Global Human Resource Management Software Market was valued at USD 15.34 Bn in 2019 and is expected to reach at USD 33.97 Bn by 2027 at a CAGR of 10.45% over forecast period 2020-2027.
Global Human Resource Management Software Market
The report covers an in depth analysis of COVID 19 pandemic impact on Global Human Resource Management Software Market by region and on the key players revenue affected till April 2020 and expected short term and long term impact on the market.
Global Human Resource Management Software Market Dynamics;
Human resource management system (HRMS) software are designed for small and medium sized business. This powerful and easy to use HRMS software allows HR team start working more efficiently on utilizing their time and resource. It offers wide range solutions for human resource data management needs. Organizations across the globe are focusing on creating a digital workplace that enables high productivity, offers flexibility and mobility, and uses modern communication tools. This shift of business processes from legacy systems to digital HR is playing a significant role in the centralization of HR data across all the branches of an organization, thereby allowing for easy data access. Various factors such as rise in cloud & mobile deployment, increasing automation of HR processes, increasing adoption of core HR by SMEs and organizations inclination toward HR analytics are driving the global human resources management market over forecast period.
However, factors such as reluctance to the adoption of core HR software, lack of awareness about new technologies & capabilities in core HR software and regional difference in labour laws are restraining the market growth over forecast period.
Global Human Resource Management Software Market segmented by software type, service, deployment, enterprise size, by end-user and by Region. By software, the core HR software held 27.98% of market share in 2019 and is expected to keep its dominance over forecast period. The high demand for automation of different HR functions in the various government department. Primary functions provided by core HR software includes the payroll administration, time and attendance, and HR compliance tasks. The Core HR software provides great flexibility in terms of deploying the IT infrastructure for the software.
By service, an integration and deployment service is expected to dominate the global market with xx% of market share over forecast period. The large-scale demand for the implementation of new HRM systems with the existing systems by various end users such as
Academia, BFSI, government, healthcare and IT & Telecom is driving the growth of this segment over forecast period. Integration and deployment allows organizations to visualize and access data for better decision making.
By geography, market is segmented into North America, APAC, Europe, MEA& Africa and South America. North America held 34.87% of market share in 2019 and is expected to keep its dominance over forecast period. The presence of major HRM solution providers such as Automatic Data Processing (ADP) (US), Ceridian HCM, Inc. (US), International Business Machine (IBM) Corporation (US), Oracle Corporation (US), Paychex Inc. (US), Paycom Software, Inc. (US) in this region is mainly driving the market growth in this region. The organisations in the United States and Canada are focusing on increasing labour efficiency and productivity by using HRM solutions for time and attendance, payroll, and talent management activities which is expected to create lucrative opportunities for market over forecast period. North America is followed by APAC and Europe.
APAC is expected to hold xx% of market share over forecast period owing to the presence emerging economies, such as China and India. An increasing government initiatives for supporting the digitalization of business processes and adoption of cloud-based systems are expected to drive the market growth in this region.
Global Human Resource Management Software Market has presence of large number of players. Report covers in depth analysis of key development, marketing strategies, value chain, supply chain and company profiles of market leaders, potential players and new entrants. Key players are adopting various organic and inorganic growth strategies such as merger& acquisition, collaborations, expansion, joint ventures, strategic alliances, diversification and new product launches among others to increase their regional presence and business opeartions. For instance, recently ADP partnered with Harri to integrate Harri’s suite for hospitality recruitment with ADP Workforce Now. The new integration would enable employees to have visibility across the entire lifecycle of an employee.
SAP SE dominated the global human resource management market in 2019 and is expected to keep its dominance over forecast period. SAP SuccessFactors Human Experience Management (HXM) Suite provides powerful solutions for core HR and payroll, talent management, employee experience management and people analytics to empower employees while enabling HR leaders to accelerate business growth. The suite is unique in that it builds on the best of HCM and extends it to create truly dynamic, engaging, and employee centered experiences. It also includes powerful experience management capabilities that close experience gaps by combining rich people data and transactional HR data (O-data) with valuable experience data (X-data).
The objective of the report is to present a comprehensive analysis of the Global Human Resource Management Software Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Human Resource Management Software Market dynamics, structure by analyzing the market segments and project Global Human Resource Management Software Market. Clear representation of competitive analysis of key players by price, financial position, Product portfolio, growth strategies, and regional presence in the Global Human Resource Management Software Market make the report investor’s guide.
Scope of Global Human Resource Management Software Market
Global Human Resource Management Software Market segmentation by Software type
• Core HR
• Employee Collaboration & Engagement
• Recruiting
• Talent Management
• Workforce Planning & Analytics
• Others
Global Human Resource Management Software Market segmentation by Service
• Integration & Deployment
• Support & Maintenance
• Training & Consulting
Global Human Resource Management Software Market segmentation by Deployment
• Hosted
• On-premise
Global Human Resource Management Software Market segmentation by Enterprise Size
• Large Enterprise
• Small & Medium Enterprise
Global Human Resource Management Software Market segmentation by End-user
• Academia
• BFSI
• Government
• Healthcare
• IT & Telecom
• Manufacturing
• Retail
• Others
Global Human Resource Management Software Market Segmentation by Region
• North America
• APAC
• Europe
• MEA& Africa
• South America
Global Human Resource Management Software Market Major Players
• Accenture PLC
• Automatic Data Processing (ADP), Inc.
• Cezanne HR Ltd.
• Ceridian HCM, Inc.
• IBM Corporation
• Kronos Incorporated
• Mercer LLC
• NetSuite, Inc.
• Oracle Corporation
• SAP SE
• Talentsoft
• Ultimate Software
• Workday, Inc.
• Paycom Software, Inc.
• CoreHR (Ireland)
• Employ Wise (India)
• SumTotal Systems, LLC
• Ultimate Software (US)
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Human Resource Management Software Market – Global Industry Analysis and Forecast (2023 to 2029)
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