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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.
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Human Resource Management Software Market: Strategic Insights
Market Size Value in US$ 15,789.9 Million in 2018 Market Size Value by US$ 30,061.8 Million by 2027 Growth rate CAGR of 7.5% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Human Resource Management Software Market: Strategic Insights
| Market Size Value in | US$ 15,789.9 Million in 2018 |
| Market Size Value by | US$ 30,061.8 Million by 2027 |
| Growth rate | CAGR of 7.5% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Lucrative Regions for Human Resource Management Software Market
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
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
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
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.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component ; Enterprise Size ; End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
The List of Companies - Human Resource Management Software Market
- Automatic Data Processing, Inc.
- SAP SE
- Oracle Corporation
- Workday, Inc.
- Ceridian HCM Holding Inc.
- Cezanne HR Limited
- Kronos Incorporated
- Paycom Software, Inc.
- Accenture PLC
- Ultimate Software Group Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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