The HR analytics market generated $2,045.5 million in 2018, and it is predicted to attain a revenue of $4,763.5 million by 2024, exhibiting a 15.0% CAGR during the forecast period (2019–2024). When offering is considered, the market is bifurcated into services and solutions, between which, the solutions bifurcation accounted for the major share of the market in 2018. HR analytics software is being deployed extensively across different industries.

Different HR solutions are employee engagement, employee development, workforce planning, retention, compensation incentive program, recruitment, and others. On the basis of industry, the market is categorized into retail, energy utilities, healthcare, manufacturing, BFSI, government, education, IT telecom, and others, out of which, the BFSI industry contributed the largest revenue share to the market in 2018.

Financial organizations all over the world are struggling to attract young talent, optimize performance, and engage their existing employees, they are widely making use of HR analytics solutions. Geographically, the market is being dominated by North America because of the presence of major market players in the region. Furthermore, the rising IT spending and technological innovations are also driving the regional market.

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Other than this, the Asia-Pacific (APAC) region is predicted to register the fastest growth during the forecast period in the HR analytics market, as per a report by PS Intelligence. The increasing IT investments by companies for enhancing operations in emerging economies, majorly India and China, is the primary reason for the growing adoption of HR analytics solutions and services in APAC.