Dallas, Texas, Feb. 04, 2020 (GLOBE NEWSWIRE) -- The “HR Analytics Market by Component (Software and Services), Application (Core HR, Workforce Management, and Talent Management), Deployment Type (On-Premise and Cloud-based), and By Region, Global Forecast 2018 to 2025” study provides an elaborative view of historic, present and forecasted market estimates.
Securing personal and confidential information related to employees is one of the major factors driving the global HR analytics market. It is important to protect employee personal information as it is vulnerable to the security threat. The organization has all the information such as personal phone number, home address, social media IDs, etc. Using a traditional spreadsheet for recording employee-related data is one of the major reasons behind data theft. HR analytics enables data security and privacy.
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The global HR analytics market size is projected to reach USD 3.6 billion by 2025. It is the field of analytics that deals with the analysis of organization employees in order to improve employee retention and organizational performance. It is an advanced set of data analysis applications and tools used to measure and analyze operation, performance, and improvement. HR analytics is a mixture of methodology and software that works on the statistical model in order to deliver work-related data, which enables the company’s decision-makers to optimize and enhance human resource management. Digitization and automation of conventional HR tools remove human inaccuracy and provide a proper analysis of organization operational trends.
Rising investment in technology-based HR solutions is one of the major factors driving the growth of the global HR analytics market. The adoption of technology has moved from static and conventional HR management solutions to mobile-based tools and dynamic platforms. These tools and platforms are being included in the areas of productivity, learning, recruitment, wellness, collaboration, and performance management. It is expected that in the coming years 51% of mid-sized companies and 45% of large companies are increasing their investments in HR technology. Nowadays, the majority of candidates are found online.
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The report also throws light on various aspects of the global HR analytics industry by assessing the market using value chain analysis. The report covers several qualitative aspects of the HR analytics industry in market drivers, market restraints and key industry trends. Furthermore, the report provides an in-depth assessment of the market competition with company profiles of global as well as local vendors.
On the basis of components, the HR analytics market is categorized into software and services. The software segment dominated the overall HR analytics market which occupied a 69% share in 2019 and is anticipated to maintain its position over the forecast period 2020 -2025.
Asia Pacific will be the fastest-growing region in the global HR analytics market. The adoption of HR analytics is gaining traction in countries like Hong Kong, India, Singapore while the usages of HR analytics is high in countries like Malaysia, Indonesia, Philippines, and China. This reason is one of the major factors contributing to the growth of the HR analytics market in the Asia Pacific region. Various companies such as Facebook, AOL, and Google use HR analytics in order to get insights from every interview they take. It is recorded that around 70% of companies in the Asia Pacific believe analytics in HR is a high priority for them, however, the progress has been slow. It is also recorded that, 14% of jobs in India are based on HR analytics which has further led the HR analytics market in the region.
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The major players of global HR analytics market are IBM Corporation, Sage Software, SAP Corporation, Oracle Corporation, Microstrategy Inc., Tableau Software, Crunchr, Visier Solutions Inc., Talentsoft, Zoho Corporation, Infor, Kronos Inc., Workday Inc., Gaininsights Solutions Pvt Ltd, Sisense Inc., etc. Constant developments in HR analytics solutions and new product launches by major companies in the market are expected to have significant impact on the market growth. Strategic partnerships and investments in emerging economies are further expected to increase the demand for HR analytics in these regions.
Major points from Table of Contents:
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Executive Summary
Chapter 4 Market Outlook
Chapter 5 HR Analytics Market by Component
Chapter 6 HR Analytics Market by Application
Chapter 7 HR Analytics Market by Deployment Type
Chapter 8 HR Analytics Market By Region
Chapter 9 Competitive Landscape
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