The HR Analytics is all set to create greater strides in the upcoming period. Big data analytics is flowing through the veins of the healthcare vertical these days. This practice helps in providing better insights to healthcare practitioners. The healthcare vertical has started depending on analytics’ expertise for deciphering data collected through various sources and monitoring processes’ efficiency.
As per the study by PMR, the HR analytics market is projected to reach US$ 9 Bn by 2032 from 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 lower operational costs is projected to drive demand for HR analytics in a variety of industries. It enables the company to encourage labour optimization and provide benchmarks for improving overall workforce performance. It can evaluate and retrieve large amounts of unstructured data in real-time in order to make business decisions on human resource use, which is critical for the growth of the analytics market.
The HR analytics market is expected to develop in response to the growing need for skilled labour and the use of emerging technologies such as the Internet of Things (IoT) and analytics to improve employee retention.
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Companies may focus more on promoting employee engagement, facilitating employee induction, and increasing worker efficiency with the help of these technologies.
HR professionals may use these analytical 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 healthy workplace, positively impacting the HR analytics market adoption trends.
Despite the fact that HR analytics has various advantages, including cost-effectiveness and ease of deployment, security issues constitute a threat to the market’s growth. Due to the low cost of public cloud services, SMEs are increasingly adopting them, raising the risk of data breaches, cyber-attacks, and other security issues.
As a result, the primary stumbling block to HR analytics adoption is security concerns associated with cloud services. However, if HR management teams and IT teams work together to agree on a set of technical restrictions, cyber-attacks and data loss can be avoided and lead to a steady analytics market growth.
The HR analytics market study by Persistence Market Research indicates that the pandemic’s propagation is expected to have a long-term impact on critical business processes.
Furthermore, because enterprises across end-user industries, particularly IT and BPOs, are focusing on the work-from-home culture for an indeterminate amount of time, companies are projected to adopt advanced analytics market models that are likely to leverage machine learning algorithms to find data patterns.
As a result, vendors might face a difficult task in developing solutions that are compatible with the new business model, which emphasizes more work-life balance.
During the last few years, there has been a movement toward the company emphasizing metrics that focus on efficiency, such as increased productivity since her hire and lower HR cost per individual, among other things.
Additionally, as businesses recognize HR analytics’ potential as a strategic centre of excellence, it assists them in making managerial decisions based on HR data, resulting in lower retention, better hiring practices, enhanced employee experience, task automation, and improved workforce planning among other things.
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- The HR Analytics market is expected to reach a valuation of US$ 9 Bn by 2032.
- Because North America is a significant hub for technical advancements and an early user of new technologies, it is likely to have the largest market share in the HR analytics industry.
- Due to the increased acceptance of the work-from-home idea by various firms, the Covid-19 pandemic is predicted 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 2032, with a growth rate of 12.2% during the forecast period.
- Due to its ongoing phase, the lack of understanding and acceptance of HR analytics across sectors such as the public sector, as well as the influence of the recent global pandemic COVID-19, which resulted in firms pausing their recruiting in the region, may stymie the market’s growth.
As per the global HR Analytics market study, with significant suppliers such as SAP SE, Oracle Corporation, and IBM Corporation, the HR analytics industry is moderately fragmented. The vendors are expanding their client 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 HR executives, analysts, and line-of-business leaders a comprehensive view of data from across the organization, allowing them to gain deeper insights into workforce management. Customers can get the most out of Oracle Cloud HCM with the new self-service analytics features.
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