Human Resource Management Software Market to Reach US$ 30.06 Bn at a CAGR of 7.5% in 2027 | The Insight Partners

The human resource management software market was valued at US$ 15,789.9 Mn in 2018 and is expected to reach US$ 30,061.8 Mn by 2027 with a CAGR growth rate of 7.5% in the forecast period from 2019 to 2027.

In a tight recruitment and talent market, retaining talent is one of the greatest concerns as employees are the most valuable business assets of any organization. The percentage or number of workers leaving an organization and being replaced by new employees indicates an employee turnover of that particular organization. The employee turnover of companies nowadays is high, which might negatively impact the company’s profits and organizational performance. It is also frustrating for them as it might lead to loss of their fair-potential employees. According to the statistics, ~150 million people are at work in the US. Nevertheless, the US employees continue to leave the job for what they see as better opportunities. As per statistics, in 2018, ~41.4 million US workers voluntarily quit their jobs for better-paying positions. According to a study by WorldatWork, in the US, industries such as hospitality (31.8%), healthcare (20.4%), and manufacturing and distribution (20%) experienced a high rate of turnover in 2018.

Human resource management software Market is used to overcome the abovementioned challenges regarding employee turnover as it automates business tasks, along with enhancing the return on investment (ROI). The software also helps the companies retain their employees, thereby assisting them in reducing employee turnover by improving employee engagement, tracking employee goals a Automation in various industries plays a very significant role as it eliminates manual work, thus reducing human errors. The growth of robotic process automation (RPA) helps HR professionals manage challenges in hiring and firing decisions, which include biases when screening and selecting job applicants or firings because of flawed metrics. A tremendous robot process automation trend is ongoing in the essential aspects of running a human resource function, and the technology is inspiring the people in the HR team to spend more time with people in the firm, driving talent development, and creating a better employee experience. Robotic process automation technology minimizes the repetitive and redundant tasks performed by HR staffs. RPA enables HR department channelize their focus on the activities that increase employee productivity, keep employees engaged, and enhance business reputation in a globally competitive job market.

Automation can also enable businesses create more human-centric workplace by lessening employees’ time doing monotonous and repetitive tasks. Robots can perform the tasks they were designated to do well while allowing people to do work that humans are better at doing, such as innovating, negotiating, and critical problem-solving. Further, robot process automation creates a competitive advantage within the organization and enhance employee experience, and performance, and understanding the major reasons of employees quitting their jobs.

Lucrative Regions for Human Resource Management Software Market

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Market Insights

Robotic Process Automation Technology- A Fast Growing Trend among HR Departments

Automation in various industries plays a very significant role as it eliminates manual work, thus reducing human errors. The growth of robotic process automation (RPA) helps HR professionals manage challenges in hiring and firing decisions, which include biases when screening and selecting job applicants or firings because of flawed metrics. A tremendous robot process automation trend is ongoing in the essential aspects of running a human resource function, and the technology is inspiring the people in the HR team to spend more time with people in the firm, driving talent development, and creating a better employee experience. Robotic process automation technology minimizes the repetitive and redundant tasks performed by HR staffs. RPA enables HR department channelize their focus on the activities that increase employee productivity, keep employees engaged, and enhance business reputation in a globally competitive job market.

Automation can also enable businesses create more human-centric workplace by lessening employees’ time doing monotonous and repetitive tasks. Robots can perform the tasks they were designated to do well while allowing people to do work that humans are better at doing, such as innovating, negotiating, and critical problem-solving. Further, robot process automation creates a competitive advantage within the organization and enhance employee experience.

Enterprise Size Market Insights

Many sectors are presently opting for human resource management software to provide candidates the best possible experience. Today, enterprises of all sizes count on HR organizations to gain competitive advantage, while the organizations are more focused on positioning themselves as a top destination of talented resources; moreover, they are involved in building the workforce of the future. Improvements in technology can set out to solve many such challenges; businesses must build key capability around service delivery, analytics, and business outcomes. Enterprises must act swiftly to improve the HR organization and grow its capabilities and should also invest in human resource-based technologies such as human resource management software. Human resource management software is designed for SMEs and large enterprises. This software enables the HR team to start working more effectively on using their time and resources. Human resource management software delivers a wide range solutions such as core HR, recruiting, talent management, and workforce planning and analytics. Leading enterprises around the world are highly involved in investing in this software to support the swiftly changing needs of the business. New advances for the HR activities can create and sustain organization and facilitate data-driven decisions.

Human Resource Management Software Market, by Enterprise Size – 2018 and 2027

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Component Market Insight

Human resource management (HRM) software, by component, includes solutions and services related to HRM software. The solutions and services include effective employee management to maximize their performance. In the age of advanced technology, information technology (IT) plays a crucial role in enhancing HR functions in businesses. Various companies across the globe have implemented human resource management software to move their data from manual records to automation. HRM component offers the best value to the organizations and allows flexibility to deal with ever-changing business requirements. HRM software components help organizations in reporting and tracking employee performances, with the solution, performance review takes place on a regular basis. It includes modules that help in enhancing employee performance and engagement.

End User Market Insight

From small and medium-sized enterprises to multinational corporations, business digitization and technological up-grading is essential. Technology plays a crucial role at the core of every organization, i.e., human resource management. The human resource management solutions and services are adopted swiftly across the various industries, which have led to the growth of the market globally. Human resources management software help various industries to adopt digitization, overcome industry-wide challenges, and increase the bottom line.

Global Human Resource Management Software Segments:

Human Resource Management Software Market – By Enterprise Size

• SMEs
• Large Enterprises

Human Resource Management Software Market – By Component

• Solution
  • Core HR
  • Recruiting and Talent Management
  • Workforce Planning and Analytics
  • Others
• Services
  • Professional Services
  • Integration and Deployment
  • Support and Maintenance
  • Training and Consulting
• Managed Services

Human Resource Management Software Market – By End-User

• IT and Telecom
• BFSI
• Healthcare
• Manufacturing
• Retail
• Government
• Educational Institutes
• Others

Human Resource Management Software – By Geography

• North America

  • U.S.
  • Canada
  • Mexico

• Europe

  • France
  • Germany
  • Italy
  • Spain
  • UK
  • Rest of Europe

• Asia Pacific (APAC)

  • Australia
  • China
  • India
  • Japan
  • Rest of APAC

• Middle East & Africa (MEA)

  • Saudi Arabia
  • UAE
  • South Africa
  • Rest of MEA

• South America (SAM)

  • Brazil
  • Rest of SAM

Companies

• Accenture PLC
• Automatic Data Processing, Inc.
• Ceridian HCM Holding Inc.
• Cezanne HR Limited
• Kronos Incorporated
• Oracle Corporation
• Paycom Software, Inc.
• SAP SE
• Ultimate Software Group Inc.
• Workday, Inc.