In 2021 People Analytics teams and their technology has a unique opportunity to prove itself. Co-founder & Principal Analyst of RedThread Research Stacia Garr and RedThread Research Lead Priyanka Mehrotra came to this conclusion in “People Analytics Tech 2020 Overview”.
As a result, they have summarized the Study overview in a Tech Market Solution Matrix. AI-driven real-time employee experience and performance platform Yva.ai has gotten into the upper right quadrant, with almost 40 Guiding Analytics technologies.
In the research specialists have focused on 3 questions:
- How did the People Analytics tech vendor market change in 2020?
- What are the newest capabilities you need to know about?
- What should you be thinking about when making (or expanding) a People Analytics tech investment?
Researchers have come to five key conclusions.
#1 The people analytics tech market responded to customers’ 2020 needs
The events of 2020 required companies to encourage employees and keep them engaged, secured and saved. The majority of solutions support this, so Employee Engagement, Employee Experience, Diversity, Social Equity, Inclusion are definitely in focus of this year.
#2 Practitioners have more choices of technology than ever
RedThred Research identified 121 units in People Analytics technologies (PAT) on the global market. It’s growing fast, with a 35% growth rate between 2019 and 2020, and a 55% compound annual growth rate for the last four years. The overall market value can be estimated at $2 billion.
#3 People Analytics practitioners and HR teams are the key users today
The primary audience for PAT is People Analysts and HR professionals. The majority of vendors anticipate that HRBPs and talent managers will be using their solutions more frequently in the next 3 years.
#4 Many solutions are not as easy to use or user-friendly as vendors believe them to be
For customers, simplicity and usability is a clue of choice. Most vendors claim it their competitive advantage but customers are still searching for the most suitable solution.
#5 New capabilities include advanced NLP, deep machine learning, and the use of new, unstructured data
Inclusion of context-configurable natural language processing (NLP), using deep machine learning to analyze unstructured data like voice, images or video and data aggregation distinguish the most interesting new PAT.
Check out the full study and tool at RedThread Research Blog.