Human Resources Management (HRM) Software Market Research Report – Forecast to 2030

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 2030

ID: MRFR/ICT/4751-HCR | February 2023 | Region: Global | 100 Pages         

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Human Resources Management Software Market

Human Resources Management Software Market is expected to reach an approximate market value of USD 33.57 billion with 12.2% CAGR by 2030.
Market Size
CAGR
Dominating Region
Forecast Period
$33.57 Billion
12.2%
North America
2021–2030
Segmentation
By Vertical
By Organization Size
By Service
By Deployment
  • BFSI
  • Healthcare
  • Large Enterprises
  • Small and Medium Enterprises
  • Integration
  • Deployment
  • On-Cloud
  • On-Premise
Companies Profiled
Key Players
Gusto
Microsoft
AP
Sage
Talentsoft
Oracle
ADP
Workday
Kronos
IBM
Market Driving Forces
Drivers
Develop and evolve technological trends and align them
Will help in driving inferences of Employee
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Human Resources Management Software Market Overview:The human resource management software market is expected to reach an approximate market value of USD 33.57 billion by 2030 growing at a 12.2% CAGR during the forecast period 2021–2030. The market is undergoing continued digitization alongside constant automation of HR solutions and operations. This is likely to create a combination of highly effective and agile reskilling strategies that will help the market towards excellent global growth and expansion of the prominent market players and the services rendered by them during the ongoing forecast period. The potential of the human resources management procedure, implementation, and the solutions rendered are playing a major role in enhancing the operations of the HR department of the global market, entities, businesses, enterprises, and corporates, amongst others. The compound annual growth rate (CAGR) of the market is a clear indication that the market has positive attributes that will implement and enhance the working of the HR department especially, which is one of the most important departments for any enterprise or institution. Also, this management is necessary for judicious use of the resources available to the market players and operations so that both the current and future of the market are safe, advantageous, and profitable.

Human Resources Management Software Market   COVID 19 Analysis:There have been many changes that have been instigated post the arrival of novel coronavirus. After the disease was tagged as a pandemic in 2020 by the WHO, there were many alterations made by the companies and entities on a global scale. For instance, since the pandemic was in its initial stage and the lockdown was imposed, the companies had shifted to virtual trade shows and work-from-home trends to meet the market demand and also accomplish the set organizational goals and objectives. The pandemic is already hampering the ability of the market and hence, the companies are implementing their best sources and strategies that will keep up with the market equilibrium of demand and supply in the form of an efficient human resources management system and software.


Hence, the market is largely investing in the research and development sector that will induce better ways of functioning that promote the wise use of resources, time, and effort both for the present and the future generations to come. Also, the governments of various locations across the globe are rolling regulations and schemes that promote wide-scale adoption of the HRM software market and deliver the need for the corporate entities and businesses to function profitably and go with the business running for a long period.


Human Resources Management Software Market  Dynamics:Drivers:The prominent leaders and players of the market use and implement predictive analytics that will help in driving inferences that are related to continuous employee growth and progress by making use of various kinds of infographics and charts. The main focus of the providers dealing in HRM solutions is that they aim to develop and evolve technological trends and align them with the software solutions based on the dynamic needs and demands of the customers. These are acting as major driving forces for the excellent growth of the global market.


Restraints:However, the potential startups that are still in the development phase are struggling with the trends and changes introduced by the pandemic. Also, low investments and lack of availability of capital are barring them to seek HRM solutions and implement them across various verticals for enhanced functioning of various departments and sections. This is likely to present major market restraints during the forecast period that ends in 2028.


Human Resources Management Software Market Technology Analysis:In the wake of the global coronavirus pandemic, remote working had been introduced as a trend. But with the various virus variants and waves hitting the global locations, remote working has become a necessity to keep up with the trends and maintain a proper flow of the supply chain and production mechanism. With the rising investment in the research and development department and activities, the HRM solutions are acting as an efficient resource that goes easy on deployment and also possesses the potential to support and enhance the remote working model. To collaborate motivation with efficiency and personal goals with the organizational objectives, the human resources management software market size is implementing strategies so that there is a feeling of belongingness and recognition integrated with the push and need to come up with comprehensive ideas for the global growth of the market during the forecast period that ends in the year 2028.


Human Resources Management Software Market Segment Overview:The Human resources management software market share is expected to increase during the forecast period of 2021-2028 due to the significant functions and services undertaken by various market segments across various mushrooming global regions. The market has been segmented based on the following:


Based on Component:The component segment of the market includes software and services. The service segment includes an array of professional help like consulting, integration, support, implementation, and maintenance. However, the software segment of the market has further been divided into verticals like talent management, learning and development, payroll, workforce management, recruitment, and Core HR, amongst others.


Based on the size of the organization:The HRM software market solutions can be adopted by the small and medium enterprises (MSMEs), alongside the large enterprises that are functioning globally.


Based on the deployment type:The deployment type segment of the global market operations includes on-premise and on-cloud deployment.


Human Resources Management Software Market Regional Analysis:The human resources management software market growth depicts the North American market trends are expected to hold the largest market share during the market operations globally for the forecast period of 2021-2028. The market driver for the splendid market growth during the region is that the market is home to a variety of market biggies like ADP, IBM, and Oracle that enhance the technological advancements in the region based on their research, development, and implementation. Also, there is a rise in the number of HRM solutions providers in the market that help in large-scale optimization of the company’s HR processes.


The second-largest growth for the global market operations is likely to be enjoyed by the APAC region. The reason is that this region is also implementing HRM solutions and services with a motive to push for solutions that are more data-driven and help the market grow as per its maximum potential during the forecast period of 2021-2028.


Human Resources Management Software Market Competitive Landscape:The HRM software industry indicates the competitive presence of the players on a global scale. To judge the same, the report discusses the prominent players that are functioning for the market. They are as follows:



  • Gusto

  • Microsoft

  • AP

  • Sage

  • Talentsoft

  • Oracle

  • ADP

  • Workday

  • Kronos

  • IBM


Recent Developments:During the pandemic, all the corporate entities, business enterprises, industries, and companies are on the lookout for opportunities that will help them in implementing solutions and strategies that will upgrade the existing flow of solutions and also, enhance the evolving trends for the target audience during the forecast period that ends in 2028.


The market players belonging to the APAC region are facing widespread advancements that relate to the latest technologies inclusive of artificial intelligence, predictive analysis, and machine learning amongst others. These players are facilitating the extensive collaboration and integration of effective and efficient HRM solutions with the present and available analytics showing positive attributes for the global market during the forecast period that ends in 2028. ADP Inc. is one of the major players of the global market that is already on its way to developing and introducing robust HRM solutions that will be efficient and effective in catering to the requirements of large organizations functioning as a part of the global market operations during the current forecast period that ends in 2028. Global market players like Oracle Corporation that has their headquarters in Redwoods, California, USA, and others like SAP SE, UKG, alongside Workday Inc., are on the way to develop and begin offering their products based on cloud that is being recognized as part of the efforts in context to solving the penetrating need of periodic system upgrades.

Intended Audience:



  • Service manufacturers

  • Traders

  • Potential investors and investment firms

  • Business owners

  • Proprietors

  • Government

  • Research and development departments and institutes


Report Overview:The global report helps the potential investors by providing meaningful market insights that will help them make better investment decisions. The global market discusses the functioning of the market before and after the pandemic and the performance of the market segments across various global regions. The report discusses the strategic steps taken by the prominent market players in the form of recent developments during the period that is likely to impact the final market valuation and rate of growth.



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 33.57 Billion
  CAGR   CAGR 12.2%
  Base Year   2020
  Forecast Period   2021–2030
  Historical Data   2019
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Service, Deployment
  Geographies Covered   North America, Europe, Asia-Pacific
  Key Vendors   Gusto Microsoft AP Sage Talentsoft Oracle ADP Workday Kronos IBM
  Key Market Opportunities   
  Key Market Drivers   These are acting as major driving forces for the excellent growth of the global market.


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Frequently Asked Questions (FAQ) :

Oracle Corporation (U.S.), Cezanne HR Ltd. (U.K.),Automatic Data Processing, LCC (U.S.), ), Ultimate Software Group, Inc. (U.S.), Talentsoft (France), Accenture PLC (Ireland) are the noteworthy contenders in the market.

The manufacturing, public sector, retail, transportation, and healthcare are the notable end-user segments of the market.

USD 11 billion in revenue grossing is expected from the global market in the forecast period.

The rest of the world regions, along with Europe, the Asia Pacific, and North America, are covered in the global market.

A 14% CAGR is estimated to be seen in the market during the upcoming period.