Human Resource Management Industry Overview
The global human resource management market size was valued at USD 17.56 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 12.2% from 2021 to 2028.
The continued digitization and automation of HR operations to create effective and agile reskilling strategies is expected to drive the growth of the market over the forecast period. The growth can also be attributed to the strong emphasis enterprises are putting on attracting the right pool of candidates, retaining human capital, and managing resources efficiently. Having realized the potential of human resource management (HRM) solutions in improving and enhancing HR operations, organizations are aggressively adopting these solutions, thereby driving the market.
Gather more insights about the market drivers, restrains and growth of the Global Human Resource Management Market
Advances in the latest technologies, such as Artificial Intelligence (AI), Machine Learning (ML), and predictive analytics, are facilitating the integration of HRM solutions with analytics. At the same time, startups are developing mobile applications and collaboration software that can provide employers and employees with the flexibility to access the required information on the go. On the other hand, the use of predictive analytics is helping in deriving inferences regarding continuous employee progress through various charts and infographics. HRM solution providers are focusing on all these evolving technological trends and aligning their software solutions with the changing requirements of customers. The development of such advanced solutions bodes well for the market growth.
Remote working is turning out to be the new norm in the wake of the outbreak of the COVID-19 pandemic. Hence, market players are investing in R&D activities to provide HRM solutions that are efficient and easy to deploy and can potentially support the remote working model. Meanwhile, as remote working becomes the new norm, key market players, such as Oracle Corporation, SAP SE, Workday Inc., and UKG, are upgrading their existing solutions in line with the evolving trends and have started offering their products over the cloud as part of the efforts to annul the need for periodic system upgrades. All these factors are expected to contribute to market growth.
Remote working practices are prompting small and medium enterprises to opt for the latest HRM solutions so that strategic decisions can be made efficiently. The popularity of HRM solutions among these organizations is growing in line with the strong emphasis they are putting on talent acquisition and workforce planning to address the challenges associated with retaining human capital.
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Human Resource Management Market Segmentation
Grand View Research has segmented the global human resource management market based on component, software, service, deployment, enterprise size, end-use, and region:
· Human Resource Management Component Outlook (Revenue, USD Million, 2017 - 2028)
o Software
o Service
· Human Resource Management Software Outlook (Revenue, USD Million, 2017 - 2028)
o Core HR
o Employee Collaboration & Engagement
o Recruiting
o Talent Management
o Workforce Planning & Analytics
o Others
· Human Resource Management Regional Outlook (Revenue, USD Million, 2017 - 2028)
o North America
o Europe
o Asia Pacific
o Latin America
o MEA
Market Share Insights
· January 2020: Accenture signed a contract to acquire Workday, U.S. MuleSoft, and Salesforce practices from Sierra-Cedar. The acquisition was aimed at strengthening Accenture’s position in the Workday ecosystem and expand the company’s services to government organizations and higher education institutions seeking to transform their core software systems for finance, accounting, human resources, and student services.
· November 2019: Cezanne HR partnered with HFX, a provider of SaaS workforce management systems, to offer an integrated Time & Attendance and HCM suite. The joint solution built on the Cezanne HR software suite can handle different working-time patterns and worker categories by providing support for time & attendance modules, including shift pattern design, rostering, and clocking in times and out times.
Key Companies profiled:
Some prominent players in the Human Resource Management market include
- Accenture
- ADP, Inc.
- Cezanne HR Ltd.
- Ceridian HCM Holding, Inc.
- International Business Machines Corp. (IBM)
- Kronos Incorporated (now Ultimate Kronos Group)
- Mercer LLC
- NetSuite, Inc.
- Oracle
- PwC
- SAP SE
- Talentsoft
- UKG, Inc.
- Workday, Inc.
Order a free sample PDF of the Human Resource Management Market Intelligence Study, published by Grand View Research.
The global human resource management market size is anticipated to reach USD 38.17 billion by 2027, registering a CAGR of 11.7% from 2020 to 2027, according to a new report by Radiant Insights, Inc. Increasing need for managing the widespread workforce coupled with growing demand for replacing legacy systems with improved human capital management platforms is anticipated to fuel the growth.
Human resource management (HRM) solution providers focus on developing software/solutions that can easily integrate with mobile apps, thereby enabling employees and employers to access information pertaining to time and attendance, leaves, and performance status from their personal devices.
Various solution providers are developing innovative solutions that integrate upcoming technologies into HR systems for enhanced organizational performance.
The use of cloud technology enables various Small and Medium Enterprises (SMEs) to adopt modern HRM solutions at reasonable prices without the need for constant upgrades or replacements of systems.
In today’s improving workforce conditions, companies are enabling more technology investments that can assist in recruitment, management, and enhancement of human resources.
This is expected to increase the demand for the support and maintenance services • The demand for hosted deployment segment is expected to witness growth over the forecast period, owing to the ease of integration with other systems, ease of use, and reduced costs • The large enterprises segment dominated the market in 2019 and is expected to maintain its dominance during the forecast period, as these enterprises are increasingly adopting automation solutions for managing a large workforce • The retail segment is expected to expand at the highest CAGR from 2020 to 2027.
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The global human resource management software market size was valued at US$ 13.01 billion and is expected to exhibit at a CAGR of 10.7% over the forecast period.
Human resource management software is used to address the above issues of employee turnover by automating company processes and increasing return on investment (ROI).
By enhancing employee engagement, monitoring employee goals and success, and understanding the main reasons for workers leaving their jobs, the program also helps businesses retain their employees, thus assisting them in reducing employee turnover.Read More: https://introspectivemarketresearch.com/reports/human-resource-management-software-market/The latest research report published by Introspective Market Research on Human resource management software Market is intended to provide you with reliable data on various key factors shaping the growth curve of the market.
In-depth market estimates of the various opportunities in the segment are expressed.
Volume and revenue, Insights and analysis on the Human resource management software Market spans multi ple pages.
These are covered in various sections, including drivers and constraints, challenges and opportunities, regional segmentation and opportunity assessment, end-use/applicability forecast analysis, and competitive landscape assessment.Browse now for Full Report Index or a Sample Copy @:https://www.introspectivemarketresearch.com/request/14680Some are the players that are considered in the coverage of this study are:ADP LLC, Workday, Oracle Corporation, Kronos, Ultimate Software, SAP SE.
