Human Resource Management Software Market Scope
Human resource management market includes software such as Core HR, Applicant tracking system, HR analytics, workforce management and others. It helps to manage the entire lifecycle of the employee and comply with the government regulations. The increasing workforce and data is rising the demand of workforce management system or human resource management system. Hence, these factors are increasing the demand of human resource management software.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | IBM Corporation (United States), SAP SE (Germany), Accenture PLC (Ireland), Automatic Data Processing (ADP), Inc. (United States), Cezanne HR Ltd. (United Kingdom), Ceridian HCM, Inc. (United States), Kronos Incorporated (United States), Mercer LLC (United States), NetSuite, Inc. (United States), Oracle Corporation (United States) and PricewaterhouseCoopers (PwC) (United Kingdom) |
CAGR | 11.5% |
The global market is highly competitive and consists of a limited number of providers competing. The intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant opportunities for market growth. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Human Resource Management Software market throughout the predicted period.
IBM Corporation (United States), SAP SE (Germany), Accenture PLC (Ireland), Automatic Data Processing (ADP), Inc. (United States), Cezanne HR Ltd. (United Kingdom), Ceridian HCM, Inc. (United States), Kronos Incorporated (United States), Mercer LLC (United States), NetSuite, Inc. (United States), Oracle Corporation (United States) and PricewaterhouseCoopers (PwC) (United Kingdom) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are ADP LLC (United States), Workday (United States) and Ultimate Software (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 Management Software market by Type , by Application (Academia, BFSI, Government, Healthcare, IT & Telecom, Manufacturing, Retail and Others) and Region with country level break-up.
On the basis of geography, the market of Human Resource Management Software 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 2023.
Market Leaders and their expansionary development strategies
In July 2020, Ultimate Software launched the Employee File Management, which would help HR professionals to easily share documents with third parties irrespective of their location.
In September 2022, HRSoft, a leading employee compensation management software platform, announced a partnership with Bow River Capital's Software Growth Equity (SGE) to gain operational, growth, and innovation expertise.
Influencing Trend:
Increased Adoption of Cloud Deployment in Industries
Market Growth Drivers:
Rising Workforce across the Globe and Features Such as Multi-Channel Activity Tracking, and Real Time Management
Challenges:
Requirement of Maintenance Services
Restraints:
High Initial Costs Associated with Implementation of Software
Opportunities:
Technological Advancements in Big Data Analytics, Machine Learning, Internet of Things is Booting the Market and Rising Adoption of Software to Manage the Lifecycle of Employees
Key Target Audience
Manufacturers, Distributors and Traders, Research Organisations, Government Agencies and Organisations