Human Resources Management Software Market Analysis
The global human resources management software market is predicted to touch USD 11 billion at a 14% CAGR between 2020- 2027, states the recent Market Research Future (MRFR) analysis. Human resource software has been designed for helping employees and management in performing at their complete potential and is implemented by businesses of every size to improve productivity and overall employee satisfaction.
Various factors are fuelling the human resources management software market share. As per the recent MRFR market estimates, such factors include the growing adoption of AI, IoT, machine learning, and data analytics, advances in IT, increasing use during COVID-19 pandemic, introduction of predictive analytics in HR processes, and increasing need for automation of systems in sourcing candidates as per job profile from healthcare, retail, and IT and telecom industries.
On the contrary, security issues related to the software may limit the global human resources management software market growth over the forecast period.
Human Resources Management Software Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global human resources management software market based on vertical, service, solution, organization size, and deployment.
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By deployment, the global human resources management software market is segmented into on-cloud deployment and on-premise. Of these, the on-cloud segment will lead the market over the forecast period.
By organization size, the global human resources management software market is segmented into large enterprises and small and medium enterprises. Of these, the small and medium enterprises will dominate the market over the forecast period.
By solution, the global human resources management software market is segmented into talent management, applicant tracking system, sourcing and recruitment, workforce management, and others. Of these, the workforce management segment will spearhead the market over the forecast period.
By service, the global human resources management software market is segmented into training and consulting, support and maintenance, and integration and deployment. Of these, the training and consulting segment will have the lions share in the market over the forecast period.
By vertical, the global human resources management software market is segmented into transportation and logistics, healthcare, retail, manufacturing, public sector, IT and telecom, BFSI, and others. Of these, the IT and telecom is predicted to command the market over the forecast period.
Human Resources Management Software Market Regional Analysis
By region, the global human resources management software market covers the recent trends and growth opportunity across North America, Europe, the Asia Pacific (APAC), and Rest of the World (RoW). Of these, North America will head the market over the forecast period. Early adoption of technologies like cloud-based services and automation, well-established economies, constant innovations, high investments in R&D in cloud technology, the presence of several HRM solution providers, focus to increase productivity and labor efficiency in the US by using HRM solutions for attendance and time, talent management activities, and payroll, increased adoption of cloud technologies, and increased developments for the cloud model deployment are adding to the global human resources management software market growth in the region.
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In the APAC region, the global human resources management software market is predicted to have healthy growth over the forecast period. The presence of emerging economies such as South Korea, China, and India, increasing government initiatives to support digitalization, growing adoption of cloud-based services, shift towards service sector from agricultural or manufacturing sector for better pay, emergence and high investment by large corporations, deployment of new technologies, and increasing government initiatives towards digitalization are adding to the global human resources management software market growth in the region.
Human Resources Management Software Market Key Players
The leading players profiled in the human resource management software market report include
- Ceridian HCM Inc. (U.S.)
- Mercer LLC (U.S.)
- NetSuite Inc. (U.S.)
- PricewaterhouseCoopers (India)
- Ultimate Software (U.S.)
- IBM Corporation (U.S.). Cezanne HR Ltd. (U.K.)
- Accenture PLC (Ireland)
- Ultimate Software Group Inc. (U.S.)
- Talentsoft (France)
- Automatic Data Processing LCC (U.S.)
- Oracle Corporation (U.S.)
- Kronos Inc. (U.S.)
- SAP SE (Germany)
- Workday Inc. (U.S.)
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Human Resources Management Software Market Research Report, Vertical (BFSI, Healthcare), Organization Size (Large Enterprises, Small and Medium Enterprises), Service (Integration and Deployment), Deployment (On-Cloud, On-Premise) — Global Forecast till 2027Market SynopsisMarket Research Future (MRFR), in its latest report on the Human Resource Management Software Market 2020, reveals different issues associated with COVID-19 outbreak and other issues are elaborated in the report.
The expansion of the human resource management software market can rise at 14% CAGR across 2020 to 2027 forecast period.
The rise in the need for HRM software solutions can cause the global human resource management software market value to touch USD at 11 Bn on the conclusion of the evaluation period.The pressing need to replace high paper work involved in employee management to enhance HR compliance can boost the expansion of the market through the assessment span.
HR management software can effortlessly convert manual paper documents to digital format.
These advantages of HRM software can bolster the expansion of the market through the study period.Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/6212Market SegmentationThe segment study of the world human resource management software market is done by deployment, service, organization size, solution, and vertical.The deployment based HRM software market segments are on-premise deployment and on-cloud deployment.
The growing utility of HRM in emerging SMEs and rise in demand for effective internal environment control of large organizations can bolster the expansion of the HRM market.
Across the world, in some of the areas of healthcare industry are yet to adopt information technology and new business process because of lack of budget, infrastructure and understaffed.
HR software provides various benefits like managing database and providing security, minimizing the time spent on the administrative, tracking employee record and other work.
Increasing popularity due to its various benefits has increase the market in recent years.
Various drivers are responsible for the increasing the growth of the healthcare HR software market in America like Increase in the technology, industrial growth and increase in small and medium organization has significantly increase the Human resource software market in healthcare sector.
Various types of software are developed as per requirement like Core HR, Workforce Management, Compensation Management, SaaS and other.
In the market of SaaS software North America holds about 52% of total SaaS market and contribute about 14 billion in global market.
