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HR Analytics Market to cross $11 Bn by 2032, Says Global Market Insights Inc.
Original article seen at: www.globenewswire.com on October 3, 2023
tldr
- 📈 The HR analytics market is expected to exceed USD 11 billion by 2032.
- 🤖 Over 50% of IT HR professionals are using AI chatbots like ChatGPT for various tasks.
- 📊 HR analytics is being used to improve recruitment processes and workforce planning.
- 🏥 The healthcare segment is expected to grow due to the need for cost-effective staffing solutions.
- 🌍 Europe's HR analytics market is growing due to the recognition of data-driven HR practices and the need for compliance with stringent data privacy regulations.
summary
The HR analytics market is projected to surpass USD 11 billion by 2032, driven by technological advancements in the HR space, including the use of AI and machine learning. A study revealed that over 50% of IT HR professionals are using AI chatbots like ChatGPT for various tasks, resulting in significant time savings. The solutions segment of the HR analytics market is expected to grow substantially, with companies like Google using HR analytics to improve recruitment processes. The workforce planning segment will also see growth, with HR analytics tools providing data-driven insights for informed decision-making. The healthcare segment is expected to grow due to the need for cost-effective staffing solutions. Europe's HR analytics market is growing due to the recognition of data-driven HR practices and the need for compliance with stringent data privacy regulations. Leading companies in the HR analytics market include Sisense Inc., Konor, Zoho Corp. Pvt. Ltd., MicroStrategy Inc., Infor, GainInsights, Workday, Inc., Oracle Corporation, SAP SE, Tableau, Software, LLC., Cegid, Sage Software Solutions Pvt. Ltd., UKG Inc., IBM Corporation, Crunchr, and Visier, Inc.starlaneai's full analysis
The growth of the HR analytics market represents a significant development in the AI industry. The use of AI and machine learning in HR analytics has the potential to revolutionize HR practices, improving efficiency and accuracy. However, there may be challenges in terms of data privacy and security, particularly in regions with stringent regulations like Europe. There may also be potential ethical issues related to the use of AI in HR, such as bias in decision-making. The HR analytics market is highly competitive, with many leading companies involved. These companies will need to continue innovating to stay ahead. The growth of the HR analytics market is likely to attract further investment in the AI industry, potentially leading to further advancements in AI technology.
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starlaneai's Ratings & Analysis
Technical Advancement
70 The use of AI and machine learning in HR analytics represents a significant technical advancement, improving the accuracy and depth of HR analytics.
Adoption Potential
75 The adoption potential is high, with over 50% of IT HR professionals already using AI chatbots like ChatGPT for various tasks.
Public Impact
60 The public impact is moderate, with HR analytics primarily affecting HR professionals and businesses.
Innovation/Novelty
65 The novelty is high, with the use of AI and machine learning in HR analytics being a relatively new development.
Article Accessibility
80 The accessibility is high, with the article clearly explaining the use and benefits of HR analytics.
Global Impact
70 The global impact is high, with HR analytics being used worldwide and the market expected to surpass USD 11 billion by 2032.
Ethical Consideration
50 The ethical consideration is moderate, with the article not discussing any potential ethical issues related to the use of AI in HR analytics.
Collaboration Potential
85 The collaboration potential is high, with many leading companies involved in the HR analytics market.
Ripple Effect
75 The ripple effect is high, with HR analytics expected to impact various sectors, including healthcare.
Investment Landscape
80 The AI investment landscape change is high, with the growth of the HR analytics market likely to attract further investment.