GMI Research analysis indicates that the HR Analytics Market estimated at USD 2.7 billion in 2021 and is slated to register a double digit CAGR of 13.1% over the period, 2022-2029 and is projected to reach USD 7.2 billion in 2029

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Key Drivers

The major factor driving the market growth is the growing adoption of a cloud-based solution, increasing adoption of HR analytics among small and medium-sized enterprises to make a data-driven decision and rising demand of HR analytics to enhance workforce optimization and talent mobility. In addition, increasing the adoption of analytics software to save cost, time, and improve performance also fuelling market growth during the forecast period. Furthermore, HR analytical solution allows the organization to improve budget allocations and facilitates complex compensation planning, which increases the demand for HR analytics among enterprises.

The emerging need to employ skilled talent and enhance employee retention with the help of advanced technologies, like the Internet of Things (IoT) and analytics, is predicted to augment the market growth. For instance, in April 2020, ASDA, a supermarket chain in the U.K., chose Workday, an organization cloud application platform for finance and human resources, to improve the employee experience and support the global workforce with the help of Workday Benefits, Workday Absence Management, Workday Learning, Workday Prism Analytics, and Workday Human Capital Management (HCM). The adoption HR analytics solutions allows companies to facilitate employee onboarding, improve employee engagement, and increase workforce efficiency. Thus, helping HR professionals to attract and retain employees, offering a higher Return on Investment (ROI) for the organization, along with a better work environment, which is driving the market growth. Technological innovations in Machine Learning (ML), Artificial Intelligence (AI), big data analytics, and the Internet of Things (IoT) will offer enormous opportunities as these technologies correlate and integrate data to offer precise, relevant, and timely insights to improve performance, thus, helping organizations to make better decisions.  However, the cultural barrier to adopt HR analytical solutions and varying Structure of Regulatory Policies and Data Regulations are hampering the market growth.

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Deployment Segment Analysis

On-premises deployment segment is forecast to witness a higher CAGR over the forecast period, owing to its ability to offer organizations with greater flexibility and manage their IT infrastructure. The on-premises deployment minimizes the dependence on the internet while also preventing data from potential losses and fraud. Moreover, it minimizes the need for onsite staff to maintain an internet connection to access it, which makes it completely available, driving the market growth.

Enterprise Segment Analysis

Large organizations are likely to lead the market over the upcoming years. HR analytics helps in analyzing large employee data and offer a real-time access to employee data from anywhere in the world, which is expected to pave the way for market Furthermore, various corporations have implemented big data analytics to increase incomes, improve analytical abilities, and easily access huge employee information, thus, propelling the segment’s growth.

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Regional Analysis

Asia-pacific is expected to grow at the fastest CAGR during the forecast period owing to rapid digitalization in this region, which further increases the requirement of HR analytics and increases the number of HR professionals adopting HR analytics solutions for recruitment purposes. Due to the growing start-up culture coupled with to increase productivity and performance of the employee and the company that is also propelling the market growth in this region. Countries like Australia, New-Zealand, Japan, India, and China are the HR analytics market leader in this region.

North America accounts for the largest market size in the HR analytics Market, owing to the growing adoption of cloud infrastructure by leading organizations. Increasing investment by the developed nations like the United States and Canada in digital technologies and solutions for effective business operations will offer enormous opportunities to the market. For instance, in June 2022, Visier Inc., a Canadian-based HR analytics platform company, entered into a partnership with symplr, a healthcare operations solutions vendor, to help Visier’s people analytics capabilities to embed Visier’s people analytics capabilities within Symplr’s Recruiting to create a talent analytics feature.

Top Market Players

Various notable players in the HR Analytics market include Oracle Corporation, IBM Corporation, SAP SE, Tableau Software, Infor, Crunchr, Sage Group Plc, MicroStrategy Incorporated, Zoho, Kronos Incorporated and among others. Major players are focussing on product launch, acquisition, collaboration to expand their global reach and become a market competitive. For instance, in Feb 2019, Infor signed a partnership with Montage to engage, interview, and hire better candidates.

Key Developments

• • In 2020: Oracle Corporation announced the availability of Oracle Analytics for Cloud HCM, which is developed on Oracle Analytics Cloud and driven by Oracle Autonomous Database, Oracle Analytics for Cloud HCM provides HR executives, analysts, and line-of-business leaders with deeper insights into workforce management, by allowing a complete view into data from across the organization. The new self-service analytics capabilities help customers maximize the value of Oracle Cloud HCM.
  • In 2019: Workday Inc declared the acquisition of Scout RFP, a cloud-based platform for sourcing and supplier engagement. This acquisition would help enterprises in maximizing their opportunity to leverage their growth and drive cost savings as they intent to offer organization source-to-pay solution that delivers better business outcomes.

Segments covered in the Report:

The Global HR Analytics market has been segmented on the basis of Component, Deployment Type, Organization Size, Vertical and Geography. Based on the component market is categorized into Solutions and Services. On the basis of deployment type market is segmented into On-premises and Cloud. Based on the organization size market is segmented into Small and Medium-sized Enterprises and Large Enterprises. Based on the vertical market is categorized into Healthcare, BFSI, Education, IT& Telecommunication, Retail, Manufacturing and others and by geography.

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Key questions answered in this research report:

• • At what pace is the global HR Analytics market growing? What will be a growth trend in the future?
  • What are the key drivers and restraints in the current market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the global HR Analytics market?
  • What are the various application areas and how they are poised to grow?

Report Coverage	Details
Market Revenues (2020)	USD 2.7 billion
Market Base Year	2021
Market Forecast Period	2022-2029
Base Year & Forecast Units	Revenues (USD Billion)
Market Segment	by Component, by Deployment Type, by Organization Size, by Vertical, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Oracle Corporation, IBM Corporation, SAP SE, Tableau Software, Infor, Crunchr, Sage Group Plc, MicroStrategy Incorporated, Zoho, Kronos Incorporated and among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global HR Analytics Market by Component

• • Solutions
  • Services

Global HR Analytics Market by Deployment Type

• • On-Premises
  • Cloud

Global HR Analytics Market by Organization Size

• • Small and Medium-sized Enterprises
  • Large Enterprises

Global HR Analytics Market by Vertical

• • Healthcare
  • BFSI
  • Government
  • IT& Telecommunication
  • Education
  • Retail
  • Manufacturing
  • Others

Global HR Analytics Market by Region

• • North America HR Analytics Market (Option 1: As a part of the free 25% customization)
    • By Component
    • By Deployment Type
    • By Organization Size
    • By Vertical
    • US Market All-Up
    • Canada Market All-Up
  • Europe Global HR Analytics Market (Option 2: As a part of the free 25% customization)
    • By Component
    • By Deployment Type
    • By Organization Size
    • By Vertical
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Global HR Analytics Market (Option 3: As a part of the free 25% customization)
    • By Component
    • By Deployment Type
    • By Organization Size
    • By Vertical
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Global HR Analytics Market (Option 4: As a part of the free 25% customization)
    • By Component
    • By Deployment Type
    • By Organization Size
    • By Vertical
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Leading Market Players

• Oracle Corporation
• SAP SE
• IBM Corporation
• Tableau Software
• MicroStrategy Incorporated
• Zoho
• Sage Group plc
• Infor
• Crunchr
• Kronos Incorporated.