Human Resources Management Software Market Research Report- Forecast till 2023
The global human resources management software market is growing rapidly. The human resources management software (HRMS) increases efficiency and minimizes the error rate by automating manual HR activities and helps HRD analyze the organization’s operational trends. The market growth attributes to the cost-benefit that human resources management software (HRMS) and added advantage of cloud-based services offer, allowing shared infrastructure to enable categorized applicant details.
Moreover, increasing technological advances escalate the growth of the market. According to Market Research Future (MRFR), the global human resources management software market valuation is poised to reach USD 11 BN by 2023, growing at 14% CAGR throughout the review period (2018–2023). Integration of HR management software with cloud services brings in various customization options. Thus, these solutions help HRDs of organizations to generate more revenue & profit by improving their decision making power efficiently.
Additionally, the emergence of rapidly evolving IoT in wired & wireless technology positively impacts the market growth. Also, growing numbers of enterprises, alongside the efficacy of these systems that demonstrate high reliability, accelerate the market growth, increasing the uptake of HRMS solutions. Moreover, increasing industrialization and rapid economic growth in countries worldwide push the development of the market.
Furthermore, the growing market penetration of cloud technology and IoT (internet of things) devices increase the size of the market. On the other hand, rising cybersecurity and data security issues are significant factors forecasted to impede market growth, promoting needs for extra safety measures for data security and access to sensitive information. Also, high initial investments required to implement HRMS solutions act as major hurdles to market growth. Nevertheless, the growing trend of cloud platform adoption would support market growth throughout the assessment period.
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The report is segmented into five dynamics;
By Deployment : On-premise and On-cloud deployment.
By Solution : Workforce Management, Sourcing & Recruitment, Applicant Tracking System, Talent Management, and others.
By Service : Integration & Deployment, Support & Maintenance, Training & Consulting.
By Vertical : BFSI, IT & Telecom, Public Sector, Manufacturing, Retail, Healthcare, Transportation & Logistics, and others.
By Regions : North America, Europe, APAC, and Rest-of-the-World.
Human Resources Management Software (HRMS) Market – Geographical Analysis
North America dominates the global for the human resources management software market. The largest market share attributes to the early adoption of advanced technologies such as automation and cloud-based services in HRM software. Besides, leading innovations and technological advances in HRM solutions drive regional market growth.
Moreover, high investments in research and developments in cloud technology and high economic growth are the major factors fostering the regional market growth. The North American human resources management software market is poised to retain its dominance throughout the forecast period.
The Asia Pacific human resources management software market is emerging as the fastest-growing space, globally. Factors such as the growing government initiatives for supporting digitalization and the increasing adoption of cloud-based services in the region boost the growth of the market.
Emerging economies like India, China, and South Korea are leading in the regional market. The APAC human resources management software market is expected to grow significantly during the forecast period.
Global HRMS Market — Competitive Landscape
Highly competitive, the human resources management software market appears fragmented due to the presence of several notable players. Industry players adopt strategic initiatives such as mergers & acquisitions, collaboration, expansion, and technology launch to gain a larger competitive share.
These players also make substantial R & D investments in developing a technology with unrivaled design and features on an entirely different level than their competition. A considerable amount of investments go into expansion plans to increase global reach and to gain diverse expertise.
Players leading the HRMS market are, SAP SE (Germany), Workday, Inc. (US), Kronos, Inc. (US), Automatic Data Processing, LCC (US), Oracle Corporation (US), Talentsoft (France), Accenture PLC (Ireland), Ultimate Software Group, Inc. (US), Cezanne HR Ltd. (UK), Ultimate Software (US), IBM Corporation (US), PricewaterhouseCoopers (India), Mercer LLC (US), NetSuite, Inc. (US), and Ceridian HCM, Inc. (US), among others.
August 28, 2020 —- Johnson Controls Johnson Controls International plc. (Ireland), a leading global provider of smart and sustainable building technologies, announced that it is launching a comprehensive suite of digital solutions – OpenBlue Healthy Buildings to make shared spaces safer as people begin to return to offices.
By combining several years of building systems expertise with cutting edge technology, OpenBlue Healthy Buildings solutions would protect and instill confidence in building occupants and visitors. The new solution can also minimize disruption occurring in cases of COVID-19 cases among employees, accelerating building re-occupancy by automating and streamlining safety protocols.
These increase communication touchpoints between building management, human resources, and employees for providing real-time information and fuller transparency while also supporting productivity and experience features like calendar integration and comfort control.
Also, customers would maximize occupancy targets while maintaining safety, understand how their spaces are used and repurposed easily based on data, and help employees be more productive when they are in the office.
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Human Resources Management Software Market Research Report, Vertical (BFSI, Healthcare), Organization Size (Large Enterprises, Small and Medium Enterprises), Service (Integration and Deployment), Deployment (On-Cloud, On-Premise) — Global Forecast till 2023
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