Human Resource Management Market, By Service (Integration and Development, Support and Maintenance,

Published Date: April 2020 | Report Code : IT2064209

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Human Resource Management Market, By Service (Integration and Development, Support and Maintenance, Training and Consulting), Software (Core HR, Employee Collaboration and Engagement, Recruiting, Talent Management, Workforce Planning and Analytics), Deployment (Hosted, On-Premise,), and By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) – Market Size & Forecasting To 2028

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Report Code : IT2064209

Status : Published April 2020

The Global Human Resource Management Market size was valued at USD 16.01 billion in 2019 and is predicted to exhibit at a CAGR of 11.7% from 2017 to 2028, anticipated to succeed in USD 38.17 billion by 2028. The increasing need for managing the widespread workforce including growing demand for replacing legacy systems with improved human capital management platforms is anticipated to fuel the expansion. Human resource management (HRM) solution providers specialize in developing software/solutions which will easily integrate with mobile apps, thereby enabling employees and employers to access information concerning time and attendance, leaves, and performance status from their devices.

Technological proliferation within the field of massive data analytics, machine learning (ML), AI (AI), and the Internet of Things (IoT) is predicted to positively impact the expansion of the HRM market. Various solution providers are developing innovative solutions that integrate upcoming technologies into HR systems for enhanced organizational performance. The technology proliferation and improved features increase the transparency across the organizations and supply flexibility to access data anytime and anywhere across the world.

The increased adoption of cloud deployment across all industries is predicted to accelerate the demand for HRM solutions over the forecast period. The utilization of cloud technology enables various Small and Medium Enterprises (SMEs) to adopt modern HRM solutions at reasonable prices without the necessity for constant upgrades or replacements of systems. In today’s improving workforce conditions, companies are enabling more technology investments which will assist in recruitment, management, and enhancement of human resources.

Key Factors Impacting the Growth of Human Resource Management Market:

  • The talent management software segment is anticipated to expand at a significant CAGR over the forecast period, due to features like attracting, recruiting, and retaining the human assets of their organization
  • Post the implementation of HRM software, organizations require support and maintenance services from their vendors. this is often expected to extend the demand for the support and maintenance services
  • The demand for hosted deployment segment is predicted to witness growth over the forecast period, due to the convenience of integration with other systems, simple use, and reduced costs
  • The large enterprise segment dominated the market in 2019 and is predicted to maintain its dominance during the forecast period, as these enterprises are increasingly adopting automation solutions for managing a large workforce
  • The retail segment is predicted to expand at the highest CAGR from 2020 to 2028. The rapid climb of the retail industry has resulted in large-scale hiring also as employee retention in the least levels of the industry by ensuring better job roles, career paths, and benefits. In an effort to streamline these functions, a large number of organizations operating within the retail industry choose HRM solutions
  • Asia Pacific is anticipated to expand at a big CAGR during the forecast period, due to the rapid industrialization and digitization initiatives taken by the governments within the region
  • The key players within the human resource management market 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; Talentsoftl Ultimate Software; and Workday, Inc.

The Human Resource Management market segmentation is based on Service, Software, Deployment, and Region.

Service Outlook:

On the basis of service, the market is segmented into integration and deployment, support and maintenance, and training and consulting. The integration and deployment function accounted for the most important market share in 2019. The large-scale demand for the implementation of the latest HRM systems and/or integration of the latest systems with the prevailing systems at the workplace is predicted to drive the expansion. Integration and deployment allow organizations to see and access data for better deciding. Hence, increased organizational demand to reinforce the services of their existing systems, growing preference of automation, and adoption of cloud computing are a number of the important factors driving the market growth.

The support and maintenance segment is predicted to witness the fastest growth during the forecast period. Within the present scenario, technology is changing at a substantial pace, leading to continuous upgrades within the system. Human resource management solutions also got to be updated with the changing technologies and organizations need vendor support just in case of troubleshooting and technical issues, thereby leading to the faster growth of the segment. The emergence of HRM business models to seek out and fix issues regarding software quality is predicted to further drive expansion.

Software Outlook:

Based on software, the human resource management market is segmented into core HR, employee collaboration and engagement, recruitment, talent management, workforce planning, and analytics, et al. The core HR software accounted for a serious market share in 2019 due to the high demand for automation of various HR functions within the department. Primary functions provided by the software include payroll administration, time and attendance, and HR compliance tasks. Benefits like flexibility and straightforward access to data are leading to its increased adoption across the world.

The talent management software segment is predicted to grow rapidly over the forecast period. Talent management software assists HR professionals in increased strategic deciding. It helps them align the organizational goals with talent acquisition and succession planning activities, thereby increasing the general performance of the corporate. Furthermore, it also offers features, like inviting, recruiting, and retaining the workers who are believed to be the assets of the organization. The emergence of social media platforms and video platforms for recruiting is that the latest trend driving the segment growth.

Deployment Outlook:

On the idea of deployment, the market is segmented into hosted and on-premises. The on-premise segment dominated the market in 2019. Initially, when the HR processes were undergoing a transition from paper to software, the foremost feasible option was to implement on-premise solutions. Several organizations have opted for on-premise HR solutions as they are doing not require an online connection and offer feasible options for the novel customization of the software. The on-premise solutions offer more data security and help companies to suits various regulations.

The hosted solutions segment is predicted to account for the very best CAGR over the forecast period, due to the increasing use of mobile devices and advancements in information sharing technologies. The increased availability of internet connections at affordable rates is predicted to extend the demand for hosted deployment of HR solutions in organizations. Hosted solutions function within the sort of Software as a Service (SaaS) which will be used without the necessity of buying it and even allow remote access employing a browser. Furthermore, the hosted solutions also offer convenience to companies and benefits like rapid integration, low operational manpower requirement, and reduced maintenance.

Regional Outlook:

North America dominated the HRM market in 2019. The presence of various HRM solution providers is predicted to significantly drive the regional market growth. The organizations in the U.S. are specializing in increasing labor efficiency and productivity by using HRM solutions for time and attendance, payroll, and talent management activities, which is predicted to further boost the expansion. North America, being an early adopter of the latest technologies, has exhibited rapid implementation of cloud-native technologies.

Asia Pacific is predicted to take care of a rapid CAGR in the future due to the presence of emerging economies, like China and India. The expansion also can be attributed to the increasing government initiatives for supporting the digitalization of business processes and the adoption of cloud-based systems. The regional population is witnessing a shift toward the service sector from the agricultural or manufacturing sector, due to better pay, which is further driving the regional market growth. Moreover, the emergence and high investment by large corporations, deploying new technologies are the factors driving the regional market growth.

Competitive Landscape

The market is very fragmented in nature and a number of players hold a big market share. The 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; SAP SE; Talentsoft; Ultimate Software; and Workday, Inc.

Major players are adopting various strategic initiatives, like mergers and acquisitions, partnerships, and collaborations for technologies and new product development.

This report also includes the profiles of key Human Resource Management market companies along with their SWOT analysis and market strategies. In addition, these competitive landscapes provide a detailed description of each company including future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launch, new product developments, and other latest industrial developments.

Key Developments in Human Resource Management Market:

In October 2018, Accenture acquired DAZ Systems, Inc., a provider of Oracle ERP Cloud services with experience in helping organizations within the deployment and integration of enterprise performance management and human capital management applications.

What Does This Report Provide?

This report provides a detailed understanding of the global Human Resource Management market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market.

Market Segmentation:

By Service

  • Integration and Development
  • Support and Maintenance
  • Training and Consulting

By Software

  • Core HR
  • Employee Collaboration and Engagement
  • Recruiting
  • Talent Management
  • Workforce Planning and Analytics

By Deployment

  • Hosted
  • On-Premise

By Region:

  • North America Human Resource Management Market
    • By Country (US, Canada, Mexico)
    • By Service
    • By Software
    • By Deployment
  • Europe Human Resource Management Market
    • By Country (Germany, Russia, UK, France, Italy, Spain, Rest of Europe)
    • By Service
    • By Software
    • By Deployment
  • Asia Pacific Human Resource Management Market
    • By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
    • By Service
    • By Software
    • By Deployment
  • Middle East & Africa Human Resource Management Market
    • By Country (UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa)
    • By Service
    • By Software
    • By Deployment
  • South America Human Resource Management Market
    • By Country (Brazil, Argentina, Colombia, Rest of South America)
    • By Service
    • By Software
    • By Deployment

Reasons to Buy This Report:

  • Market size estimation of the Human Resource Management market on a regional and global basis
  • Unique research Usage for market size estimation and forecast
  • Profiling of major companies operating in the market with key developments
  • Broad scope to cover all the possible segments helping every stakeholder in the market

Customization:

We provide customization of the study to meet specific requirements:

  • By Segment
  • By Sub-segment
  • By Region/Country

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