HR analytics solutions and services facilitates complex compensation planning and enable enterprises to improve budget allocations and align compensation decisions with organizational guidelines. The global HR analytics marketis primarily driven by the increasing demand for cloud-based solutions. Cloud-based solutions are cost-effective, which enables easy and convenient storage and download of data over cloud.
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Moreover, increasing workforce globalization is anticipated to enhance the adoption of HR analytics solutions by small, medium, and large enterprises. Increasing adoption of HR analytics solutions in small- and medium-sized organizations is expected to drive the HR analytics market during the forecast period. Integrating different HR systems and collection of data is a challenge to the HR analytics market. Leading players in the market are providing integrated comprehensive HR analytics solutions for all core HR functions along with analytics capabilities.
The global HR analytics market can be segmented based on component, enterprise size, end-use industry, and region. In terms of component, the market can be classified into software and services. Software are further categorized based on deployment into cloud-based or on-premise. Based on enterprise size, the HR analytics market can be segregated into small & medium enterprises (SME’s) and large enterprises. Small and medium enterprises (SMEs) are companies with employee strength between 1 and 500. Large enterprise are companies with employee strength of more than 500. In large enterprises, rate of adoption of HR analytics solution is high, as it assists in compliance management and improves security measures of the organization. In terms of end-user industry, the HR analytics market can be split into BFSI, retail, IT & telecom, healthcare, government, education, manufacturing, and others.
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Based on region, the global HR analytics market can be segmented into North America, Asia Pacific, Middle East & Africa, South America, and Europe. The HR analytics market in Asia Pacific is expected to expand at a rapid pace during the forecast period due to the rise in number of mid-sized and small enterprises in the region that are adopting HR analytics.