North America HR Business Analytics Market in 2019 is approximately USD 523.3 Mn. The market is expected to grow at a CAGR of 12.3% and is anticipated to reach around USD 979.9 Mn by 2026.
Business analytics is one of the most rapidly growing areas to improve organizational functions. Business analytics aids decision making by interpretation of data effectively. Human resource business analytics is growing with the introduction of HR data interpretation models in businesses. Functions such as hiring, retention planning, and human resource asset management among others are some of the important areas of HR business analytics. HR business analytics is used to minimize training and development expenses, mitigate business risks by measuring employee behavioral patterns, and generate profitable revenues among others. HR business analytics aims at increasing employee productivity and decrease employee turnover rates. In some HR business analytics models analysis key performance indicators of employees against the standard metrics of the organization to simulate data.
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Business intelligence tools are being introduced rapidly to enhance business performance. HR business analytics system contains aspects such as employee compensation data, training records, reporting structure, details on HR policies and procedures, disciplinary actions and others. With efficient HR planning, companies can achieve enhanced workplace management, retention initiatives, and overall employee and organizational satisfaction. Such advantages provided by HR analytics are expected to upsurge the growth of the HR business analytics market across the map. In addition, industries such as Information technology, retail, banking, and financial sector, automobile, automotive, logistics, energy and power among others are rapidly introducing HR business analytics to improve organizational performance across various countries. Several companies have attained expertise in HR business analytics and are continuously improving on providing innovative analytical features. This has made the HR business analytics market highly competitive globally. Companies operating in this market are seeking opportunities into customized HR business analytics to maintain their dominance in the HR business analytics market. Companies are focusing on strategic mergers and acquisitions to capture market share.
By application, the market is divided into BFSI, Manufacturing, Healthcare, Retail, IT & Telecom and Others (Government, and Transportation & Logistics, etc.). BFSI segment is estimated to contribute the highest market share of around 33% in 2019 owing to several benefits such as employee time management, financial record management, and others. The application segment is projected to grow at a CAGR of 12.3% over the forecast period. This growth is also expected to be fueled by growing end-uses segments of HR business analytics over the time period.
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Geographically, the HR Business Analytics Market was dominated by North America by generating revenues worth USD 499 Mn in 2018. This dominance is majorly attributed to increasing information technology in developed countries such as the U.S. and Canada.
There are several key players operating in the HR Business Analytics Market around the globe some of them include Accenture, Cognizant, IBM Corporation, Tata Consultancy Services Limited, Capgemini, SAP SE, WNS (Holdings) Ltd., Infosys Limited, Oracle, Kronos Inc. and others.
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The taxonomy of the HR Business Analytics industry by its scope and segmentation is as follows:
North America HR Business Analytics Market: By Application Segmentation Analysis
- BFSI
- Manufacturing
- Healthcare
- Retail
- IT & Telecom
- Others (Government, and Transportation & Logistics etc.)
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