HR analytics solutions are widely being adopted by both small and medium enterprises (SMEs) and large enterprises, of which the large enterprises recorded their higher usage in 2018. This is mainly ascribed to the fact that such companies have bigger budgets than SMEs, which allows them to make significant information technology (IT) investments for deploying HR analytics solutions. Furthermore, the dispersed operations of large enterprises across the world increase the need for the adoption of such solutions, in order to track and monitor the employee performance and create a more-efficient hiring and retention process.
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This data allows the company to make impartial decisions regarding the hiring of candidates, which, in turn, increases the efficiency of the hiring process and helps the company gain a competitive edge. Due to these factors, the global HR analytics marketis expected to expand from $2,045.5 million in 2018 to $4,763.5 million by 2024, exhibiting a CAGR of 15.6% during the forecast period (2019–2024).
The burgeoning demand for workforce optimization is one of the biggest factors responsible for the surge in the adoption of human resources (HR) analytics software across the world. Workforce optimization plays a major role in making the operations of businesses more effective and efficient, by aligning resources and skills to a particular job and consumer demand, capturing performance data in a standardized structure, and empowering the HR professionals to track the performance of the employees.
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This is achieved by ensuring that all the aspects of the organization/business are working in complete harmony with one another. The other major factor pushing the demand for these solutions is the rising demand for efficient hiring in companies. HR analytics offers crucial insights into the candidates by analyzing their skills and expertise.