Global HR Analytics Tools Market Overview:
HR analytics tools include data mining and business analytics solutions that analyze data generated from HR activities such as performance management, employee acquisition, engagement, attendance, compensation, training, etc. and extend these core HR functions. HR analyzes increase the productivity of HR employees by predicting important parameters such as retention, performance, and possibilities of personnel management, and offer comprehensive modeling functions for personnel planning. HR Analytics also analyzes business scenarios related to these functions and thus helps HR managers to gain insights from the information. This leads to more relevant decisions and appropriate and timely action. Analytics solutions test the effectiveness of HR policies and various interventions and allow various HR policies to be streamlined. HR analysis solutions offer integrated functions for small, medium, and large companies. These solutions help streamline HR and business intelligence functions, thereby improving a company's operational efficiency. HR analytics include data collection, data cleansing, data management, forecasting, and visualization. It integrates and correlates data to deliver relevant, actionable, and timely insights to improve performance and return on investment.
As per latest study released by AMA Research, the Global HR Analytics Tools market is expected to see growth rate of 12.6%Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Historical Period | 2018-2023 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
The Growing Need among Enterprises to Reduce the Costs Associated With HR Processes and Streamline the HR Processes and Implementation of Artificial Intelligence in HR Technology Solutions
Market Growth Drivers:
Increasing Automation in HR Process Owing to Growing Adoption of Automation Technologies, The Increasing Demand for Cloud-Based Solutions and Increasing Adoption of HR Analytics Tools in Small- And Medium-Sized Organizations
Challenges:
Lack of Awareness to Adopt HR Analytics Tools
Restraints:
Process of Different Companies Across Different Parts of the World Due to COVID-19 Pandemic
Opportunities:
Rising Technological Innovations and an Early Adopter of New Technologies in HR Analytics Tools and A Rise in Demand for Cloud-based HR Technologies & Mobile Solutions
Competitive Landscape:
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products, and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies.
Some of the key players profiled in the report are Oracle Corporation (United States), SAP (Germany), Tableau Software (United States), Sage Software (United Kingdom), Infor (United States), IBM (United States), GainInsights Solutions Private Limited (India), Visier (Canada), Sisense (United States), Dundas Data Visualization (Canada), Kronos (United States), SolutionDot (Saudi Arabia), TALENTSOFT (Belgium) and Zoho (India). Additionally, following companies can also be profiled that are part of our coverage like Workday, Inc. (United States), Crunchr (Netherlands) and MicroStrategy (United States). Analyst at AMA Research see United States Manufacturers to retain maximum share of Global HR Analytics Tools market by 2030. Considering Market by Deployment Type, the sub-segment i.e. On-premises will boost the HR Analytics Tools market. Considering Market by Industry Vertical, the sub-segment i.e. Consumer goods and retail will boost the HR Analytics Tools market. Considering Market by Organization Type, the sub-segment i.e. SMEs will boost the HR Analytics Tools market.
Latest Market Insights:
In May 2022, Visier, a global leader in people analytics, announced a strategic alliance with Deloitte to provide organizations with guidance and professional services support around their people analytics journey.
In May 2023, Trakstar launched Trakstar Insights, which unlocks new analytical insights for HR across the employee life cycle. It’s powered by Amazon QuickSight, a cloud-native business intelligence (BI) tool that enables embedded customized, interactive visuals and dashboards within the product experience.
What Can be Explored with the HR Analytics Tools Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global HR Analytics Tools Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in HR Analytics Tools
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global HR Analytics Tools market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in HR Analytics Tools market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Providers of HR Analytics Tools, End-Users, Potential Investors, Market Research Firms and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.