The report Outlook on the World HR Analytics Market, 2019-2025 predicts that the global HR analytics market will grow at a CAGR of around 12% during the forecast period 2019-2025.
The report includes a detailed segmentation of the global HR analytics market by component, by application, by organization size, and by region. The report aso identifies SAP, Oracle, MicroStrategy, IBM, Tableau, Zoho, Crunchr, Talentsoft, Sisense, and Sage Software as the major vendors operating in the global HR analytics market.
The demand for HR analytics solutions is increasing due to multiple factors, including gaining insights about the enterprise workforce and understanding how an organization culture is impacting the workforce productivity and employee performance. Measuring & reducing the employee turnover rate is also one of the factors boosting the adoption of HR analytics solutions. Protecting the privacy of an employee and ensuring the information is not misused are among the major restraints hindering the HR analytics market growth.
The report reveals that more and more enterprises are investing in HR analytics to gain meaningful insights necessary for managing their human capital and to enhance ROI. HR analytics software and services focus on the impact of various HR initiatives on employees. These tools, by using predictive analytics, identify trends and risks associated with the workforce.
According to the HR analytics industry analysis, North America accounts for the largest share of the global HR analytics market in 2019. Drivers supporting the growth of the HR analytics market in North America include the presence of major vendors such as IBM, Oracle, and MicroStrategy. Technological advancement is also one of the factors for the HR analytics market growth in this region.
Asia-Pacific is expected to witness the fastest growth rate during the forecast period due to the increase in the number of HR professionals adopting HR analytics solutions for finding the right talent with the right skillset. In the APAC region, the enterprise's HR departments are also implementing HR analytics for making more data-driven decisions.