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HR Analytics Market - Growth, Trends, Forecasts (2020-2025)

  • ID: 5026089
  • Report
  • May 2020
  • Region: Global
  • 120 pages
  • Mordor Intelligence
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FEATURED COMPANIES

  • Halogen Software Inc
  • IBM Corporation
  • Nakisa, Inc
  • Oracle Corporation
  • Oracle Corporation
  • PeopleFluent Companies
  • MORE
The market for the HR analytics market is expected to register a CAGR of 11% over the forecast period (2020-2025) For many organizations, for instance, such as talent development, recruitment still remains the biggest priority within human resource departments. Hiring and developing the right candidates may potentially help the organization decrease overall cost and turnover rates while maintaining engagement and productivity among the employees.
  • As with the industry embracing the digital transformation with the growing volume of data generated in order to boost its business operation added with advancements in technology such as AI, Business analytics is pressurizing organizations to adopt analytic tools such as HR analytics to set up their game in attracting, onboarding and retaining the employees.
  • HR analytics has emerged from the old phase of measuring the sub-functions of HR, criteria effectiveness and staffing technique to the comparative benchmarking on functional parameters of HR at the industry level, prescriptive and predictive analysis.
  • Many studies have been conducted to study the impact of HR including Moneyball experimentation conducted by researchers at Oakland USA, and Project Oxygen by Google among others added to it the emergence of big data has shaped the evolution of HR.
  • Over the course of the last few years, there has been a trend, with the organization giving more emphasis to showcasing metrics focusing on efficiency such as the increase in productivity her hire, lower HR cost per employee, among others. For instance, organizations across the globe in the service industry including healthcare, banking have expanded their efficiency metrics to effectiveness metrics as part of their business strategy.
  • Also, as companies realize the potential of HR analytics from being an operational partner to the strategic center of excellence as it helps them make managerial decisions driven by HR data leading to decreased retention, better hiring practices, improved employee experience, task automation, and Improved workforce planning among others. For instance, According to AmericanProgess, It would cost the employer 200% of employees' annual salary to replace an employee.
  • However, It must also be accepted that HR analytics has not yet reached it final stage and is in its continuum as researches and experiments continue to be carried out on the level of maturity of HR processes, data quality and capabilities to implement HR analytics on wider and dynamics aspect of human resource. For instance, According to Harvard Business Review Survey, 55% of organizations state that they are weak at analysing HR data to predict workforce performance and improvement.
Key Market Trends

Banking, Financial services, and Insurance To Witness Significant Share in The Market
  • The financial industry faces many challenges specific to the HR department including instances such as keeping the workforce updated to the compliance, maintaining payroll, workforce aging among others as they struggle to attract talent, engage the existing employee, and optimize the performance.
  • Such organizations can leverage the potential of predictive analytics, AI and cost-effectiveness of the cloud computing of tools such as HR analytics to acts on the HR data and other sources including social media platforms such as Linkedin to build a digital representation of each employee in order to drive personalized insights.
  • For instance, in February 2020, Workday Inc announced that Wells Fargo & Company, multinational financial services company chose its Workday Human Capital Management solution to help it elevate both the user experience and its HR efficiencies across the organization holding 260,000 employees.
  • Additionally, the organizations within the banking sector are not known particularly known for hiring young talent with specialties in-demand skills such as digital technology and data science evidently, they fail to reskill aging workforces for the digital ages and thereby lack the tools that drive productivity and skills retention across the organization.
  • Furthermore, A study conducted on Analytics by Massachusetts Institute of Technology (MIT) suggests that the top-performing organizations often employ analytics tools as much as five times more than the lower-performing organization. A tool such as HR analytic help organization to effectively deal with the competitive business environment such as BFSI both at the strategic and tactical level.
North America to Hold the Significant Share in The Market
  • The adoption of HR analytics in North America has strong over the course last five years owing to an increase in the adoption of cloud infrastructure by the major organizations within the region and also the presence of the major vendor for HR analytics including IBM Corporation, IBM Corporation, among other.
  • For instance, LinkedIn published a report that states, it has found a 3x increase in HR professionals from North America who list analytics skills and similar keywords in their profile in the last 5 years.
  • Furthermore, the study also suggests that it has found North America' concentrated adoption of HR analytics in industries such as finances and tech-software with finance holding the highest adoption while other industries such as architecture, spectrum, and the manufacturer have a lower rate of adoption
  • Additionally, the top regions within North America with a high adoption rate of HR analytics with more emphasis on benefits, productivity, compensation, and performance across various industries include New York, Washington DC, and San Francisco among others. for instance, cities such as Washington DC with its largest levels of scarcity is skills leverage on HR analytic tools for workforce planning.
  • However, the lack of awareness and adoption of HR analytics across industries such as public sector owing to its continuum phase and also impact of recent global pandemic COVID-19 with organizations halting their recruitments in region may hinder the growth of the market.
Competitive Landscape

The HR analytics market is moderately fragmented with the presence of major vendors including SAP SE, Oracle Corporation, and IBM Corporation among others. The vendors are enhancing the product line leveraging strategic collaborative initiatives, acquisitions as a competitive advantage to further expand their customer base and gain market share.
  • November 2019 - Workday Inc announced that it aims to acquire Scout RFP, a cloud-based platform for sourcing and supplier engagement. This acquisition would allow both organizations to maximize their opportunity to leverage their growth and also drive cost savings as they aim to provide organization source-to-pay solution that delivers better business outcomes.
  • October 2019 - PeopleFluent announced the expansion of its HR software offering to mid-size enterprises, prior to this company delivered HR software consisting solution for performance, recruitment, compensation, and learning to enterprise with over 5,000 employees with complex talent management needs. The new products are aimed to deliver a robust set of administration tools and solutions to cater the needs of mid-enterprise organizations.
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FEATURED COMPANIES

  • Halogen Software Inc
  • IBM Corporation
  • Nakisa, Inc
  • Oracle Corporation
  • Oracle Corporation
  • PeopleFluent Companies
  • MORE
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Value Chain Analysis
4.5 Porters Five Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Assesment of the Impact of COVID-19 on the Industry

5 MARKET SEGMENTATION
5.1 Component
5.1.1 Solution
5.1.2 Service
5.2 Deployment Mode
5.2.1 On-Premise
5.2.2 Cloud
5.3 Organization Size
5.3.1 Small to Medium Size Enteprise (SMEs)
5.3.2 Large Enterprise
5.4 End-user Vertical
5.4.1 Telecom & IT
5.4.2 BFSI
5.4.3 Consumer Goods & Retail
5.4.4 Healthcare
5.4.5 Manufacturing
5.4.6 Other End-user Verticals
5.5 Geography
5.5.1 North America
5.5.1.1 United States
5.5.1.2 Canada
5.5.2 Europe
5.5.2.1 Germany
5.5.2.2 United Kingdom
5.5.2.3 France
5.5.2.4 Rest of Europe
5.5.3 Asia-Pacific
5.5.3.1 India
5.5.3.2 China
5.5.3.3 Japan
5.5.3.4 Rest of Asia-Pacific
5.5.4 Latin America
5.5.4.1 Brazil
5.5.4.2 Argentina
5.5.4.3 Rest of Latin America
5.5.5 Middle East and Africa
5.5.5.1 United Arab Emirates
5.5.5.2 Saudi Arabia
5.5.5.3 Rest of Middle East and Africa

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 SAP SE
6.1.2 IBM Corporation
6.1.3 Oracle Corporation
6.1.4 Tableau Software Inc.
6.1.5 Workday Inc.
6.1.6 PeopleFluent Companies
6.1.7 Nakisa, Inc
6.1.8 Oracle Corporation
6.1.9 Ascentis Software Corporation
6.1.10 GainInsights Solutions Pvt. Ltd
6.1.11 Cognizant Technology Solutions Corporation
6.1.12 Halogen Software Inc
6.1.13 Cornerstone OnDemand, Inc.
6.1.14 PeopleStreme Pty. Ltd

7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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  • SAP SE
  • IBM Corporation
  • Oracle Corporation
  • Tableau Software Inc.
  • Workday Inc.
  • PeopleFluent Companies
  • Nakisa, Inc
  • Oracle Corporation
  • Ascentis Software Corporation
  • GainInsights Solutions Pvt. Ltd
  • Cognizant Technology Solutions Corporation
  • Halogen Software Inc
  • Cornerstone OnDemand, Inc.
  • PeopleStreme Pty. Ltd
Note: Product cover images may vary from those shown
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