Human Resource Professional Services Market Scope
Human Resource Professional Services comprise of comprehensive services offered to business which aid in their talent management, human development, employee engagement, training, benefit programs of employees, employee retaining, and administration. Companies are shifting for contemporary ways to more digital solutions oriented techniques for better Human resource management. Enterprises are increasingly innovating and adopting tech based solutions to reduce the cost of delivering HR services. Growing adoption of cloud based SaaS platforms and other digital solutions has led to significant growth of the Human resource professional services. Currently, North America accounts for largest market share in human resource professional services.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | IBM Corporation (United States), Oracle Corporation (United States), SAP SE (Germany), Skillsoft Inc. (United States), ManpowerGroup (United States), Cornerstone On Demand, Inc. (United States), Kronos, Inc. (United States), ADP, LLC (United States), Workday, Inc. (United States) and Ultimate Software Group, Inc. (United States) |
CAGR | % |
IBM Corporation (United States), Oracle Corporation (United States), SAP SE (Germany), Skillsoft Inc. (United States), ManpowerGroup (United States), Cornerstone On Demand, Inc. (United States), Kronos, Inc. (United States), ADP, LLC (United States), Workday, Inc. (United States) and Ultimate Software Group, Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are BambooHR (United States), Zenefits (United States) and Namely (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Human Resource Professional Services market by Type and Region with country level break-up.
On the basis of geography, the market of Human Resource Professional Services has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
In 2021, Workday, Inc., a United States based on‑demand financial management and human capital management software vendor has announced acquisition of Peakon, which is a data driven HR startup. The acquisition was valued at USD 700 million, all in cash. Peakon offers a SaaS based platforms to enterprises to forge better communication and relationship with their employees, and using series of surveys, generating real time data on employees. The acquisition integrated with Workday’s comprehensive HR services, will significantly bolster its market standings.
In 2021, Clearlake Capital Group, L.P., a United States based private equity firm has announced acquisition of Cornerstone OnDemand, Inc., an American firm specialising in cloud based people development software services, with the signing of a definitive agreement to acquire. The acquisition valuation is around USD 5.2 billion. With the completion of the deal, Cornerstone would become a private company. Combined synergies of both the companies, would allow Cornerstone to accelerate its SaaS based HR solutions.
Influencing Trend:
Integration of Artificial Intelligence and Machine Learning
Market Growth Drivers:
Growing Adoption of Digital Solutions for Backdoor and Front End Operations, Increasing Demand for Reduction of Cost for Delivering HR Services and Rising Consciousness to Improve the Employee Experience
Challenges:
Emergence of Large Number of Local Players in Market
Restraints:
High Cost of Training Existing Employees with New Technology
Opportunities:
SMEs Segment Presents Huge Opportunity to Expand
Key Target Audience
Human Resource Professional Services Provider, New Entrants/Investors, Venture Capitalists and Private Equity Firms, Analysts and Strategic Business Planners and End-Use Industries