COVID-19 Impact and Recovery Analysis- Global Workforce Analytics Market 2020-2024 | Rise in Demand for Cloud-based Solutions to Boost Market Growth | Technavio
The global workforce analytics market is expected to grow by USD 983.73 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters - with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Workforce Analytics Market 2020-2024 (Graphic: Business Wire)
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The adoption of cloud computing solutions is increasing with SMEs increasingly focusing on reducing their CAPEX. The adoption of cloud solutions helps companies to leverage the scalability of hardware and resources offered by cloud providers. The deployment of analytics technologies with cloud services helps organizations manage large volumes of data related to HR capital. Thus, the rising demand for cloud-based solutions will drive the growth of the workforce analytics market.
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The information technology sector is expected to have a mixed impact due to the outbreak of coronavirus and grow at a neutral rate. However, the outbreak of COVID-19 globally is expected to have a positive impact on the growth of the workforce analytics market during the forecast period. This is attributed to the rise in adoption of work from home concept by most IT companies, which will drive the requirement of workforce analytics for efficient and productive management of the workforce.
As per Technavio, the need for efficient workforce management will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Workforce Analytics Market: Need for Efficient Workforce Management
The increasing need for diverse skills and the rising complexity of talent management has encouraged recruiters to adopt advanced workforce management processes. Organizations are increasingly experimenting with tech-based solutions and services for their talent acquisition needs. Thus, a majority of the organizations are adopting workforce analytics software to save cost, time, and improve operational efficiency. This will fuel the growth of the workforce analytics market during the forecast period.
"Factors such as the increasing use of automation in HR processes, and the growing retail and IT sectors will have a significant impact on the growth of the workforce analytics market value during the forecast period," says a senior analyst at Technavio.
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Workforce Analytics Market: Segmentation Analysis
This market research report segments the workforce analytics market by end-user (retail, BFSI, telecom and IT, healthcare, and others) and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the workforce analytics market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the presence of major technology vendors, growing retail and IT sectors, and early adoption of technologies such as cloud-based solutions.
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