In today’s atmosphere of general association and instant access, the work environment is becoming computerized and agents are sharing and collaborating in extraordinary ways. Due to this component, the working environment experiences a rapid development of emerging innovations, e.g. B. Study the work environment to expand the capabilities of individuals and enable them to work together productively and to associate.
Of the Workplace analytics market attains colossal fame and is set to experience a huge development shortly. Furthermore, the growing awareness by organizations to utilize the evolving information deluge and the growing need to improve auditing skills are some of the key elements driving the development of the workplace assessment market.
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The growing importance and need for data combined with the development of next generation data processing tools and technologies create potential opportunities for companies’ business models and operations. The demand for workplace analytics is steadily increasing in companies to increase productivity, workforce effectiveness, and employee engagement.
Most companies around the world use workplace analytics to secure access to remote employees, protect intellectual property, and defend against advanced threats.
Workplace Analytics Market: Market Dynamics
The rising trend of bring-your-own-device (BYOD) and growing trend of digital workplace are among the key factors driving the growth of workplace analytics market. Also, the tremendous development of business intelligence tools and acceleration of data preparation and data discovery process are driving the growth of workplace analytics market.
Additionally, the growing interest in technology-enabled workplace solutions and collaboration solutions and platforms is also driving the growth of the workplace analytics market. Additionally, workplace analytics technology helps data scientists automate the process of organizing and analyzing data, helping businesses with solutions for productivity, efficiency, and effectiveness.
Because of these factors, workplace analytics is becoming part of the workflow rather than a separate technology, and companies around the world are embracing this technology to capitalize on growth opportunities.
Additionally, the integration of machine learning and artificial intelligence technologies into analytics platforms has propelled the growth of the workplace analytics market in recent years. Aside from that, the fourth industrial revolution and the paradigm shift towards smart and digital workplaces leveraging new technologies and products create potential growth opportunities for the workplace analytics market.
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Effects of COVID-19
Future Market Insights constantly monitors the impact of COVID-19 on the global economy. The advent of COVID-19 has brought travel bans and quarantines, disruption to supply chain slowdowns, and falling business confidence.
In addition, the first half of 2020 was a mass remote work experiment around the world, and workplace analytics will play a pivotal role post-COVID-19. Several organizations are focusing on using technologies such as workplace analytics, artificial intelligence platforms, analytics algorithms and data visualization tools to try to stay ahead of the virus and easily maintain and manage every aspect of the relationship between employee and office.
Additionally, the growing need for advanced healthcare technologies is expected to increase the demand for workplace analytics solutions during this time of global pandemic. Therefore, due to this factor, the workplace analytics market is expected to witness a growth spurt in the next 2-3 years.
From 2014 to 2019, the Workplace Analytics Market grew at a CAGR of approximately 15%, and due to the outbreak of COVID-19, the Workplace Analytics Market is projected to grow by approximately 20% in 2021 and 2022.
Workplace Analytics Market: Segmentation
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Workplace Analytics Market: Competitive Landscape
The workplace analytics market is highly competitive due to the presence of numerous global solution providers and various other emerging players using innovative technologies for product differentiation.
Most of the major players in the workplace analytics market focus on offering innovative solutions to meet the growing demand for advanced technologies and enhance their capabilities and roadmap in analytics and business intelligence, machine learning and data technologies science.
Some of the major players in the workplace analytics market are IBM Corporation, Oracle Corporation, SAP SE, Tableau Software, ADP, LLC., Workday, Inc., and Workforce Software.
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