HR Analytics Market Overview, Growth, Trends, Analysis, Research Report (2021-2031)

The HR Analytics Market is expected to expand at a CAGR of 15.2% from 2023 to 2031. The adoption of artificial intelligence and machine learning is likely to be a key trend in the market.

HR Analytics Market Analysis

• HR Analytics is a valuable tool for HR workers since it collects and analyses data on employee performance, turnover, recruitment and training costs, and other variables.
• HR Analytics enables businesses to acquire useful insights about their personnel and make better, data-driven decisions that assist in improving overall performance.
• HR analytics also have a big impact in a variety of areas, including identifying areas for improvement and measuring the performance of HR initiatives and policies. Thus, the HR analytics market is expected to grow during the forecast period.

HR Analytics Market Overview

• HR analytics enables HR practitioners to make informed decisions and develop strategies that benefit people while supporting company goals. This significantly affects organizational performance. HR analytics, also known as people analytics or workforce analytics, is the process of acquiring, analyzing, and reporting HR data to generate business results.
• It enables organizations to better understand their personnel, make data-driven decisions, and assess the impact of various HR KPIs, thereby enhancing overall business performance. In other words, HR analytics is a data-driven approach to HR management.

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HR Analytics Market: Strategic Insights

HR Analytics Market

• Market Size 2023
  US$ XX Billion
• Market Size 2031
  US$ XX Billion

Market Dynamics

GROWTH DRIVERS

• Increasing demand for workforce optimization & talent mobility, Data-driven decision-making

FUTURE TRENDS

• Talent Acquisition and Retention

OPPORTUNITIES

• The adoption of artificial intelligence and machine learning

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Component

• Solutions
• Services

Enterprise Size Outlook

• Small and Medium Enterprises
• Large Enterprises

End-use

• BFSI IT & Telecommunication
• Retail & Consumer Goods
• Healthcare & Pharmaceuticals
• Manufacturing
• Government

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HR Analytics Market Drivers and Opportunities

Data-Driven Decision Making

• Human Resource analytics allows companies to make decisions which are based on data by indicating different metrics affecting the organization’s workforce including but not limited to performance productivity and engagement levels among employees.
• Data-driven decision-making is beneficial since it helps in designing plans that facilitate efficient utilization of staff thereby making sure that qualified individuals are involved in appropriate positions promptly. Thus, data-driven decision-making is expected to boost the growth of the HR analytics market.

Talent Acquisition and Retention

• HR analytics plays a crucial role in talent acquisition and retention. By analyzing data on candidate sourcing and recruitment channels, as well as employee turnover, organizations can identify the most effective strategies.
• These strategies aid in attracting and retaining top talent. For example, analytics can help determine the key factors that contribute to employee turnover. Develop targeted retention initiatives. Thus, the HR analytics market is expected to grow during the forecast period.

HR Analytics Market Report Segmentation Analysis

The key segments that contributed to the derivation of the HR Analytics market are solutions, services, deployment, enterprise size, and end-use.

• By solution, the market is divided into employee engagement & development, payroll & compensation, recruitment, retention, talent analytics, workforce planning, and others.
• Based on services, the market is segmented into implementation & integration, support & maintenance, training & consulting.
• On the basis of deployment, the market is divided into hosted and on-premise.
• On the basis of enterprise size, the market is bifurcated into large enterprises and SMEs.
• On the basis of end-users, the market is divided into academia, BFSI, government, healthcare, it & telecom, manufacturing, retail, and others.

HR Analytics Market Share Analysis By Geography

Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America.

• HR Analytics Market Report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
• Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering HR Analytics market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
• Also, the report covers PEST analysis, which involves the study of major factors that influence the HR Analytics market in these regions.

HR Analytics Market Scope

HR Analytics Market News and Recent Developments

The HR analytics market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the HR analytics market are listed below:

• Visier, Inc., the globally recognized leader in people analytics and on-demand answers for people-powered businesses, announced a strategic alliance with Deloitte. Together, Deloitte and Visier provide enterprise organizations guidance and professional services support around their people analytics journey, combining state-of-the-art technology with world-renowned consulting. (Source: Visier, Inc., Company News, May 2022)
• SAP SE announced the acquisition of Askdata, a startup focused on search-driven analytics. With the acquisition of Askdata, SAP strengthens its ability to help organizations make better-informed decisions by leveraging AI-driven natural language searches. Users are empowered to search, interact and collaborate on live data to maximize business insights. (Source: SAP SE, Inc., Press Release, February 2024)

HR Analytics Market Report Scope