances and offers efficient workforce management for various IT organizations across the globe.

Increasing adoption of analytics technology in workforce processes in order to implement automation and growing need to analyze huge volume of data silos in large and medium scale organizations across the globe is expected to drive growth for workforce analytics services.

Emergence of technologies such as predictive data analytics, big data, cloud computing, and many others is witnessing high adoption across various industrial verticals. This adoption is proliferating implementation of analytics for workforce management. Features offered by workforce analytics are storage optimization, optimized linear scalability, database virtualization, and advanced work management services.

Currently organizations and industries are focusing to automate human resource services. Workforce analytics offers automation by providing smart employee management software’s in various HR facilitated functionalities such as talent and recruiting functions. These function offer benefits such as data applications scalability, efficient employee administration, fast application processing, and secure employee verification.

IT organizations are inclining towards adoption of artificial intelligence and deep learning algorithms for predictive solutions. This inclination is primarily to achieve optimum implementation and to increase number of skilled workforce. Thus, making way for workforce analytics implementation via software and services.

The market is categorized as type and application. The application includes on-premises and SaaS cloud-based. Whereas, the type includes, <100 employees, 100-499 employees, 500-999 employees, 1,000-4,999 employees, and >5000 employees.

Countries in the North America is witnessed to be high adopter of emerging technologies. Presence of key players operating in this region, availability of highly technological advanced infrastructure, and increasing advancements in IT organization workforce management systems are major factor to propel growth of the market in countries such as Canada and US in this region.

Asia Pacific countries are further exploring opportunities for integration of workforce analytics in various industries owing to increasing government initiatives for economic development.

Major players operating in the market includes Kronos Incorporated, Infor, Verint, NICE Systems, Aspect, Workforce Software, Clicksoftware, Calabrio, ATOSS, Genesys, Monet Software, InVision AG, and Teleopti