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.
Technological proliferation in the field of big data analytics, machine learning (ML), artificial intelligence (AI), and Internet of Things (IoT) is expected to positively impact the growth of the HRM market. Various solution providers are developing innovative solutions that integrate upcoming technologies into HR systems for enhanced organizational performance. The technology proliferation and improved features increase the transparency across the organizations and provide flexibility to access data anytime and anywhere across the globe.
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The increased adoption of cloud deployment across all industries is expected to accelerate the demand for HRM solutions over the forecast period. 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.
Further key findings from the report suggest:
• The talent management software segment is anticipated to expand at a significant CAGR over the forecast period, owing to features such as attracting, recruiting, and retaining the human assets of their organization
• Post the implementation of HRM software, organizations require support and maintenance services from their vendors. 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. The rapid growth of the retail industry has resulted in the large-scale hiring as well as employee retention at all levels of the industry by ensuring better job roles, career paths, and benefits. In an attempt to streamline these functions, a large number of organizations operating in the retail industry opt for HRM solutions
• Asia Pacific is anticipated to expand at a significant CAGR during the forecast period, owing to the rapid industrialization and digitization initiatives taken by the governments in the region
• The key players in the human resource management market include Accenture PLC; Automatic Data Processing (ADP), Inc.; Cezanne HR Ltd.; Ceridian HCM, Inc.; IBM Corporation; Kronos Incorporated; Mercer LLC; NetSuite, Inc.; Oracle Corporation; PricewaterhouseCoopers (PwC); SAP SE; Talentsoftl Ultimate Software; and Workday, Inc.
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Table of Contents
Chapter 1 Methodology and Scope
1.1 Research Methodology
1.2 Research Scope and Assumptions
1.3 List of Data Sources
Chapter 2 Executive Summary
2.1 Human Resource Management (HRM) Market - Industry Snapshot & Key Buying Criteria, 2016 - 2027
2.2 Global Human Resource Management (HRM) Market, 2016 - 2027 (USD Million)
2.2.1 Global Human Resource Management (HRM) market, by region, 2016 - 2027
2.2.2 Global Human Resource Management (HRM) market, by software, 2016 - 2027
2.2.3 Global Human Resource Management (HRM) market, by service, 2016 - 2027
2.2.4 Global Human Resource Management (HRM) market, by deployment, 2016 - 2027
2.2.5 Global Human Resource Management (HRM) market, by enterprise size, 2016 - 2027
2.2.6 Global Human Resource Management (HRM) market, by end-use, 2016 - 2027
Chapter 3 Human Resource Management (HRM) Industry Outlook
3.1 Market Segmentation and Scope
3.2 Market Size & Growth Prospects
3.3 Human Resource Management (HRM) Market - Value Chain Analysis
3.3.1 Vendor landscape
3.4 Human Resource Management (HRM) Market - Market Dynamics
3.4.1 Market driver analysis
3.4.1.1 Increasing demand for the automation of HR processes
3.4.1.2 Growing applications of big data analytics and mobile technology in HRM systems
3.4.2 Market challenges analysis
3.4.2.1 Resistance of workforce toward the adoption of new HR solutions
3.5 Penetration and Growth Prospect Mapping
3.6 Human Resource Management (HRM) Market - Company Market Share Analysis, 2019
3.7 Human Resource Management (HRM) Market - Porter’s Five Forces Analysis
3.8 Human Resource Management (HRM) Market - PESTEL Analysis
3.9 Human Resource Management (HRM) Market - Evolution Analysis
Chapter 4 Human Resource Management (HRM) Software Outlook
4.1 Human Resource Management (HRM) Market Share By Software, 2019
4.2 Core HR
4.2.1 Core HR software market, 2016 - 2027
4.3 Employee Collaboration & Engagement
4.3.1 Employee collaboration & engagement software market, 2016 - 2027
4.4 Recruiting
4.4.1 Recruiting software market, 2016 - 2027
Continued…
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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.
Talent management has become one of the main functions of the Human Resources area.
Not surprisingly, the skills and commitment of workers are two of the keys to the success of any company.There was a time when the Human Resources area was mainly concerned with routine tasks and little less than mechanical tasks.
We talk about the processing of payrolls, hiring, and general supervision of the rules of the organization.
This scheme has been blown up in the last decade and a half and companies have begun to develop more proactive talent management.
Talent management encompasses all the processes in the Human Resources area that are aimed at recruiting, retaining, and optimizing talent.
According to this idea, talent management would be characterized by emphasizing aspects such as motivation, commitment, or projection of employees within the company.This vision covers the entire work cycle of the employee in the company since it starts with the arrival of a new worker on the staff and remains until his departure from the company.The Importance Of Good Talent ManagementThe management of human talent pursues, among other objectives, that employees feel motivated, satisfied, and, as a result, committed to the brand.Remember that the lack of commitment translates into higher rates of absenteeism and a significant decrease in productivity.This is borne out by studies such as the one carried out in Spain by Watch & Act for 2018, where it is verified that absenteeism fell to 37% in companies that began to adopt measures to increase the commitment or Engagement of their workers.In any case, Spanish companies still do not generate a strong commitment from their workers as a general rule.
