The workforce analytics market is expected to grow at a CAGR of 16% during the forecast period. Rise in demand for cloud-based solutions, drivers.2, and drivers.3 are some of the significant factors fueling workforce analytics market growth.
Rise in demand for cloud-based solutions
To estimate the market size of global workforce analytics market, Technavio has tracked the recent trends and developments in the industry. The market size has been developed in terms of value by considering the following factors:
Revenues: Taken in local currencies, if not available in US dollars, for each country and vendor and then converted to US dollars using the yearly average currency exchange rate of 2019, the base year. This implies that the figures reflect industry trends, not distorted by fluctuations in international exchange rates.
Exclusions: The report does not consider the effect of inflation and price fluctuation over the forecast period.
Currency: Unless explicitly mentioned, all revenues are represented in US dollars.
The market sizing has been built and validated using multiple demand-side and supply-side approaches for a detailed understanding of the workforce analytics market. The specific market sizing approaches used for evaluating the workforce analytics market are:
Top down: Validated the market on the basis of the contribution of workforce analytics market to the overall IT software market
Segmental extrapolation: Validated the market based on extrapolation of the size of one or more segments of the market
Combination: Using a combination of more than one approaches described above and integrating the results in data model
Within the above-mentioned market sizing models, analysts have made assumptions and estimates listed below:
The segment contribution of each enterprise application type
The software revenues generated by the top enterprise application vendors across various categories
Global IT spends
For this report, we have also used the following macro data in modeling the market size for 2019:
GDP growth
IT budgets allocated by central and state governments across major markets
Based on the above data models, Technavio has estimated the total market for workforce analytics as $919.31 million in 2019.
