The global human resource management software market is expected to exhibit a robust 14% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global human resource management software market is analyzed in detail in the report, which presents a detailed outline of the market’s historical growth trends and further provides forecasts regarding the market’s likely growth trajectory over the forecast period. Leading players in the global human resource management software market are also profiled in the report to provide readers with a clear picture of the market’s competitive landscape.
Human resource management software has become a major component of the major corporate sector due to the growing demand for streamlined, centralized management of human resource management materials. The traditional stack of paperwork that represented human resource management jobs has been replaced in the modern world by online databases and artificial intelligence (AI), which has made the job of HR executives much easier and more streamlined. The centralized management of HR operations in human resource management software allows ease in cross-department operations, as all relevant data is stored on a single database. The automation of HR activities through human resource management software also eliminates the risk of manual error, thus making HR divisions more efficient and productive.
The increasing incorporation of AI into human resource management software is likely to be a key trend in the global human resource management software market over the forecast period. AI is applied in various ways in human resource management, including screening applicants when they first apply, to tracking their applications and then helping to integrate them into the company’s workflow through digital walk-throughs and portals.
On the other hand, human resource management software developers are likely to focus exceedingly on the incorporation of robust security tools into the software in the coming years, as human resource management software presents a major security risk due to the large volume of personal employee information contained in the database. This is also likely to be a key factor in the human resource management software market’s growth over the forecast period.
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The market for human resource management software has been segmented on the basis of deployment, organization size, solution, service, vertical, and region.
By deployment, the market is segmented into on-premise and on-cloud deployment.
By organization size, the human resource management software market is segmented into small & medium enterprises and large enterprises.
By solution, the HR management software market is segmented into workforce management, sourcing and recruitment, applicant tracking system, talent management, and others.
By service, the market is segmented into integration & deployment, support & maintenance, training & consulting.
By vertical, the human resource management software market is segmented into BFSI, IT & Telecom, public sector, manufacturing, retail, healthcare, transportation & logistics, and others.
North America is likely to dominate the global human resource management software market over the forecast period due to the growing adoption of AI and digital tools in the corporate sector in the region. Widespread availability of high-grade communications infrastructure and cloud support has also been a major driver for the human resource management software market in the region. Leading players in the global human resource management software market are also located in North America, further increasing the region’s promise.
Asia Pacific is expected to exhibit the fastest growth rate in the global human resource management software market in the coming years due to the growing demand for digital support to HR functions in the corporate sector in countries such as China, India, Japan, and South Korea.
Leading players in the global human resource management software market include IBM Corporation, Cezanne HR Ltd., Accenture PLC, Ultimate Software Group Inc., Talentsoft, Automatic Data Processing LLC, Oracle Corporation, Kronos Inc., SAP SE, and Workday Inc.
In July 2019, ThinkHR and Mammoth HR announced a merger, with the combined company likely to utilize the individual specialties of each company and focus on expanding its product catalog to cater to end users in a wide range of industries.
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