According to a report,“Human Resource Management Market Size, Share & Trends Analysis Report By Software (Core HR, Talent Management), By Service, By Deployment, By Enterprise Size, By End Use, And Segment Forecasts, 2019 – 2025”, published by Grand View Research, Inc., The global human resource management market is anticipated to reach USD 30.01 billion by 2025, registering a CAGR of 11.0% from 2019 to 2025, Increasing need for managing the widespread workforce and growing demand for replacing the legacy systems with improved human capital management platforms is anticipated to fuel the growth.
Technological proliferation in big data analytics, machine learning, Artificial Intelligence (AI), and Internet of Things (IoT) is expected to positively impact growth of the human resource management (HRM) market. Various HRM providers are developing innovative solutions that integrate upcoming technologies into HR systems for enhanced organizational performance.
HRM solution providers are focusing on developing software/solutions that 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.These features increase the transparency across the departments in organizations and provide flexibility to the managers to access data anytime and from anywhere across the globe.
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 to constantly upgrade or replace the systems.
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 & maintenance services. The segment is estimated to expand at a CAGR of over 14.0% from 2019 to 2025.
Retail segment is expected to expand at the highest CAGR of above 13.6% from 2019 to 2025. 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.
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Key Takeaways from the report:
Talent management software segment is anticipated to register a CAGR of above 13.5% over the forecast period, owing to features such as attracting, recruiting, and retaining the human assets of their organization
Demand for hosted deployment segment is expected to witness significant growth over the forecast period owing to the ease of integration with other systems, ease of use, and reduced costs. The segment is anticipated to reach USD 13.88 billion by 2025
Large enterprises led the market in 2018 and is expected to maintain its dominance over the next six years. This dominance can be attributed to focus of organizations on increasing productivity and efficiency of labors with HRM solutions
Asia Pacific HR management market is anticipated to expand at a significant CAGR and reach USD 6.54 billion by 2025, owing to the rapid industrialization and digitization initiatives taken by the regional governments
Key HRM market players 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; Talentsoft; Ultimate Software; and Workday, Inc.; among others
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North America generated the highest revenue of USD 5.21 billion in 2018. Presence of a large number of HRM solution providers is expected to significantly drive the regional growth. Additionally, U.S. is focusing on increasing labor efficiency and productivity by using HRM solutions for time and attendance, payroll, and talent management activities in the organizations is further expected to boost regional market growth.
Growth of Asia Pacific can also be attributed to the increasing government initiatives for supporting digitization of business processes and adoption of cloud-based systems. Presence of several emerging economies, such as China, India, and South Korea are expected to further drive the regional HR management market growth in the forthcoming years.
Human Resource Management Market Share Insights
Technology and software industry is highly fragmented with several players holding significant market share. Key participants 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; Talentsoft; Ultimate Software; and Workday, Inc.; among others.
Major market players are adopting different strategic initiatives such as mergers and acquisitions, partnerships, and collaborations for technologies and new product developments. For instance, in May 2016, Ultimate Software acquired Vestrics, a predictive analytics company that facilitated the enhancement of product offerings in the analytical category
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Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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