Human Resource Management Software Market To Capitalize On Rising Demand From Multiple End-Use By 2027
Human Resource Management Software Market 2020 : Growing Adoption of Workforce Analytics Solutions in Human Resource Departments; Robotic Process Automation Technology- A Fast Growing Trend Among HR Departments; Rise of Cloud Computing in the HRMS Industry
The global human resource management software market accounted for US$ 15.78 Bn in 2018 and is expected to grow at a CAGR of 7.5% over the forecast period 2019-2027, to account for US$ 30.06 Bn by 2027.
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The job crisis and economic highs and lows have made employers skittish. The employment of workforce analytics to assess the individual performance of employees and ensure the continuous growth of companies can drive the demand successfully. The workforce analytics solution is transforming the human resource management through its capabilities to analyze compensation, benefits, and other employee variables. The solutions are also used to analyze and enhance labor allocation for specific projects. According to a survey in 2015, ~82% of organizations plan to increase the use of Big Data in the HR industry over the next 3 years. Companies across the world are recognizing the significance of talent-related data in managing retention, recruitment, turnover, etc. Increasingly, workforce analytics solutions are seen as an essential tool to shape future business strategies.
Workforce analytics study the behavior of employee data to make better workforce decisions. This helps in lifting the productivity of existing employees, rather than employing additional staff, and enhancing the selection criteria. Workforce analytics solutions allow enterprises to examine the HR data from numerous HR systems and draw out the assumptions based on their analysis. These solutions could enable enterprises find the best practices for retention, recruitment, and employee engagement. Thus, the growing demand for workforce analytics solutions is driving the market for the human resource management software market.
The market for human resource management software is segmented on the basis of component, enterprise size, and end-user. Based on component, the human resource management software market is segmented into solutions and services; solutions is further fragmented into core HR, recruiting, talent management, workforce planning, and analytics, and others; while services are further categorized as professional services and managed services. Professional services is further segmented into integration and deployment, support and maintenance, training, and consulting. On the basis of enterprise size, the human resource management software market has been segmented into large enterprise and SMEs. Based on end user, the human resource management software market is sub segmented into BFSI, government, healthcare, IT and telecom, manufacturing, retail, and others. Further, on the basis of geography, the human resource management software market has been broadly fragmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The well-established market players operating in the human resource management software market are Automatic Data Processing, Inc. (ADP), Accenture PLC, Ceridian HCM Inc., Cezanne HR Ltd., Kronos Inc., Oracle Corporation, Paycom Software, Inc. SAP SE, Ultimate Software Group Inc., and Workday Inc.
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The overall global human resource management software market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global human resource management software market. It also provides an overview and forecast for the Human resource management software market based on all the segmentation provided for the global region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the human resource management software industry.
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