People Analytics Market Size to Reach Revenues of USD 4.24 Billion by 2026 - Arizton
CHICAGO, Oct. 14, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this global people analytics market report.
The people analytics market is expected to grow at a CAGR of over 13.06% during the period 2020−2026.
Key Highlights Offered in the Report:
- North America is the leader in the people analytics market, holding a market share of 31.67% and generating a revenue of USD 0.64 billion due to the presence of a highly skilled workforce and high acceptance of advanced technology in the region
- The demand by small and medium enterprises (SMEs) is expected to witness the highest growth, with a CAGR of 14.52%, owing to their rapid expansion and rising need to cut down on expenses due to budget constraints
- The telecom and IT industry contributed the highest share of 23.13% to the global people analytics market in 2020 and is projected to grow at a considerable rate during the forecast period
- The key factors driving the demand for people analytics include technology proliferation, rising demand for flexibility & mobility, increasing hiring processes due to job searching platforms, the advent of AI and machine learning in HR analytics, and increasing demand for solutions that help in cutting down capital expenditure and help businesses earn higher margins
- Global vendors with wide infrastructure and R&D support are rapidly expanding their footprints in the market. Thus, regional vendors find it increasingly difficult to compete with them in terms of reliability, technology, and price. The competitive environment is likely to intensify with an increase in service extensions, technological innovations, and M&A.
- People analytics vendors have huge opportunities to expand in APAC due to the expansion of manufacturing in China and the growth of small and medium enterprises (SMEs) in countries such as China, India, and others
- The WFH scenario has encouraged end-users to adopt technology to ensure smooth operation and cut down on their expenses. Vendors have set up WFH arrangements for employees, restricted or delayed business travel, and canceled or shifted customer, employee, and industry events to a virtual-only format. This in turn is expected to propel demand for people analytics.
Key Offerings:
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by component, organizational size, deployment, end-user, and geography
- Competitive Landscape – 7 key vendors and 15 other vendors
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People Analytics Market – Segmentation
- In 2020, people analytics software accounted for the highest share in the people analytics market based on component, since it is the main part and backbone of the solution. The rising awareness of digital transformation, AI, and increasing importance in APAC, Latin America, and Arab countries is boosting the demand for people analytics software across countries such as South Korea, Brazil, Saudi Arabia, Australia, and others.
- Large enterprises dominated the people analytics market in 2020 and are expected to see significant incremental growth due to their presence across countries and the continuous requirement to reach out to people of different departments.
- Cloud-based people analytics is particularly great for businesses looking to scale operations fast without dramatically increasing costs, as cloud storage is typically much less expensive than on-premises hardware. Hence, small companies that are aggressively scaling their employee base are expected to create huge potential for cloud-based people analytics.
People Analytics Market by Component
- Software
- Service
People Analytics Market by Organizational Size
- Large Enterprises
- SMEs
People Analytics Market by Deployment
- On-Premises
- Cloud-Based
People Analytics Market by End-User
- Telecom & IT
- BFSI
- Healthcare
- Manufacturing
- Retail & Consumer Goods
- Education
- Travel & Hospitality
- Others
People Analytics Market – Dynamics
Artificial intelligence (AI) and machine learning, like many other areas of HR technology, have had a positive impact on people analytics. These tools are also known as augmented analytics because of how machine learning is used to automate the extraction of crucial insights from people's data. Workday is one of the vendors that uses augmented analytics to help HR professionals decide the most critical KPIs to focus on without requiring any data analysts. According to Pete Schlampp, Workday's senior vice president of analytics, the strategy leverages AI and machine learning to automate analysis and offer data insights to HR professionals on what's going on in their organizations. The rising focus of vendors on providing more and more efficient people analytics solutions has boosted consumer confidence and propelled market growth.
Key Drivers and Trends fueling Market Growth:
- Shifting Focus Toward Predictive Analysis
- Growing Demand for Diversity and Inclusion
- Growing Demand for Workforce Analytics
- Rising Shift Toward Employee Retention and Wellness
People Analytics Market – Geography
North America consists of some of the most developed countries worldwide. The US and Canada have many companies with a global presence and a large employee base, thereby creating the need for platforms that bring all employees' data together and help in better employee management. Hence, this is leading to increasing demand for people analytics solutions in the market. People in this region are early adopters of any new technology that is introduced in the market. The continuous innovation and development of new technologies along with high acceptance are accelerating the growth of industries. This continuous growth of technology is likely to create more demand for people analytics during the forecast period.
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People Analytics Market by Geography
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- APAC
- China
- India
- Japan
- Australia
- South Korea
- Middle East & Africa
- Saudi Arabia
- South Africa
- UAE
- Latin America
- Brazil
- Mexico
- Rest of Latin America
Major Vendors
- IBM
- Koch Industries
- MicroStrategy Incorporated
- Oracle
- Ultimate Kronos Group (UKG)
- SAP
- Workday
Other Prominent Vendors
- Sage Group
- Sisense
- Talentsoft
- Visier
- Zoho Corporation
- Tableau Software
- GainInsights
- Asure
- Beeline
- ConveyIQ by Entelo
- Ellucian Company
- Genesys
- Paycor
- Reflexis Systems
- TrustSphere
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About Arizton:
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
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