Industry Background:
Human resource (HR) software conserves the confidential data like data of employee, address, contact number and financial data. HR software is delivered Software-as-a-Service (SaaS) model which is useful in total employee life-cycle management abilities and is an important driver for the development of the HR software market. Human resource department operates numerous functions like recruitment, vacation leaves, salary hikes, bonus, management, training, and payment benefits management. HR software offers various welfares such as document control and security. The emergence of the new tools in the software like advertisement management, candidate searching, and link up with Facebook and LinkedIn contribute to the development of global HR software market in the forecasted period.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
High Growth Market | Asia- Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | Paychex, Inc. (United States), Paycom Software, Inc. (United States), SumTotal Systems Inc. (United States), SAP SE (Germany), International Business Machine (IBM) Corporation (United States), Oracle Corporation (United States), Ceridian HCM, Inc. (United States), Taleo Corporation (United States), PeopleAdmin (United States) and Kenexa Corporation (United States) |
According to AMA, the market for HR Software is expected to register a CAGR of 11.0% during the forecast period to 2028. This growth is primarily driven by High Demand Due To Growing Requirement for Managing the Widespread Workforce and Increasing Demand for Replacing the Legacy Systems with Enhanced Human Capital Management Platforms.
Globally, a noticeable market trend is evident High Adoption due to Technological proliferation in machine learning, Artificial Intelligence (AI), big data analytics, and Internet of Things (IoT)
The Application Software sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Paychex, Inc. (United States), Paycom Software, Inc. (United States), SumTotal Systems Inc. (United States), SAP SE (Germany), International Business Machine (IBM) Corporation (United States), Oracle Corporation (United States), Ceridian HCM, Inc. (United States), Taleo Corporation (United States), PeopleAdmin (United States) and Kenexa Corporation (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. Leading global players are focusing on strategic partnerships to improve their products and services. In addition, companies are focusing on increasing their client base to strengthen market position and to enhance product & service offerings.
Key Developments in the Market:
On 7th May 2019, SAP SE has introduced three SAP® Qualtrics® solutions that transform existing HR platforms into enterprise-wide systems of action. Built directly into existing HR systems such as SAP SuccessFactors® HCM Suite, these Employee Experience Management solutions gather employee experience data throughout the entire employee lifecycle, surface predictive and personal insights based on employee feedback, and empower HR leaders and managers to act on those insights quickly all designed to improve the employee experience.
On 22nd October 2018, Oracle Corp. has announced a series of integrations between LinkedIn and its Human Capital Management (HCM) Cloud system to help human resource teams improve candidate and employee experiences.
Influencing Trend:
High Adoption due to Technological proliferation in machine learning, Artificial Intelligence (AI), big data analytics, and Internet of Things (IoT) and Increased Adoption of Cloud Deployment across All Industries
Market Growth Drivers:
High Demand Due To Growing Requirement for Managing the Widespread Workforce and Increasing Demand for Replacing the Legacy Systems with Enhanced Human Capital Management Platforms
Challenges:
The Complexity of Software Increases as the Size Of Organization Increase
Restraints:
Rapid Increase in Cybercrime Which May Harm Data Security
Opportunities:
Rising inclination toward human resource analytics and The Huge Growth of the Retail Industry Has Resulted In The Large-Scale Hiring As Well As Employee Retention
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in HR Software Market
- Analysis about New Entrants in HR Software Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, HR Software Study Sheds Light on
The HR Software Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the HR Software industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where HR Software industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.