The Europe Workforce Analytics Market should witness market growth of 16.7% CAGR during the forecast period (2023-2029).
Advanced technologies such as ML and AI combine and integrate data to produce timely, relevant, and useful insights to boost performance, eventually resulting in wiser choices and actions. For instance, ML makes it possible for businesses to anticipate which applicants will perform best, helping HR management with the hiring and retention procedures. Additionally, it connects and combines data to give pertinent, useful, and timely insights to enhance performance, ultimately resulting in improved decisions and actions.
These advantages will support the expansion of workforce analytics solutions throughout the forecast. As per studies, in the upcoming years, most businesses will use big data in HR functions more frequently or, if they aren't already, will begin to do so. Data usage has increased across all areas, and the emphasis on workforce analytics reflects that general trend, which is just one of many causes for this rise.
Data analysis that can assist firms in attracting, motivating, and retaining the right people is certain to fascinate executives because human potential produces a competitive advantage in a knowledge economy. In addition, the fact that businesses have begun to produce quantifiable business results through data analysis has prompted others to raise their investment in workforce analytics to avoid missing out on possible advantages.
In the UK, a 7.4% increase in spending from 2020 puts the anticipated total cost of current health at £277 billion in 2021. When accounting for the impact of inflation on the economy, total current health spending rose by 7.1% in real terms in 2021 as opposed to 10.0% in 2020. The government expected to spend more on healthcare in 2021, an increase of 7.5%. One in six jobs and EUR 678.2 billion (USD 798 billion), or around 12% of Germany's GDP, are held by the healthcare industry in that country. HCT represents 8.3% of Germany's exports, with a total value of 131.2 billion euros. This will propel the growth of the regional market.
The Germany market dominated the Europe Workforce Analytics Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $315.7 million by 2029. The UK market is anticipated to grow at a CAGR of 15.7% during (2023-2029). Additionally, The France market would exhibit a CAGR of 17.5% during (2023-2029).
Based on Component, the market is segmented into Solution and Services. Based on Vertical, the market is segmented into IT & Telecom, BFSI, Manufacturing, Retail & Ecommerce, Government, Healthcare & Life Sciences, Education, Energy & Utilities, and Others. Based on Organization size, the market is segmented into Large Enterprises and SMEs. Based on Deployment Mode, the market is segmented into On-premise and Cloud. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, SAP SE, Salesforce, Inc. (Tableau Software, LLC), Oracle Corporation, ADP, Inc., Workday, Inc., Cornerstone OnDemand, Inc. (Clearlake Capital Group, L.P.), Visier, Inc., UKG, Inc. and WorkForce Software, LLC.
Advanced technologies such as ML and AI combine and integrate data to produce timely, relevant, and useful insights to boost performance, eventually resulting in wiser choices and actions. For instance, ML makes it possible for businesses to anticipate which applicants will perform best, helping HR management with the hiring and retention procedures. Additionally, it connects and combines data to give pertinent, useful, and timely insights to enhance performance, ultimately resulting in improved decisions and actions.
These advantages will support the expansion of workforce analytics solutions throughout the forecast. As per studies, in the upcoming years, most businesses will use big data in HR functions more frequently or, if they aren't already, will begin to do so. Data usage has increased across all areas, and the emphasis on workforce analytics reflects that general trend, which is just one of many causes for this rise.
Data analysis that can assist firms in attracting, motivating, and retaining the right people is certain to fascinate executives because human potential produces a competitive advantage in a knowledge economy. In addition, the fact that businesses have begun to produce quantifiable business results through data analysis has prompted others to raise their investment in workforce analytics to avoid missing out on possible advantages.
In the UK, a 7.4% increase in spending from 2020 puts the anticipated total cost of current health at £277 billion in 2021. When accounting for the impact of inflation on the economy, total current health spending rose by 7.1% in real terms in 2021 as opposed to 10.0% in 2020. The government expected to spend more on healthcare in 2021, an increase of 7.5%. One in six jobs and EUR 678.2 billion (USD 798 billion), or around 12% of Germany's GDP, are held by the healthcare industry in that country. HCT represents 8.3% of Germany's exports, with a total value of 131.2 billion euros. This will propel the growth of the regional market.
The Germany market dominated the Europe Workforce Analytics Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $315.7 million by 2029. The UK market is anticipated to grow at a CAGR of 15.7% during (2023-2029). Additionally, The France market would exhibit a CAGR of 17.5% during (2023-2029).
Based on Component, the market is segmented into Solution and Services. Based on Vertical, the market is segmented into IT & Telecom, BFSI, Manufacturing, Retail & Ecommerce, Government, Healthcare & Life Sciences, Education, Energy & Utilities, and Others. Based on Organization size, the market is segmented into Large Enterprises and SMEs. Based on Deployment Mode, the market is segmented into On-premise and Cloud. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, SAP SE, Salesforce, Inc. (Tableau Software, LLC), Oracle Corporation, ADP, Inc., Workday, Inc., Cornerstone OnDemand, Inc. (Clearlake Capital Group, L.P.), Visier, Inc., UKG, Inc. and WorkForce Software, LLC.
Scope of the Study
By Component
- Solution
- Services
By Vertical
- IT & Telecom
- BFSI
- Manufacturing
- Retail & Ecommerce
- Government
- Healthcare & Life Sciences
- Education
- Energy & Utilities
- Others
By Organization size
- Large Enterprises
- SMEs
By Deployment Mode
- On-premise
- Cloud
By Country
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
Key Market Players
List of Companies Profiled in the Report:
- IBM Corporation
- SAP SE
- Salesforce, Inc. (Tableau Software, LLC)
- Oracle Corporation
- ADP, Inc.
- Workday, Inc.
- Cornerstone OnDemand, Inc. (Clearlake Capital Group, L.P.)
- Visier, Inc.
- UKG, Inc.
- WorkForce Software, LLC
Unique Offerings
- Exhaustive coverage
- The highest number of Market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. Europe Workforce Analytics Market by Component
Chapter 5. Europe Workforce Analytics Market by Vertical
Chapter 6. Europe Workforce Analytics Market by Organization size
Chapter 7. Europe Workforce Analytics Market by Deployment Mode
Chapter 8. Europe Workforce Analytics Market by Country
Chapter 9. Company Profiles
Companies Mentioned
- IBM Corporation
- SAP SE
- Salesforce, Inc. (Tableau Software, LLC)
- Oracle Corporation
- ADP, Inc.
- Workday, Inc.
- Cornerstone OnDemand, Inc. (Clearlake Capital Group, L.P.)
- Visier, Inc.
- UKG, Inc.
- WorkForce Software, LLC
Methodology
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