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HR Analytics Market is anticipated to top a valuation of nearly US$ 9 Bn with CAGR of 12.4% by 2032|SAP, Oracle and more

May 13th, 2022 Persistence Market Research Releases

HR Analytics Market 2022

The global HR Analytics Market is stipulated to witness a CAGR of 12.4% and reach US$ 9 Bn the year 2022-2032. Digital innovation is the buzzword. As such, digital health unicorns are coming up. Digital upswinging is thus expected to take the entire healthcare vertical by storm in the next 10 years. This would be the state of the healthcare vertical in the near future.

As per the study by PMR, the HR analytics market is projected to reach US$ 9 Bn by 2032 from US$ 2.8 Bn in 2022. The market is likely to grow at a high CAGR of 12.4%.

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The increased need for organizations to improve efficiency and lower operational costs is projected to drive demand for HR analytics in a variety of industries. It enables the company to encourage labour optimization and provide benchmarks for improving overall workforce performance. It can evaluate and retrieve large amounts of unstructured data in real-time in order to make business decisions on human resource use, which is critical for the growth of the analytics market.

The HR analytics market is expected to develop in response to the growing need for skilled labour and the use of emerging technologies such as the Internet of Things (IoT) and analytics to improve employee retention.

Company Profiles:

  • SAP
  • Oracle
  • Infor
  • Kronos
  • Workday
  • IBM
  • Sage Software
  • Microstrategy
  • Tableau
  • Zoho

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Companies may focus more on promoting employee engagement, facilitating employee induction, and increasing worker efficiency with the help of these technologies.

HR professionals may use these analytical tools to better manage, attract, and retain people, which can result in a higher Return on Investment (ROI) for the company, increased efficiency, and a healthy workplace, positively impacting the HR analytics market adoption trends.

Despite the fact that HR analytics has various advantages, including cost-effectiveness and ease of deployment, security issues constitute a threat to the market’s growth. Due to the low cost of public cloud services, SMEs are increasingly adopting them, raising the risk of data breaches, cyber-attacks, and other security issues.

As a result, the primary stumbling block to HR analytics adoption is security concerns associated with cloud services. However, if HR management teams and IT teams work together to agree on a set of technical restrictions, cyber-attacks and data loss can be avoided and lead to a steady analytics market growth.

The HR analytics market study by Persistence Market Research indicates that the pandemic’s propagation is expected to have a long-term impact on critical business processes.

Furthermore, because enterprises across end-user industries, particularly IT and BPOs, are focusing on the work-from-home culture for an indeterminate amount of time, companies are projected to adopt advanced analytics market models that are likely to leverage machine learning algorithms to find data patterns.

As a result, vendors might face a difficult task in developing solutions that are compatible with the new business model, which emphasizes more work-life balance.

During the last few years, there has been a movement toward the company emphasizing metrics that focus on efficiency, such as increased productivity since her hire and lower HR cost per individual, among other things.

Additionally, as businesses recognize HR analytics’ potential as a strategic centre of excellence, it assists them in making managerial decisions based on HR data, resulting in lower retention, better hiring practices, enhanced employee experience, task automation, and improved workforce planning among other things.

Key Takeaways

  • The HR Analytics market is expected to reach a valuation of US$ 9 Bn by 2032.
  • Because North America is a significant hub for technical advancements and an early user of new technologies, it is likely to have the largest market share in the HR analytics industry.
  • Due to the increased acceptance of the work-from-home idea by various firms, the Covid-19 pandemic is predicted to have a beneficial impact on the growth of the workforce analytics industry.
  • The US analytics market size is projected to reach US$ 3.2 Bn by 2032, with a growth rate of 12.2% during the forecast period.
  • Due to its ongoing phase, the lack of understanding and acceptance of HR analytics across sectors such as the public sector, as well as the influence of the recent global pandemic COVID-19, which resulted in firms pausing their recruiting in the region, may stymie the market’s growth.

Competitive Landscape

As per the global HR Analytics market study, with significant suppliers such as SAP SE, Oracle Corporation, and IBM Corporation, the HR analytics industry is moderately fragmented. The vendors are expanding their client base and gaining market share by exploiting strategic collaboration activities and acquisitions as a competitive advantage.

Oracle Analytics for Cloud HCM, which is built on Oracle Analytics Cloud and powered by Oracle Autonomous Database, gives HR executives, analysts, and line-of-business leaders a comprehensive view of data from across the organization, allowing them to gain deeper insights into workforce management. Customers can get the most out of Oracle Cloud HCM with the new self-service analytics features.

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Key Questions Answered in the HR Analytics Market Report

How is the HR Analytics Market expected to grow over the projected period?

What direction is the HR Analytics Market expected to take in terms of volume and value during the forecast period?

What is the impact of macroeconomic factors on the HR Analytics Market in future?

What are the key market drivers in the HR Analytics Market?

What are significant opportunities and improvement areas for HR Analytics Market manufacturers?

What are the key developments and trends taking over the HR Analytics Market?

Which are the emerging countries that are expected to create significant growth opportunities in the HR Analytics Market?

If you have any special requirements, please let us know and we will offer you the report as you want and also We Provide you Table of Content.

Access Related Reports-

3D Cell Cultures Market

The global 3D cell culture market reached a value of around US$ 586.1 Mn in 2014, which is expected to spike up to US$ 2,717.6 Mn by 2020 end.

Health Caregiving Market

Global health caregiving market was pegged at more than US $ 70 Bn in 2015 & is estimated to cross US $ 200 bn by the end of 2024, registering a CAGR of 12.6%.

About Us:

PersistenceMarketResearch is an esteemed company with a reputation of serving clients across domains of information technology (IT), healthcare, and chemicals. Our analysts undertake painstaking primary and secondary research to provide a seamless report with a 360 degree perspective. Data is compared against rep/uted organizations, trustworthy databases, and international surveys for producing impeccable reports backed with graphical and statistical information.

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