December 28, 2015
By John Casaretto
The market research firm MarketsandMarkets has put out a new report that projects the size of the workforce analytics market at $860.4 million by the year 2020. The report is titled "Workforce Analytics Market By Solution, Service (Consulting Services, System Integration Services, Managed Services), Deployment Type, End User, Vertical & by Region - Forecast to 2020". The forecast for five years out from today represents a growth from the current size of $422.5 million and a Compound Annual Growth Rate (CAGR) of 15.3 percent to 2020 towards $860.4 million.
Within the report, detailed information regarding the major factors influencing the growth of the Workforce Analytics Market is covered. This includes drivers, restraints, challenges, and opportunities in the industry. Additionally, it includes detailed analysis of the key industry players which provide insights into their business overview, products and services, key strategies, new product launches, mergers and acquisitions, partnerships, agreements, collaborations, and recent developments associated with the Workforce Analytics Market.
The projected growth reinforces a trend of rapid evolution, utilizing new technologies and globalization. Workforce composition is also a critical component in the greater picture. There is currently a limited pool of knowledgeable workforce along with an expectation that in the workforces in developing countries, skilled workforces will also shrink. This paradigm makes employees one of the costliest assets for organizations. It is within this challenge that workforce analytics meet the needs for cost optimization, customer needs, and employee demands.
The demand for workforce analytics solutions will dominate the market on this trajectory of growth, gaining the largest market share around the world. Global labor regulations are changing, making the need for these solutions greater than ever before.
Several verticals are ripe grounds for growth in the years ahead. Healthcare for example is on a constant curve of reinvention that is filled with opportunities for efficiency and cost improvements. The Banking, Financial Services, and Insurance (BFSI) vertical is projected to hold the largest market share in the Workforce Analytics Market in 2015 and beyond. This vertical is constantly modernizing, and has workforce challenges to meet in the years ahead. Additionally, the report indicates that worldwide, North America will hold the largest market share due to the presence and availability of analytics vendors. However, Asia-Pacific markets offer enticing growth opportunities as well.
Edited by Kyle Piscioniere