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Workforce Analytics Market size is set to grow by USD 2.56 billion from 2024-2028, Demand for efficient workforce management and recruitment boost the market, Technavio

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NEW YORK, July 10, 2024 /PRNewswire/ — The global workforce analytics market size is estimated to grow by USD 2.56 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 17.74%  during the forecast period. The global workforce analytics market is poised for significant growth, driven by increasing demand for efficient workforce management and recruitment solutions. The trend towards mobile applications for workforce analytics further amplifies this growth trajectory. However, challenges such as the lack of skilled workforce present hurdles to widespread adoption. Key players like Accenture, SAP SE, and Oracle are actively shaping the market with innovative solutions despite these challenges. As the market expands, overcoming skill shortages will be critical to fully realizing the potential benefits of workforce analytics technologies.

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Workforce Analytics Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 17.74%

Market growth 2024-2028

USD 2562.1 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

15.31

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

Europe at 33%

Key countries

US, China, UK, Germany, and Japan

Key companies profiled

Accenture Plc, Automatic Data Processing Inc., Brightfield, Bullhorn Inc., Ceridian HCM Holding Inc., Cisco Systems Inc., Cornerstone OnDemand Inc., International Business Machines Corp., Jobvite Inc., Koch Industries Inc., Kronos Inc., New Mountain Capital Group, L.P., Oracle Corp., Paycor Inc., PredictiveHR Inc., Salesforce Inc., SAP SE, Visier Inc., Workday Inc., and WorkForce Software LLC

Market Driver

The workforce analytics market has seen consistent growth, with a notable trend being the use of mobile applications for workforce data analysis. Tools like Visier and SAP SuccessFactors enable organizations to make workforce insights accessible via mobile platforms. With the widespread use of mobile devices, providing mobile applications for workforce analytics is essential. Managers, often working remotely or on-the-go, can easily access key employee performance indicators and address issues or opportunities. Mobile applications also enhance the user experience through an intuitive interface, boosting adoption and engagement. The adoption of mobile workforce analytics is expected to continue, allowing organizations to make real-time data-driven decisions and enhance workforce management efficiency, contributing to the market’s growth. 

The Workforce Analytics Market is experiencing significant growth due to the increasing demand for workforce performance improvement. Companies are leveraging data to evaluate staffing, employment, development, and training, compensation, and benefits. Key trends include talent management, recruitment, employee collaboration, and long-term labor issues. Performance data is crucial for identifying talent gaps and addressing employee engagement, retention, and productivity. Machine learning, AI, and cloud technologies are transforming HR data analysis, enabling predictive workforce analytics, data mining, and pattern matching. HR analytics tools are essential for managers to plan improvement, assess risk, and index productivity. Large enterprises in IT and telecommunication sectors are leading the adoption of these advanced technologies for employee performance management and career progression. Data security remains a priority as companies navigate the shift to remote work and work-from-home models. 

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Market Challenges

•         The global workforce analytics market is experiencing a significant challenge in finding a sufficient number of skilled professionals to meet the growing demand for data-driven workforce strategies. With the increasing importance of data analysis and statistical modeling in business, workforce analytics has become a complex field requiring specialized expertise. However, many organizations are struggling to find qualified individuals with the necessary skills and experience to implement and manage effective workforce analytics programs. This shortage can be attributed to the rapid pace of technological change, the expanding need for data-driven decision-making, and the relatively new nature of the field itself. Furthermore, educational institutions have not yet fully adapted their curriculums to the evolving needs of the workforce analytics market, creating a gap between the required skills and those being taught. This skills gap may hinder the ability of service providers to cater to their client base, potentially slowing down the growth of the global workforce analytics market during the forecast period.

•         In today’s dynamic business landscape, workforce analytics has become a crucial tool for large enterprises in IT and telecommunication to optimize their human resources. However, implementing workforce analytics comes with its challenges. One major challenge is the integration of new technologies like blockchain and AI into HR analytics tools. Another challenge is managing the work-from-home model and ensuring employee engagement. Managers need real-time talent decisions for planning improvement and employee performance, but data security is a concern. Employees’ people data must be mined for productivity indexing, predictive workforce analytics, and turnover modeling. HR teams must navigate hiring, dismissing, and career progression with the help of big data analytics and ML. Data security, employee experience, and performance anxieties are key areas of focus. HR analytics tools provide regression analysis, pattern matching, and risk assessment to improve productivity and employee retention. Companies can choose between on-cloud and on-premises solutions based on their needs. Professional and managed services can help with the implementation and management of these solutions. Workplace trends continue to evolve, requiring continuous adaptation and innovation.

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Segment Overview 

This workforce analytics market report extensively covers market segmentation by  

End-user 1.1 Retail1.2 BFSI1.3 Telecom and IT1.4 Healthcare1.5 OthersApplication 2.1 Large enterprises2.2 Small and medium sized enterpriseGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Retail-  The Workforce Analytics market is a significant business solution that helps organizations effectively manage their human resources. It utilizes data and analytics to optimize workforce performance, improve productivity, and reduce costs. By providing insights into employee engagement, turnover rates, and skill gaps, Workforce Analytics enables informed decision-making and strategic workforce planning. This market continues to grow, offering various tools and services to meet the evolving needs of businesses.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Research Analysis

The Workforce Analytics Market encompasses data analytics solutions designed to evaluate and optimize various aspects of an organization’s workforce. These solutions include staffing, development and training, compensation management, talent management, recruitment, and more. Machine learning and data mining technologies play a significant role in workforce analytics, enabling pattern matching, turnover modeling, risk assessment, and productivity indexing. HR analytics tools provide real-time talent decisions, employee experience insights, and performance improvement recommendations. Additionally, workforce analytics solutions offer AI capabilities for automating hiring teams and making data-driven recruitment decisions. Professional and managed services are also available to support organizations in implementing and maximizing the value of their workforce analytics solutions. Employee engagement, management training programs, and performance anxieties are also addressed through workforce analytics, ensuring a well-equipped workforce that drives business success.

Market Research Overview

The Workforce Analytics market is a dynamic and evolving field focused on maximizing workforce performance and effectiveness through data-driven insights. It encompasses various areas such as evaluation, staffing, development and training, compensation and benefits, talent management, recruitment, employee collaboration, and more. Key areas of focus include workforce performance improvement, planning and improvement, employee engagement, productivity, and predictive workforce analytics. Machine learning and AI are increasingly being used to analyze HR data, identify talent gaps, and make real-time talent decisions. Compensation management, turnover modeling, and risk assessment are essential components of workforce analytics, helping organizations optimize their workforce and mitigate potential risks. HR teams use various HR analytics tools, including regression analysis, pattern matching, and data mining, to gain insights into employee experience and career progression. Workforce analytics also addresses long-term labor issues, such as data security and the impact of the work-from-home model on employee productivity. The market caters to large enterprises across industries, including IT and telecommunication, with solutions available on-cloud and on-premises. Employee collaboration, hiring teams, and HR teams all benefit from workforce analytics, enabling them to make informed decisions and improve overall organizational performance. Workforce analytics is an essential tool for addressing workplace trends and ensuring a productive, engaged, and motivated workforce.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

End-userRetailBFSITelecom And ITHealthcareOthersApplicationLarge EnterprisesSmall And Medium Sized EnterpriseGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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KM Malta Airlines, the Maltese Islands’ New National Carrier, Implements CellPoint Digital’s Payment Orchestration Solution

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The partnership will enable KM Malta Airlines to provide passengers with a seamless payment experience and access to their preferred payment methods.

LONDON, Sept. 23, 2024 /CNW/ — CellPoint Digital, a global pioneer in Payment Orchestration, is proud to announce it has partnered with KM Malta Airlines to support the airline’s payment processes across multiple sales channels, including on its website and App, allowing passengers in future to pay with key alternative payment methods (APMs) like Apple Pay.

From the start of operations on March 31, 2024, CellPoint Digital was entrusted to support KM Malta Airlines’ payment processes across. Using CellPoint Digital’s Payment Orchestration platform, KM Malta Airlines launched the service with optimised payment processes, a cost-effective payment strategy, and a customer-centric payment model. This partnership reflects the airline’s commitment to providing its passengers with a seamless, convenient payment experience and the airline’s recognition of CellPoint Digital as a valued payment solution provider.

Through its partnership with CellPoint Digital, KM Malta Airlines gains access to a network of acquirer connections, including its newly introduced partner, Shift4 (formerly Finaro), to support its growth strategy. This allows the airline to optimise transaction routing, reduce payment costs, and settle in its preferred currency.

“It’s not often that we get to be present at the inception of one of Europe’s next great airlines, but that’s the opportunity we have with this partnership,” said Kristian Gjerding, CEO of CellPoint Digital. “By prioritising its payment strategy as a cornerstone of its launch strategy, KM Malta Airlines demonstrates that it cares about providing passengers with the best possible booking experience and setting itself up for future success.”

Roy Kinnear, CCO of KM Malta Airlines, stated, “A highly optimised, cost-efficient payment strategy is important to the success of our airline. That’s why we partnered with experts in aviation payments to deliver a comprehensive platform tailored to our passengers’ needs and allowing us to expand our offering of customer choice payment mechanisms.”

The Advantage of Day-One Payment Orchestration

Payment Orchestration is a concept that describes the end-to-end management of all components of a payment, from authorisation to routing to settlement to reporting, allowing airlines to boost conversions in direct and indirect sales channels at lower transaction costs. CellPoint Digital’s Payment Orchestration Platform, which KM Malta Airlines will implement, routes transactions intelligently to increase acceptance, simplifies and centralises back-end reconciliation, integrates various payment methods like Apple Pay, and easily accommodates multiple PSPs and acquirers, including KM Malta Airline’s preferred acquiring partner, Shift4.

For more information about the CellPoint Digital partnership with KM Malta Airlines or to speak with company executives, please get in touch with Steven Osei at steven.osei@cellpointdigital.com

About CellPoint Digital
CellPoint Digital is a fintech leader in payment orchestration and optimisation. CellPoint Digital’s main solution is a powerful Payment Orchestration Platform that optimises digital payment transactions from cards or alternative payment methods and accelerates the deployment of new payment options. Merchants can easily scale their own payment ecosystem across the world, unify the customer payment experience across their website, mobile apps and other channels, optimise the routing of each transaction, increase conversion rates and minimise payment costs. CellPoint Digital has offices in Copenhagen, Dallas, Dubai, London, Miami, Pune and Singapore. Visit www.cellpointdigital.com to learn more. 

About KM Malta Airlines

The KM Malta Airlines schedule serves 17 airports across 15 key European cities, namely, Amsterdam, Berlin, Brussels, Catania, Dusseldorf, London Gatwick, London Heathrow, Lyon, Madrid, Milan, Munich, Paris Charles de Gaulle, Paris Orly, Prague, Rome, Vienna and Zurich.

Bookings can be made on kmmaltairlines.com

Contact: media@kmmaltairlines.com

 

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SOURCE CellPoint Digital

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Advantech Unveils Expanded Singapore Office to Boost ASEAN Presence and Support AIoT Innovations with Strategic Partnerships

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SINGAPORE, Sept. 23, 2024 /PRNewswire/ — Advantech (TWSE: 2395), a global leader in industrial IoT and embedded computing solutions, has officially inaugurated its expanded regional office in Singapore. This strategic investment is set to enhance Advantech’s core competencies within the ASEAN region. Located at 7002 Ang Mo Kio Avenue 5, the new office will double the company’s current facility space, enhancing its infrastructure to meet the rising demand for high-technology solutions, particularly in the semiconductor sector. The expansion underscores Advantech’s commitment to collaborating with silicon and ecosystem partners and investing in local talent development through industry-academia partnerships. The new office will also support Advantech’s Configure-To-Order Service (CTOS), reinforcing its strategic goal of deepening and localising industry presence while advancing a comprehensive AIoT industry development strategy.

Vincent Chang, Managing Director of Asia and Intercontinental Region at Advantech, stated, “The relocation to our new premises marks a significant milestone in Advantech’s nearly 30 years of growth in Singapore. Established in 1995, Advantech Singapore has grown to become a pivotal hub in the ASEAN region, leading to the creation of Advantech Malaysia, Thailand, Indonesia, and Vietnam as key regional business units. Advantech envisions Singapore evolving into a Corporate Development Core Competency hub, focusing on business intelligence, strategic planning, and advancing branding, public relations, and ESG programmes across the ASEAN region.”

Advantech is also excited to launch the second year of its AIoT Innowork programme with Singapore Polytechnic (SP). This year’s projects will focus on sustainable development, net-zero emissions, and generative AI. Students will use Advantech’s WISE-PaaS, a cloud-based platform, to develop AIoT solutions, including a smart outdoor agriculture proof-of-concept within SP’s campus. Additionally, the programme will advance intelligent EV charging and parking space monitoring with Advantech’s LoRaWAN gateway and generative AI, featuring a dashboard for carpark occupancy and an assistive chatbot for availability queries.

In response to the government’s focus on future workforce development, a student team from SP is set to create a proof of concept for a “Generative AI-powered Virtual Sales Agent.” This innovative project aims to transform customer interactions by enhancing sales and engagement through cutting-edge AI technology. SP envisions this technology revolutionising customer engagement, enhancing service support, and improving operational efficiency.

Advantech Singapore is dedicated to advancing the “MySkillsFuture” programme, a key initiative by the Singapore government to support lifelong learning. Advantech aims to build a collaborative value chain that fosters a sustainable and thriving IoT ecosystem by partnering with ecosystem players, academic institutions, and industry leaders. Additionally, through academic collaboration, Advantech seeks to cultivate industry growth and align with its social responsibility objectives by producing and distributing urban farming products to underserved communities. These strategic partnerships are poised to drive long-term industry success and reinforce Advantech’s commitment to its ESG goals.

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SOURCE Advantech Co. Singapore Pte Ltd

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Estonia Strengthens Smart Mobility Networking and Strategic Partnerships in the Gulf

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DUBAI, UAE, Sept. 23, 2024 /PRNewswire/ — Trade Estonia, part of Enterprise Estonia, is concluding its participation at the ITS World Congress 2024 in Dubai, further asserting its leadership in intelligent transport systems (ITS) and smart mobility. Estonia, known for being the first country to allow testing autonomous vehicles on public roads since 2017, showcased its innovative technologies that are setting new benchmarks in smart mobility and ITS.

At the exhibition, Trade Estonia displayed pioneering solutions, including Bamboo Apps’ cutting-edge dispatch system for autonomous shuttles, enabling remote monitoring of unmanned vehicles to enhance safety and efficiency. e-Pavement integrates sensors within road surfaces to improve safety and traffic management, while Auve Tech’s autonomous shuttles seamlessly integrate with public transport, offering efficient and eco-friendly urban mobility solutions. Metrosert is enhancing the precision of smart infrastructure, and Digilogistika Keskus is optimising logistics through advanced digital platforms, boosting supply chain efficiency in smart cities.

H.E. The Ambassador of Estonia to the UAE Maria Belovas stated, “Estonia’s footprint in integrating cutting-edge technology is pivotal in enhancing transportation safety, efficiency, and mobility. Our innovations are designed to meet the evolving needs of global smart cities and ensure a sustainable future for transportation.”

These advancements exemplify Estonia’s commitment to developing intelligent, sustainable, and efficient transport solutions that address both urban and rural mobility needs, and solidifying its global network.

In addition to presenting its technological progress at the ITS World Congress, Estonia focused on building meaningful connections and exploring new avenues for collaboration.

Forging Strategic Global Partnerships

Estonia is dedicated to expanding its international impact by building strategic partnerships, particularly in the Gulf region.

A recent networking event, hosted by H.E. The Ambassador of Finland, Ms. Tuula Yrjölä, and H.E. The Ambassador of Estonia, Ms. Maria Belovas, brought together Finnish and Estonian business delegations to cultivate global connections in smart mobility. The event also facilitated valuable discussions on future collaborations, reflecting Trade Estonia’s ongoing mission to support global innovation and sustainability in transport.

Ms. Maria Belovas highlighted the importance of these international connections in advancing the organisation’s strategic goals and enriching global collaborative efforts.

Building on this momentum, Trade Estonia is gearing up for its next significant engagement at GITEX Global 2024. This upcoming event will serve as a new stage for Estonia to underline their technological advancements and explore new avenues for collaboration with global technology leaders.

About Trade Estonia

Trade Estonia is part of Enterprise Estonia. As a state organisation, Trade Estonia helps Estonian companies to establish themselves in international markets. With a focus on future technologies and pioneering projects, Trade Estonia provides Estonian companies with access to market analysis and marketing strategies and creates the conditions for them to operate successfully on a global scale. Trade Estonia not only promotes the development of new business areas and the establishment of strategic partnerships, but also facilitates access to international networks, thus contributing to the global competitiveness of Estonian companies.

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