
The global HR analytics market size is expected to reach USD 8.59 billion by 2030, growing at a CAGR of 14.8% from 2023 to 2030, according to the new reports of Grand View Research, Inc. The increasing adoption of automation and digitization of HR operations to create agile and effective approaches is expected to drive the market demand over the forecast period. HR analytics enables businesses to assess the impact of people’s policies on their bottom line, as well as detect future trends and develop future skills. Implementing the latest technologies, such as Artificial Intelligence (AI), advanced analytics, and Machine Learning (ML), helps in employee retention and engagement to enhance and improve HR operations, which is expected to drive market growth.
HR Analytics Market Report Highlights
- The talent analytics segment will register a CAGR of over 16.9% during the forecast period due to the need for businesses to attract the right talent with the help of technologies, such as AI, ML, and deep learning
- The support & maintenance segment is expected to witness a significant CAGR of 17.9% during the forecast period. The demand is expected to rise due to the growing need for timely system patching and security updates
- The hosted segment is expected to observe a CAGR of 17.7% during the forecast period.It enables businesses to access data from any connected device at any time, expanding the scope for customization and enabling the implementation of analytical tools across multiple business channels. These advantages will contribute to the segment's growth over the forecast period
- The Small & Medium Enterprises (SMEs) segment is expected to observe a CAGR of 16.5% during the forecast period. With the help of HR analytics, SMEs can control their solutions across multiple geographies and manage multiple employees. At the same time, they can build on their existing strengths to enhance employee satisfaction and workplace culture in the long run. These benefits will drive the segment growth
- The retail segment is expected to witness a CAGR of 17.3% during the forecast period. Companies in retail are experimenting with new ways to gain remote access to their assets, customers, resources, and required data by utilizing various IT services. This has undoubtedly increased the rate of adoption of HR analytics solutions
- Asia Pacific is expected to witness significant growth of a CAGR of 16.8% during the forecast period. A rise in the number of automation initiatives being conducted to improve organizational productivity and the presence of a skilled & large labor force is estimated to drive the regional market
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HR analytics solutions can handle tremendous amounts of data, and it helps organizations to achieve an efficient recruiting process. Organizations can leverage advanced analytics to improve scouting talent, performance improvement recruiting, boosting employee happiness, training, hiring, onboarding, attrition, employee demographics, and retention. Better analytical capabilities emerge from more data collection, and predictive analytics technology enables synchronous and real-time intervention, which is why businesses use analytics tools. They can shorten the time it takes for recruiters to review and sort through many resumes. These benefits provided by HR analytics will supplement the market growth during the forecast period.
HR analytics solutions and services ease complex compensation planning, allowing businesses to improve budget allocations and support compensation decisions while adhering to organizational guidelines. Furthermore, organizations all over the world are establishing a digital workplace that allows for flexibility, mobility, and the use of modern communication tools. For instance, in May 2022, IBM Corp. partnered with Ernst & Young Global Ltd. to assist businesses in addressing workforce challenges post-COVID-19 pandemic. Both companies established the Talent Center of Excellence (COE) to develop hybrid cloud-based AI solutions for HR and payroll transformation services.
List of Key Players in the HR Analytics Market
- Cegid
- Crunchr
- GainInsights
- IBM Corp.
- Infor
- MicroStrategy Inc.
- Oracle Corp.
- Sage Software Solutions Pvt Ltd.
- SAP SE
- Sisense Inc.
- TABLEAU SOFTWARE, LLC.
We have segmented the global HR analytics market based on solution, service, deployment, enterprise size, end-use, and region:
HR Analytics Solution Outlook (Revenue, USD Million, 2018 - 2030)
- Employee Engagement & Development
- Payroll & Compensation
- Recruitment
- Retention
- Talent Analytics
- Workforce Planning
- Others (Applicant Tracking System and Succession and Leadership Planning)
HR Analytics Service Outlook (Revenue, USD Billion, 2018 - 2030)
- Implementation & Integration
- Support & Maintenance
- Training & Consulting
HR Analytics Deployment Outlook (Revenue, USD Billion, 2018 - 2030)
- Hosted
- On-premise
HR Analytics Enterprise-size Outlook (Revenue, USD Billion, 2018 - 2030)
- Large Enterprise
- Small & Medium Enterprise
HR Analytics End-use Outlook (Revenue, USD Billion, 2018 - 2030)
- Academia
- BFSI
- Government
- Healthcare
- IT & Telecom
- Manufacturing
- Retail
- Others (Government, Transportation & Logistics, Energies & Utilities, Travel and Hospitality, and Media and Entertainment)
HR Analytics Regional Outlook (Revenue, USD Billion, 2018 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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