New York, May 22, 2023 (GLOBE NEWSWIRE) -- According to Persistence Market Research, the global workplace analytics market is forecasted to increase at a CAGR of 13% and reach a market valuation of US$ 6.42 billion by the end of 2033.
Several IT and telecom firms are investing in workplace analytics solutions to learn more about the productivity, behavior, and technology usage patterns of their staff. They are able to make better decisions that increase organizational effectiveness, production, and employee satisfaction, as a result.
Businesses are now realizing the value of data-driven insights for making smart decisions and boosting employee performance. For IT & telecom firms to gain a competitive edge, boost business performance, and foster a better working environment for employees, workplace analytics solutions are quickly becoming a critical tool across the world.
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Key Takeaways from Market Study
- The global workplace analytics market is valued at US$ 1.89 billion in 2023.
- Workplace analytics software is projected to occupy a leading share of the global market by 2033.
- The transportation/logistics services segment is set to expand at 21% CAGR through 2033.
- Use of workplace analytics in large enterprises is estimated to expand at a CAGR of 15% through 2033.
- North America occupied a leading market share of 32.2% in 2022, followed by Europe with a market share of 22.1%, and East Asia with 16.3%.
“The workplace analytics market is expected to exhibit significant growth as a result of the expansion of the IT and telecom sectors. Growing adoption of cloud-based solutions is a key driver influencing market expansion,” says a Persistence Market Research analyst.
Increased Adoption of Workplace Analytics Solutions Due to Their Cost-effectiveness
Cost-effectiveness is a major driver for the workplace analytics market. Companies seek to increase employee and process efficiency and reduce costs, and workplace analytics solutions provide valuable insights into employee productivity, engagement, and communication, thus enabling companies to optimize their operations and improve overall performance.
Additionally, the availability of cloud-based and integrated solutions makes it easier and more affordable for companies to implement workplace analytics solutions, further driving their adoption.
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Competitive Analysis
The workplace analytics market is highly competitive, with several major players, including technology giants, software vendors, and specialized analytics providers, offering a range of solutions. Organizations of all sizes and across industries are investing in workplace analytics to gain actionable insights and drive continuous improvement in their workforce and overall business performance.
Recent Developments
- In September 2022, Workday, Inc., a top provider of enterprise cloud software for finance and human resources, unveiled a number of improvements and efforts to assist clients in the evolving workplace. Workday has developed a platform that is more connected and collaborative, which will help organisations prosper in the present fast-paced business climate. Enhancements to boost the effectiveness of financial operations are also included in the recently released offers.
- In September 2022, Salesforce and Slack made available industry-specific solutions to help customers in a range of sectors, including as technology, manufacturing, financial services, communications, retail, and media.
More Valuable Insights on Offer
Persistence Market Research’s report on the workplace analytics market is segmented into five sections: solution (workplace analytics software, services), deployment mode (cloud-based, on-premise), organization size (small offices, small enterprises, medium-sized enterprises, large enterprises, very large enterprises), and industry (finance, manufacturing & resources, distribution services, services, public sector, infrastructure), and region (North America, Latin America, East Asia, South Asia & Pacific, Western Europe, Eastern Europe, Central Asia, Russia & Belarus, Balkan & Baltic Countries, and the Middle East and Africa).
For additional information on how the workplace analytics market will shape up in the near future, write to the team of expert research analysts at media@persistencemarketresearch.com
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