Geographically, North America dominated the HR analytics market in 2018, which is majorly due to the presence of a large number of industries with a highly skilled workforce. Moreover, technological advancements and rising IT spending are also driving the demand for HR analytics solutions in the region. Apart from this, the Asia-Pacific region is expected to progress at the fastest pace during the forecast period, which can be ascribed to the increasing IT investments by companies for enhancing operations in emerging economies, majorly in China and India.

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According to a research conducted by P&S Intelligence, the global human resources (HR) analytics market is predicted to attain a value of $4,763.5 million in 2024, increasing from $2,045.5 million in 2018, advancing at a 15.6% CAGR during the forecast period (2019–2024). The growing requirement for efficient hiring is a major driving factor of the HR analytics market. These solutions offer insights into prospective hires after analyzing their expertise and skills.

They further guide the organization in making an impartial and informed decision on the basis of this data, thereby decreasing hiring biasness. Enhanced recruitment can aid companies achieve faster growth and further offer a competitive advantage in the domain which impacts the business performance directly. Therefore, as productive hiring enables businesses to be more agile and proactive, their demand is increasing across different industries.

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While large enterprises have been increasingly making use of HR analytics solutions in the past, these solutions are now also being adopted by small and medium enterprises (SME). The number of SMEs has been increasing since the past few years and these enterprises are now utilizing HR analytics solutions for enhancing productivity. The players in the domain are also focusing on offering more-flexible services and solutions to SMEs, since these enterprises are increasingly focusing towards data-driven decision making for scaling up their business operations.

In conclusion, the demand for HR analytics solutions is growing due to the surging need for efficient hiring and increasing demand from SMEs.