The ballooning requirement for workforce planning is boosting the popularity of HR analytics as it allows organizations to devise effective workforce planning strategies which would help them stay ahead of their rivals. Because of these reasons, HR analytics solutions are becoming extremely essential for businesses. This is, in turn, driving the advancement of the global HR analytics market.
Based on offering, the HR analytics market is divided into services and solutions. Of these, the solutions category recorded higher growth in the market in the past few years. This was because of the large-scale adoption of HR analytics software by enterprises operating in various industries. The market is also divided, depending on type, into recruitment, retention, workforce planning, employee development, compensation and incentive program, employee engagement, time & attendance, and employee performance.
Out of these, the highest market growth was exhibited by the workforce planning category in the years gone by, as per the findings of P&S Intelligence, a market research company based in India. Across the globe, the HR analytics market is predicted to demonstrate the highest growth rate in Asia-Pacific (APAC) in the forthcoming years, on account of the soaring IT investments being made by organizations in improving their operations in the emerging economies such as India and China.
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Hence, it can be said without any hesitation that the demand for HR analytics would shoot-up across the world in the coming years, mainly because of the rising requirement for workforce planning and workforce optimization and the growing dependence of HR professionals on data and technology for resource and organizational management.
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