Driven by the changing business dynamics, increasing demand for an optimized workforce and efficient hiring, shift toward data-driven decision making, and growing need for effective talent retention strategies, the HR analytics market will witness a CAGR of 15.6% during the forecast period of 2019–2024. At this rate of progression, the value of the market is expected to increase from $2,045.5 million in 2018 to $4,763.5 million by 2024.

This projected growth is primarily driven by the surging demand for workforce optimization across the globe. Workforce optimization helps in capturing performance data in a standardized structure, for better decision making, orienting skills and resources to a certain job and customer demand, and empowering the HR to track the contribution and performance of employees by identifying employees who are at risk of missing their service goals. All this ultimately helps companies drive production and remain profitable amid strong competition from other companies in their industry.

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HR analytics is a popular technique that is being utilized for workforce optimization, by analyzing organizational data. These solutions provide HR professionals with an extensive understanding of the strengths and weaknesses of employees, the best way forward, and future shifts. These benefits help the HR in planning for an effective workforce, which is needed in any organization to stay ahead of the competition. The need for a skillfully articulated workforce planning strategy will, therefore, propel the HR analytics market growth during the forecast period.

Thus, in order to achieve higher profitability, by having a skilled and efficient workforce, companies are adopting HR analytics solutions. This market research report provides a comprehensive overview of the HR analytics market

Historical and the present size of the HR analytics market
Future potential of the market through its forecast for the period 2020– 2030
Major factors driving the market and their impact during the short, medium, and long terms
Market restraints and their impact during the short, medium, and long terms
Recent trends and evolving opportunities for the market participants
Historical and the present size of the market segments and understand their comparative future potential