Report Id: SNS/ICT/2178 | July 2022 | Region: Global | 124 Pages
Report Scope & Overview:
The Human Resources Management Software market size was valued at USD 17.78 Bn in 2022 and is expected to reach USD 43.41 Bn by 2030, and grow at a CAGR of 11.8% over the forecast period 2023-2030.
Human Resource Software is used to manage, streamline, and automate department tasks. It is also known as human resource information system software or human capital management software. There are several HR solutions on the market, including HCM, HRMS, HRIS, talent management systems, and others. The goal of this programs is to record personnel information, manage payroll and benefits, and keep track of the company's regulatory and legal employment requirements. HR software is basically software that stores personnel information and allows easy access to it via a centralized database.
Businesses rely on these systems to keep track of their workers' information as well as other work-related facts. The HR database enabled by the HR Software Industry comprises employee information, benefits enrollment, and all tax withholdings. Employees may utilize the program to view and edit their data on the employee self-portal, increasing demand for HR software and driving the HR Software Market Growth. The HR Software may also be used to keep track of employee absences.
Increased cloud and mobile deployment.
Increase in HR process automation.
Reluctance to implement key HR software.
SME use of core HR is increasing.
HR Analytics is becoming more popular in organizations.
Inadequate understanding of new technologies and capabilities in HR software.
Regional variations in labor legislation.
IMPACT OF COVID-19:
Since the epidemic was in its early stages and the lockdown was enacted, businesses have switched to virtual trade displays and work-from-home trends in order to fulfill market demand while also meeting organizational goals and objectives. The epidemic is already limiting the market's capabilities; therefore, businesses are adopting their best sources and tactics to maintain the market equilibrium of demand and supply in the form of an effective human resources management system and software. As a result, the industry is heavily investing in research and development to foster improved methods of working that encourage the prudent use of resources, time, and effort for both current and future generations. Furthermore, governments throughout the world are enacting policies and plan to encourage widespread use of the HRM software market and to meet the demand for corporate organizations and enterprises to operate successfully and sustainably.
The HCM market is split into two sections: software and services. The service component is predicted to have a larger market share throughout the forecasting period. The increasing usage of software to manage the whole employee lifecycle, as well as the growing need to comply with regulatory requirements, are some of the important drivers pushing the software sector to have the largest market share during the projection period.
HCM software adoption is presently strong, and this trend is expected to continue, with the majority of end-users having their software on-premises, which provides greater data security and helps organizations meet a variety of needs.
End-users of HRM systems include government agencies, as well as numerous other organizations in a variety of industries and industry verticals, including academia, BFSI, healthcare, IT & telecom, manufacturing, retail, and media & entertainment. The IT & telecom category had the highest revenue share in 2021. Employee engagement, talent identification, and learning are all critical components of any company's success. As a firm expands, personnel management may get more challenging. All of these factors indicate to an increase in the need for HRM software and services in a number of industries.
KEY MARKET SEGMENTS:
On The Basis of Component
On The Basis of Type
On The Basis of Application
IT & Telecommunication
The North American market trends for human resource management software are predicted to have the highest market share throughout the market operations internationally for the forecast period of 2022-2028. The main driver for the area's spectacular market growth is that the market is home to a range of market players that boost technical developments in the region via their research, development, and implementation. In addition, the industry is seeing an increase in the number of HRM solution providers that can assist with large-scale optimization of the company's HR procedures. The APAC region is expected to have the second-highest increase in worldwide market operations. The reason for this is that this region is also integrating HRM solutions and services in order to push for more data-driven solutions and assist the market expand to its full potential over the forecast period of 2022-2028.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
The major key players are Accenture, ADP, Inc., Cezanne HR Ltd., Ceridian HCM Holding, Inc., IBM, PwC, Mercer LLC NetSuite, Inc., Oracle, SAP SE.
|Market Size in 2022||US$ 17.78 Bn|
|Market Size by 2030||US$ 43.41 Bn|
|CAGR||CAGR of 11.8% From 2023 to 2030|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• By Component (Software and Service)
• By Type (Cloud and On-premise)
• By Application (IT & Telecommunication, BFSI, Government, Healthcare, Retail, Manufacturer)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Accenture, ADP, Inc., Cezanne HR Ltd., Ceridian HCM Holding, Inc., IBM, PwC, Mercer LLC NetSuite, Inc., Oracle, SAP SE.|
|Key Drivers||• Increased cloud and mobile deployment
• Increase in HR process automation
|Opportunity||• SME use of core HR is increasing
• HR Analytics is becoming more popular in organizations
Frequently Asked Questions (FAQ) :
Ans: - Key Stakeholders Considered in the study are Raw material vendors, Regulatory authorities, including government agencies and NGOs, Commercial research, and development (R&D) institutions, Importers and exporters, etc.
Ans: - The major key players are Accenture, ADP, Inc., Cezanne HR Ltd., Ceridian HCM Holding, Inc., IBM, PwC, Mercer LLC NetSuite, Inc., Oracle, SAP SE.
Ans: - The North American market for human resource management software is predicted to have the highest market share.
Ans: - inadequate understanding of new technologies and capabilities in hr software and regional variations in labor legislation.
Ans: - the forecast period of the human resources management software market is 2022-2028.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.2 Impact on major economies
188.8.131.52 United Kingdom
184.108.40.206 South Korea
220.127.116.11 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Human Resources Management Software Market Segmentation, by Component
9. Human Resources Management Software Market Segmentation, by Type
10. Human Resources Management Software Market Segmentation, by Application
10.1 IT & Telecommunication
11. Regional Analysis
11.2 North America
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4.2 South Korea
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.3 South Africa
11.6 Latin America
11.6.3 Rest of Latin America
12. Company Profiles
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 ADP, Inc.
12.3 Cezanne HR Ltd.
12.4 Ceridian HCM Holding, Inc.
12.7 Mercer LLC
12.8 NetSuite, Inc.
12.10 SAP SE
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
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