About HR SaaS
Human Resource Software is used to manage, organize, and automate department activities. It is also known as Human Resource Software as a Service (SaaS) is software that is used in a cloud computing environment. The aim of this program is to maintain track of the company's regulatory and legal employment needs and to also store personnel information, manage payroll and benefits administration, and keep track of the company's regulatory and legal employment needs. HR software is a simple software that stores personnel data in a centralized database that can be accessed easily.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 13.0% |
To stay competitive, software beasts like SAP, Oracle, and ADP are investing in multi-tool HR software. Cloud-based SaaS offers scalable and dependable software while decreasing client infrastructure expenses. Clients can save money on infrastructure by adopting provider-provided cloud-based applications. The companies are exploring the expansion fueled by acquisition, mergers, with more than a dozen purchases covering analytics, team communication, machine learning, identity management, business planning, and more to remain in the competition. Analyst at AMA Research estimates that Global Players will contribute the maximum growth to Global HR SaaS market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Automatic Data Processing (United States), SAP SE (Germany), Oracle Corporation (United States), Ceridian HCM, Inc. (United States), CoreHR (Ireland), EmployWise (India), International Business Machine (United States), Paychex, Inc. (United States), Paycom Software, Inc. (United States), SumTotal Systems, LLC. (United States) and Ultimate Software (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Workday, Inc. (United States), Sage Software (United Kingdom) and Kronos (United States).
Segmentation Overview
AMA Research has segmented the market of Global HR SaaS market by , Application (Payroll, Retention, Recruitment, Workforce Management, Employee Engagement, Employee Development and Others) and Region.
On the basis of geography, the market of HR SaaS 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). If we see Market by Deployment Mode, the sub-segment i.e. On-Premises will boost the HR SaaS market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Organization Size, the sub-segment i.e. SMEs will boost the HR SaaS market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Vertical, the sub-segment i.e. Government will boost the HR SaaS market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Software Type, the sub-segment i.e. Benefits and Claims Management will boost the HR SaaS market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Software will boost the HR SaaS market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Ongoing Trend of Artificial and Machine Learning Integrated System in HR SaaS and Enhancement in the Productivity of Human Resource Staff by Offering Self-Service Web Interfaces
Market Growth Drivers:
The Need Of Deploying Employee-Centric Systems to Improve Human Resource Activities and Increasing Workforce Globalization is Anticipated to Supplement the Large-Scale Adoption of HR SaaS
Challenges:
Security of Employee’s Information is a Major Concern as the Data is Stored on Cloud Platform Can Hamper the HR SaaS Market
Restraints:
Lack of Understanding about the Potential Benefits of HR Software Solutions
Opportunities:
Growing Demand for Enhanced Architectures for Recruiting and Talent Functions is Leading Opportunities for Implementations of HR SaaS and Increased Automation and Cost Reductions in Human Resource Activities Will Propel the HR SaaS Market
Market Leaders and their expansionary development strategies
On 13 June 2021, Info Edge announced the acquisition of Zwayam, an HR SaaS startup company to assist Info Edge to strengthen its position in the online recruiting solutions market. The acquisition will help Info Edge, the business strengthens its position in the online recruitment solutions area, where its flagship brand Naukri.com is the market leader. As part of Info Edge, Zwayam will continue to fuel the digital transformation of many organizations' recruiting processes.
On 28 Jan 2023, Workday has announced the acquisition of Data-Driven HR startup Peakon. Peakon is a software-as-a-service (SaaS) platform that helps companies better engage their employees and evaluate sentiment through regular surveys. The acquisition will help to provide a "continuous listening platform" with real-time visibility into worker mood and productivity to its clients.
Key Target Audience
HR SaaS Providers, HR SaaS Enterprise users, HR SaaS Suppliers, HR SaaS International Traders, Research and Development Institutes, Financial Institutes and Investors, Regulatory Bodies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.