Workforce analytics is a combination of software and methodology that applies statistical models to worker-related data, allowing enterprise leaders to optimize human resource management Workforce analytics can help enterprise leaders to develop and improve recruiting methods, make general and specific hiring decisions, and keep the best workers with the company. In addition, workforce analytics can help management personnel to, predict the probability of an individual employee's success.
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Identify the need for new departments and positions, Determine which departments or positions can be reassigned or eliminated., Identify and quantify physical risks to employees in specific positions., Identify and quantify factors that influence employee job satisfaction., Analyze and predict current and future technological needs., Assign and delegate responsibility for tasks and goals., Optimize the enterprise's organizational structure., Help the enterprise to identify, encourage, and cultivate its future leaders.
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The need to address the increasing challenges due to shrinking skilled workforce is expected to drive the workforce analytics market”
The workforce analytics market size is estimated to grow at a Compound Annual Growth Rate (CAGR) of +14% from 2017 to 2021. The workforce analytics market is driven by factors such as the need to address the increasing challenges due to shrinking skilled workforce, the growing Bring Your Own Device (BYOD) trend among organizations, and the changing work dynamics.
“Workforce analytics solutions expected to show growth positive trends during the forecast period”
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The workforce analytics solutions are estimated to have greater demand in the enterprise segment during the forecast period.
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The workforce analytics market is also projected to witness growth in the retail, healthcare, and energy & utilities verticals, with the Banking, Financial Services, and Insurance (BFSI) vertical contributing the largest market share during the forecast period. North America is expected to witness a larger market share of the market by 2020.
Europe and Asia-Pacific regions are expected to grow at a rapid pace in the market due to volatility in the government policies and dynamic pool of skilled workforce.
The Banking, Financial Services, and Insurance (BFSI) vertical is expected to hold the largest market share in the workforce analytics market in 2016. The healthcare sector is expected to grow at the highest CAGR from 2017 to 2021, 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.
The scope of this report covers the workforce analytics market by solution, service, deployment type, organization size, vertical, and region. Workforce analytics solutions are expected to have the larger market share than services and projected to dominate the market from 2015 to 2020.
Furthermore, due to changing work dynamics and variations in the global governmental labor regulations, demand for consulting services is expected to gain traction in the next five years. The workforce analytics market is driven by factors such as the need to address the increasing challenges due to shrinking skilled workforce, the growing Bring Your Own Device (BYOD) trend among organizations, and changing work dynamics.
North America is expected to have the largest market share and dominate the workforce analytics market from 2017 to 2021, due to presence of large number of analytics vendors. APAC offers potential growth opportunities, as there is a rise in the BYOD trend and greater skilled workforce availability among SMBs and enterprises that are turning towards workforce analytics solutions to efficiently manage human resources.
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