In the present generally associated and moment access climate, the working environment is becoming computerized and representatives are imparting and teaming up in remarkable ways. Because of this component, the work environment is seeing a fast development of arising innovations, for example, work environment examination to grow the capacity of the individual and empowers them to productively interface and team up.
The workplace analytics market is acquiring colossal fame and is supposed to observe enormous development before long. In addition, the rising consciousness of organizations to consume developing floods of information and the rising requirement for upgrading proficiency of examination are a portion of the key elements driving the development of work environment investigation market.
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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.
Workplace Analytics Market: Market Dynamics
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.
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Impact of COVID-19
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.
Workplace Analytics Market: Segmentation
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Workplace Analytics Market: Competition Landscape
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.
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