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According to present analytical results of industry experts, global investment in public cloud service industry is expected to reach US$ 160 Bn by the end of 2019, with a CAGR of 23.8%. Major industry verticals are exploring ways to implement cloud services to increase security in internal management across their business chains.
Workforce analytics is an advanced set of data analysis tools and applications used for complete analysis of performance measurement, operation, and improvement. It is a combination of software and methodology that operates on statistical models to deliver worker-related data, allowing core management of the company to enhance and optimize human resource management (HRM). The automation and digitalization of manual workforce analytics tools remove human error and offers proper analysis of operational trends within the organization. Among the key trend responsible for driving market growth includes advancement in analytics with the emergence of big data and blockchain technology.
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Rising demand for a precise data management platform for handling diverse workforce is further driving the adoption of workforce analytics services among HR professionals. Further, growing market of internet of things (IoT) and public cloud services are growing demand for mobile HRM applications is expected to provide new growth opportunities.
Some of the key players in the workforce analytics market report include ADP, LLC, Beeline, Cornerstone OnDemand, Inc., Genpact Ltd., Kronos, Inc., gain insight Solutions Pvt. Ltd, Oracle Corporation, Companies, PeopleStreme Pty. Ltd., SAP Success Factors, TALENTSOFT, Visier, Inc., Workday, Inc., and WorkForce Software LLC.
· By Service
· By Solutions
· System Integration
By Industry Vertical
· IT & Telecommunication
· Aerospace & Defence
· Others (Automotive, government, media, and entertainment, etc.)
· North America (the USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
Globally, North America is expected to lead the market in terms of market value, majorly due to the presence of key and large number of vendors in this market. Also, an increase in the early adoption of public cloud-based in workforce analytics solutions from the U.S and Canadian companies are expected to drive the growth of the market. Further, the Asia Pacific is projected to rise with the fastest growth rate during the same period. The remarkable increase in the Asia Pacific is mainly a result of the ongoing digitalization trend and need for advanced business analytics for managing large employee and organization data
Key Industry Developments
In October 2018, Oracle Corporation announced the launch of a new artificial intelligence(AI)-powered innovations and another upgrade to the Oracle workforce analytics enabled with Cloud. This new AI-powered innovation is aimed at simplifying the complex HR processes, enhancing the employee experience and simplify recognition of talented candidates during the recruitment process.
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