NEW YORK, April 6, 2022 (GLOBE NEWSWIRE) — According to the PMR study, the hr analytics market is projected to reach US$ 9 Bn per 2032 of US$ 2.8 Bn in 2022. The market is likely to grow at a high CAGR of 12.4%.
The increased need for organizations to improve efficiency and reduce operating costs is expected to drive demand for HR analytics across a variety of industries. It allows the company to promote labor optimization and provide benchmarks to improve the overall performance of the workforce. You can assess and retrieve large amounts of unstructured data in real time to make business decisions about the use of human resources, which is critical to the growth of the analytics market.
The HR analytics market is expected to develop in response to the growing need for skilled labor and the use of emerging technologies like Internet of Things (IoT) and analytics to improve employee retention.
Companies can focus more on promoting employee engagement, facilitating employee onboarding, and increasing worker efficiency with the help of these technologies.
HR professionals can use these analytics 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 healthier workplace. which positively impacts the adoption trends of the HR analytics market.
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Although HR analytics has several advantages including cost-effectiveness and ease of implementation, security issues pose a threat to market growth. Due to the low cost of public cloud services, SMEs are increasingly adopting them, increasing the risk of data breaches, cyberattacks, and other security issues.
As a result, the main obstacle to HR analytics adoption is the security concerns associated with cloud services. However, if HR management teams and IT teams work together to agree on a set of technical constraints, cyberattacks and data loss can be prevented and lead to steady growth of the analytics market.
The HR analytics market study conducted by Persistence Market Research indicates that the spread of the pandemic is expected to have a long-term impact on critical business processes.
Additionally, as companies across all end-user industries, particularly IT and BPO, are focusing on work-from-home culture for an undetermined period of time, companies are projected to adopt analytics market models. that are likely to take advantage of machine learning algorithms to find patterns in data.
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As a result, providers may face a difficult task in developing solutions that are compatible with the new business model, which emphasizes greater work-life balance.
Over the past few years, there has been a move toward the company emphasizing metrics that focus on efficiency, such as higher productivity from hire and lower HR cost per person, among other things.
Additionally, as companies recognize the potential of HR analytics as a strategic center of excellence, it helps them make managerial decisions based on HR data, resulting in lower retention, better hiring practices, better employee experience, task automation, and better workforce planning, among others. stuff.
the HR Analytics Marketplace it is expected to reach a valuation of US$9 Bn by 2032.
Because North America is a major center for technical advances and an early adopter of new technology, it likely holds the largest market share in the HR analytics industry.
Due to the increased acceptance of the idea of working from home by various companies, the Covid-19 pandemic is anticipated to have a beneficial impact on the growth of the workforce analytics industry.
the US analytics market size is projected to reach US$ 3.2 Bn by 2032with a growth rate of 12.2% during the forecast period.
Due to its ongoing phase, the lack of understanding and acceptance of HR analytics in sectors such as the public sector, as well as the influence of the recent global COVID-19 pandemic, which caused companies to halt their hiring in the region , may hamper market growth.
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According to the global HR analytics market study, with major vendors such as SAP SE, Oracle Corporation, and IBM Corporation, the HR analytics industry is moderately fragmented. Vendors are expanding their customer 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 human resources executives, analysts, and line-of-business leaders a comprehensive view of data from across the organization, enabling them to obtain more detailed information on personnel administration. Customers can take full advantage of Oracle Cloud HCM with new self-service analytics capabilities.
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