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Workplace Analytics Market Segmented By Component that is Workplace Analytics Solution and Services with Enterprise Size in Small & Medium Enterprises, Large Enterprises
In today’s always connected and instant access environment, the workplace is becoming digital and employees are communicating and collaborating in unprecedented ways. Due to this factor, the workplace is witnessing a rapid evolution of emerging technologies such as workplace analytics to expand the ability of the individual and enables them to efficiently connect and collaborate.
The workplace analytics market is gaining immense popularity and is expected to witness tremendous growth in coming years. Moreover, the rising awareness of businesses to consume evolving streams of data and the increasing need for enhancing efficiency of analytics are some of the key factors driving the growth of workplace analytics market.
The growing importance and need of data coupled with the evolution of next-generation data processing tools and technologies is creating potential opportunities for the organization’s business models and operations. The demand for workplace analytics is rising continuously among organizations to increase the productivity, workforce effectiveness, and employee engagement.
Most of the organizations around the globe are adopting workplace analytics for secure access to remote employees, protecting intellectual assets, and defend against advanced threats.
The rising trend of BYOD (Bring-Your-Own-Device) and growing trend of digital workplace are among the key factors driving the growth of workplace analytics market. Moreover, enormous development in the business intelligence tools and acceleration in data preparation and discovery process are propelling the growth of Workplace Analytics market.
Moreover, growing interest towards technology-enabled workplace solutions and collaboration solutions & platforms is also driving the growth of workplace analytics market. Furthermore, workplace analytics technology helps data scientists to automate the process of organizing and analysing data and helps organizations with solutions for productivity, efficiency, and effectiveness.
Due to these factors, workplace analytics is becoming a part of workflow rather than a separate technology, and businesses around the globe are adopting this technology to exploit growth opportunities.
Moreover, in recent years, the integration of machine learning and artificial intelligence technologies into analytics platforms is propelling the growth of Workplace Analytics market. Apart from this, the fourth industrial revolution and paradigm shift towards smart and digital workspace that uses new technologies and products is generating potential growth opportunities for the workplace analytics market.
Future Market Insights is constantly monitoring the impact of COVID-19 on the world economy. The emergence of COVID-19 has brought with it travel bans and quarantines, disruptions in slowing down the supply chain, and the fall in business confidence.
Moreover, the first half of 2020 has represented a mass experiment in remote working worldwide and workplace analytics is going to play a crucial role post COVID-19. Various organizations are focusing on leveraging technologies such as workplace analytic, artificial intelligence platforms, analytics algorithms, and data visualization tools to try to get ahead of the virus and to maintain & manage every aspect of the relationship between employee and office agile.
Moreover, growing need for advanced technologies in healthcare is expected to increase the demand for workplace analytics solutions at this time of global pandemic. Therefore, due to this factor, the Workplace Analytics market is expected to witness a spike in growth in coming 2-3 years.
From 2014-2019, the Workplace Analytics market has grown at a CAGR of around 15% and owing to the outbreak of COVID-19 the workplace analytics market is expected to witness the growth of around 20% in 2021 and 2022.
The workplace analytics market is highly competitive owing to the presence of numerous global solution providers and various other emerging players incorporating innovative technologies to offer product differentiation.
Most of the leading players in the Workplace Analytics market are focusing offering innovative solutions to meet the growing demand for advanced technologies and to enhance their capabilities and roadmaps of analytics and business intelligence, machine learning, and data science technologies.
Some of the key players in the workplace analytics market are IBM Corporation, Oracle Corporation, SAP SE, Tableau Software, ADP, LLC., Workday, Inc., and Workforce Software.
On the basis of regions, Europe and North America are leading the is expected to be one of the key market Workplace Analytics market owing to the early adoption of advanced technologies and presence of various key providers of workplace analytics solutions in the region.
Moreover, the growing adoption of digital workplace solutions in countries of these regions is playing a crucial role in driving the growth of workplace analytics market in the region.
Furthermore, the workplace analytics market in Asia Pacific is expected to create significant growth opportunities, owing to the rising adoption of digital technologies and continuous increase in R&D expenditure by the organizations in the regions to strengthen their IT framework.
Furthermore, the growing demand for smart devices and rising trend of BYOD in the countries of Middle East & Africa and Latin American regions is expected to drive the workplace analytics market.
The Workplace Analytics market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The market report also maps the qualitative impact of various market factors on market segments and geographies.