ID: MRFR/HCIT/0118-HCR | 85 Pages | Published By Rahul Gotadki on April 2023
Healthcare Human Resources (HR) Software Market is expected to grow at a CAGR of 4.60% during the forecast period 2022-2030.
Healthcare human resources (HR) software market is anticipated to reach USD 1,288.48 Million by 2030 at 4.60% CAGR during the forecast period 2022-2030.
The department of human resources is involved in managing various functions like training, recruitment, vacation leaves, salary hikes, bonus, and management of pay benefits. Human resource (HR) Software helps maintain confidential data such as employee information, contact number, address, and financial data. HR software provides a Software-as-a-Service (SaaS) model that ensures increased capabilities for effective management of employee life-cycle in the healthcare sector.
The increase in error in managing organizational complexity, HR functions, and compounded inefficiency compels the healthcare industry to look for solutions like human resource solutions. The increase in complexity of the healthcare sector presents a dire need for simplified software to reduce error. The HR software provides numerous benefits, including the security of data and control over important documents. The healthcare HR software streamlines and simplifies the processes and enables the healthcare professionals to deliver quality patient care.
Healthcare HR software helps automate the redundant tasks involved in the HR process, such as the provision of benefits, training, performance evaluations, and certifications. The software increases the engagement level of the healthcare staff in different patient activities. The ability of the software to reduce costs and increase productivity is likely to boost the growth of the healthcare human resources software market. The latest human resources (HR) software market trends and efforts made by the market players are expected to accelerate market growth.
The increase in demand for automation in the healthcare industry is a prominent factor expected to boost the market growth. The increase in the geriatric population, the prevalence of different chronic diseases, and the outbreak of coronavirus disease will further propel the growth of the market. However, concerns relating to data security and the rise in cybercrime cases are likely to hinder the expansion of the Healthcare Human Resources (HR) Software Market Share.
Covid 19 Analysis
The Healthcare Human Resources (HR) Software Market Outlook reveals that the market has been severely affected by the outbreak of the coronavirus pandemic. The lockdowns imposed during the pandemic around the world impacted the development and growth of the market. The production processes were paused. The supply chain experienced major disturbances due to the gap between demand and supply. However, the beneficial features of the healthcare HR software and its ability to enhance work processes in the healthcare industry led to the rise of the Healthcare Human Resources (HR) Software industry Share. The increase in admissions of Covid-19 patients and complexity in handling the cases further accelerated the demand of the market.
The efforts made by the key players in the industry to constantly develop the software and add new features results in the increase of the healthcare human resources software market size. The relaxations of lockdown restriction in different parts of the globe will lead to widening the market.
Major Market Drivers the surge in demand for automation of the healthcare industry is a prominent driver of the market. The rise in the geriatric population worldwide contributes to the expansion of the market share. According to the UN, there were about 703 million people aged 65 years and above in 2019. The prevalence of various chronic diseases and outbreaks of Covid-19 globally is likely to propel the healthcare human resources (HR) software market growth.
The increase in the number of aging nursing professionals and the rise in need of skilled nurses will boost the market. The rise in popularity of healthcare software and increasing awareness among the people are other factors contributing to the growth of the market.
The rise in technological innovations and advancements creates lucrative opportunities for the growth of the healthcare human resources (HR) software market. Adding more features to the software like candidate screening, advertisement management, and link up with the different social media channels will further boost the healthcare human resources (HR) software industry trends.
The Healthcare Human Resources (HR) Software Market analysis shows that increase in cybercrime instances is likely to hinder the market growth. About 467,361 cybercrimes were reported in 2019. The lack of capabilities to handle the software will further affect expanding the market.
The initial costs involved in the development of HR software are potential challenges for the healthcare human resources (HR) software market. The challenges may restrict the market from experiencing rapid growth.
The Healthcare Human Resources (HR) Software Market outlook reveals that the market value will grow rapidly during the forecast period. The Market value has significantly increased from its historical value and is expected to witness a high growth rate in the upcoming future.
The Healthcare Human Resources (HR) Software Market is segmented based on software, administration type, deployment type, application, organization type, and region.
Based on software, the global market is divided into core HR, recruiting, software-as-a-service (SaaS), and others. The software-as-a-service (SaaS) segment is likely to experience maximum growth during the forecast period owing to its high scalability, low, upfront cost, quick setup, and easy upgrades.
The healthcare human resources (HR) software market is segmented into time and attendance, benefits management, payroll, and others based on administration type. The software for payroll is expected to register the highest growth owing to its ability to track deductions and salaries of employees.
Based on deployment type, the market is divided into cloud-based and on-premise. Cloud-based software is likely to experience higher growth during the forecast period.
Based on application, the market is classified into hospital, pharmaceutical industries, laboratories, and others. The healthcare human resources (HR) software market forecast suggests optimum growth of the hospital segment.
Based on organization type, the global market is divided into a large enterprises, small businesses, and medium businesses.
Based on region, the healthcare human resources (HR) software market segmentation includes North America, Asia Pacific, Europe, the Middle East, and Africa.
According to the healthcare human resources (HR) software market analysis, the market regions include Europe, North America, Asia Pacific, and the Middle East, and Africa. North America is the leading segment of the market. The increase in developments in the healthcare sector of the region accounts for the growth of the region. Asia Pacific region is expected to experience significant growth during the forecast period due to the rise in healthcare organizations in the geographical region.
The key players of the market are:
The healthcare human resources (HR) software market forecast report presents an in-depth global market analysis. It sheds light on the factors that accelerate the market growth and the ones hindering it. It includes market dynamics, market opportunities, and market challenges. The healthcare human resources (HR) software outlook provides a view of the different segments of the market. The report highlights the key players in the market and showcases the recent developments in the market.