Human Resources Management Software Market Analysis
Human Resources Management (HRM) Software refers to a suite of software applications used to manage human resources and related processes 1. HRM software typically includes functionality for everything from employee data management to recruitment, benefits administration, and performance management. Popular HRM software products include Gusto, Rippling, Factorial, and many others. An HRMS, or Human Resources Management System 12, is another term used to describe this type of software. The benefits of using HRM software include increased efficiency, improved accuracy, and streamlined HR workflows. Using HRM software can help businesses of all sizes manage their HR processes more effectively and enhance their HR management capabilities.
Human Resources Management (HRM) Software Market Share was valued at USD 13.3 billion in 2021. The Human Resources Management (HRM) Software market industry is projected to grow from USD 14.92 Billion in 2022 to USD 33.40 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 12.2% during the forecast period (2022-2030). Improvements in modern technologies, growing adoption of automation, and digitization of HR operations are the key market drivers enhancing market growth.
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 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), and Workday, Inc. (U.S.), among others.
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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.
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.
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