HR Analytics Market Competitive Analysis and Industry Forecast | At a CAGR of 16.6% by 2031

Scaling need for analyzing data generated through a slew of HR activities including training, employee recruitment, employee engagement

WILMINGTON, NEW CASTLE, DE, UNITED STATES, December 16, 2024 /EINPresswire.com/ -- The global 𝐇𝐑 𝐀𝐧𝐚𝐥𝐲𝐭𝐢𝐜𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 size was valued at $2.4 billion in 2021, and is projected to reach $11 billion by 2031, growing at a CAGR of 16.6% from 2022 to 2031. Scaling need for analyzing data generated through a slew of HR activities including training, employee recruitment, employee engagement, attendance, compensation, and performance management to drive the growth of the global HR analytics market. Nevertheless, less availability of skilled workforce can hamper the expansion of the global market. However, growing demand for enhancing the efficiency of HR activities such as employee retention, performance monitoring & evaluation, and recruitment will open new growth avenues for the global market.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 (𝐆𝐞𝐭 𝐅𝐮𝐥𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐢𝐧 𝐏𝐃𝐅 - 345 𝐏𝐚𝐠𝐞𝐬) 𝐚𝐭: https://www.alliedmarketresearch.com/request-sample/A31486

Factors, such as enhancement of mobile employee engagement and increase in automation of HR operations aided in propelling the growth of the global HR analytics market during the forecast period. Moreover, HR analytics helps to make HR activities more efficient by using collected data to predict key attributes, such as performance, retention, and recruitment during the period has positively impacted HR analytics industry. However, data security and privacy concerns and lack of workforce is anticipated to hamper the HR analytics market during the forecast period. On the contrary, increase in use of cloud-based technology is expected to offer remunerative opportunities for the expansion of the HR analytics market forecast.

The workforce management segment to hold the major market share over 2022-2031On basis of the application, the workforce management segment contributed to the largest market share in 2021, accounting for more than two-fifths of the global HR analytics market share. Furthermore, the same segment is anticipated to dominate the growth of the global market over the forecast period. The growth of the segment over the assessment period is subject to the massive use of HR analytics for enhancing the business decision-making capabilities of a firm. However, the employee segment is predicted to record the highest CAGR of 21.1% over the forecast period. The growth of the segment over the forecast timeline can be credited to the ability of HR analytics in offering insights, visibility, and actionable data of employees to HR for employee retention.

𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 : https://www.alliedmarketresearch.com/hr-analytics-market/purchase-options

Human Resource analytics (HR Analytics) is defined as the area in the field of analytics that deals with people analysis and applying analytical process to the human capital within the organization to improve employee performance and improving employee retention. Moreover, HR analytics does not collect data about how employees are performing at work, instead, its sole aim is to provide better insight into each of the human resource processes, gathering related data, and then using this data to make informed decisions on how to improve these processes.

Region wise, the HR analytics market was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to its higher expenditure on technological solutions. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to the growth in number of startups and the expanding infrastructure in the region, which is expected to fuel the growth of the HR analytics industry in the region during the forecast period.

𝐓𝐡𝐞 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐩𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞

𝐈𝐍𝐅𝐎𝐑 𝐈𝐍𝐂, 𝐕𝐢𝐬𝐢𝐞𝐫 𝐈𝐧𝐜, 𝐈𝐁𝐌 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧 (𝐔.𝐒.), 𝐌𝐢𝐜𝐫𝐨𝐬𝐭𝐫𝐚𝐭𝐞𝐠𝐲 𝐈𝐧𝐜𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞𝐝, 𝐳𝐨𝐡𝐨 𝐜𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧, 𝐓𝐚𝐛𝐥𝐞𝐚𝐮 𝐒𝐨𝐟𝐭𝐰𝐚𝐫𝐞 𝐈𝐧𝐜, 𝐓𝐚𝐥𝐞𝐧𝐭𝐬𝐨𝐟𝐭, 𝐙𝐨𝐢𝐨𝐬, 𝐖𝐨𝐫𝐤𝐝𝐚𝐲 𝐈𝐧𝐜, 𝐎𝐫𝐚𝐜𝐥𝐞 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧, 𝐂𝐫𝐮𝐧𝐜𝐡𝐫, 𝐒𝐢𝐬𝐞𝐧𝐬𝐞 𝐈𝐧𝐜, 𝐒𝐚𝐠𝐞 𝐆𝐫𝐨𝐮𝐩 𝐩𝐥𝐜, 𝐒𝐀𝐏 𝐒𝐄, 𝐠𝐚𝐢𝐧𝐢𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐬𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬, 𝐊𝐫𝐨𝐧𝐨𝐬 𝐈𝐧𝐜𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞𝐝, 𝐋𝐞𝐠𝐚𝐫𝐭𝐢𝐬𝐞

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮'𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/A31486

In terms of industry vertical, the BFSI segment contributed to the largest market share in 2021, accounting for more than one-fourth of the global HR analytics market share. Furthermore, the same segment is anticipated to dominate the growth of the global market over the forecast period. The growth of the segment over the assessment period can be due to the rise in the use of HR analytics solutions for employee management activities. However, the retail and e-commerce segment is predicted to record the highest CAGR of 19.8% over the forecast period. The growth of the segment over the forecast timeline can be credited to the ability of HR analytics in automating HR processes.

𝐊𝐄𝐘 𝐅𝐈𝐍𝐃𝐈𝐍𝐆𝐒 𝐎𝐅 𝐓𝐇𝐄 𝐒𝐓𝐔𝐃𝐘

By offering, the solution segment accounted for the largest HR analytics market share in 2021.

By region, North America generated the highest revenue in 2021.

By enterprise size, large enterprises segment accounted for the largest HR analytics market share in 2021.

By deployment mode, the on-premise segment generated the highest revenue in 2021.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A31486

By Region, North America contributed notably toward the global HR analytics market share in 2021, and is projected to continue its dominance during the forecast period. The region accounted for more than two-fifths of the global market share in 2021. The same region is slated to contribute significantly toward the global market size in 2031. The growth of the regional market over the forecast timeline is due to the escalating demand for HR analytics in the countries such as the U.S. and Canada. However, the Asia-Pacific HR analytics industry is anticipated to record the highest CAGR of 18.9% over 2022-2031. The regional market growth over the projected timespan is owing to an increase in digital transformation and economic growth of the region leading to large-scale acceptance of HR analytics in the Asia-Pacific zone.

𝐎𝐭𝐡𝐞𝐫 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:

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David Correa
Allied Market Research
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