Workforce Analytics Market Ongoing Trends and Recent Developments

The global Workforce Analytics Market size was USD 422.5 Million in 2015 and is projected to reach USD 860.4 Million by 2020, growing at a Compound Annual Growth Rate (CAGR) of 15.3%.

(EMAILWIRE.COM, February 05, 2020 ) According to the new market research report "Workforce Analytics Market by Solution, by Service (Consulting Services, System Integration, Managed Services), by Deployment, by Organization Size, by Vertical, by Region - Global Forecast and Analysis to 2020", The workforce analytics market size is estimated to grow from USD 422.5 Million in 2015 to USD 860.4 Million by 2020, at a Compound Annual Growth Rate (CAGR) of 15.3% from 2015 to 2020.

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The current work culture has evolved rapidly due to the introduction of new technologies and globalization, with a limited pool of knowledgeble workforce. Eventually, it is expected that the availability of skilled workforces will shrink in the developed countries. Thus, employees have become one of the expensive assets for organizations. These changing work dynamics have increased the market demand for workforce analytics that is helping organizations cope with various customer needs and employee demands with better cost optimization.

Workforce analytics solutions expected to dominate the market during the forecast period

The workforce analyticssolutions are expected to dominate the market from 2015 to 2020 with the largest market share, due to growing workforce challenges faced by the organizations worldwide. Among the services, due to the changing work dynamics and variations in global governmental labor regulations, the demand for consulting services is expected to gain traction in the next five years.

BFSI and healthcare expected to lead the market among verticals

The Banking, Financial Services, and Insurance (BFSI) vertical is expected to hold the largest market share in the workforce analytics market in 2015. The healthcare sector is expected to grow at the highest CAGR from 2015 to 2020, in the workforce analytics market. The BSFI industry will be investing greater resources in the market to focus on providing better services to customers through their limited global and local workforce. Authorities are encouraging investments in the healthcare industry in a bid to modernize and digitize the industry infrastructure and workforce.

North America expected to hold the largest market share

North America is expected to have the largest market share and dominate the workforce analytics market from 2015 to 2020, due to the presence of a large number of analytics vendors. Asia-Pacific (APAC) offers potential growth opportunities, as there is a rise in the BYOD trend and expansions in skilled workforces among SMBs and enterprises.

The major vendors in the workforce analytics market include ADP, IBM, Oracle, SAP, and Tableau among others.

The report covers detailed information regarding the major factors influencing the growth of the workforce analytics market, such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been done to provide insights into their business overview, products and services, key strategies, new product launches, mergers and acquisitions, partnerships, agreements, collaborations, and recent developments associated with the workforce analytics market.

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