This market research report includes a detailed segmentation of the global human resource management market by component (software [core HR, recruitment, workforce management, talent management, payroll, learning & development, and others] and services [integration & implementation, support & maintenance, and consulting]), by organization size (MSMEs and large enterprises), by deployment type (on-premise and on-cloud), and by region (North America, Europe, APAC, and RoW). The market research report identifies SAP, Oracle, Workday, ADP, Microsoft, IBM, Kronos, Talentsoft, Sage, and Gusto as the major vendors operating in the global human resource management market.
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Overview of the Human Resource Management Market
Infoholic’s market research report predicts that the global human resource management market will grow at a CAGR of around 9% during the forecast period 2019–2025. The demand for HRM solutions is increasing due to several factors, including enhancing employee performance and understanding how an organization culture is impacting workforce productivity. Reducing the employee turnover rate is also one of the factors boosting the adoption of human resource management solutions. Globally, organizations are facing constant challenges in managing their multigenerational workforce and understanding employee expectations. HR departments in large enterprises have become more strategic by using HRM software.
HR personnel interface with every employee of an enterprise and face several challenges in managing workforce when it comes to a large number of employees. Traditional HR processes included only the employee working in an organization; but with the increasing trend of mobility and IoT, the mobile workforce is increasingly gaining popularity. Employees are now able to work remotely, which brings several challenges in terms of managing the mobile workforce. Human resource management solutions are helping the enterprises in managing the workforce efficiently by providing access to payroll and other HR-related data through their devices. HRM solutions are driving business value by enhancing the employee experience and employee retention rate. More and more enterprises are investing in human resource management solutions and services for managing their human capital and enhancing ROI.
According to the human resource management industry analysis, North America accounts for the largest share of the global human resource management market in 2019. Drivers supporting the growth of this market in North America include the presence of major vendors, i.e., Oracle, Workday, ADP & IBM, and growing technological advancements. Asia Pacific is expected to witness the fastest growth rate during the forecast period due to the increasing number of enterprises adopting HRM solutions for optimizing their HR processes. Enterprise’s HR departments in the APAC region are also implementing human resource management solutions for making more data-driven decisions.
Human Resource Management Market Research Competitive Analysis and Key Vendors
The report covers and analyzes the global human resource management market. Major vendors across different verticals are planning for high investments in this market, and as a result, the human resource management market is expected to grow at an impressive rate in the coming years. The key players in the market are adopting various organic as well as inorganic growth strategies, such as mergers & acquisitions, collaborations & partnerships, joint ventures, and few other strategies, to be in the strong position in the market.
Few of the Key Vendors in the Human Resource Management Market Research:
Key vendors, including SAP, Oracle, ADP, and IBM are already offering human resource management solutions and are investing in R&D for innovations. Cloud-based HRM solution is one of the key strategies followed by vendors as it is more energy-efficient and reduces IT & labor costs.
There are numerous other vendors that have been studied based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D for analysis of the entire ecosystem.
Human Resource Management Market Research By Component
- Core HR
- Workforce Management
- Talent Management
- Learning & Development
- Integration & Implementation
- Support & Maintenance
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The software segment is estimated to hold the largest market share, and the services segment is expected to witness significant growth at the highest CAGR during the forecast period 2019–2025, for offering best suitable software to enterprises as per their business needs.
Human Resource Management Research By Organization Size
- Large Enterprises
The large enterprises segment is estimated to hold the largest share in the human resource management market, and the MSMEs segment is expected to grow at the highest CAGR during the forecast period 2019–2025.
Human Resource Management Market Research By Deployment Type
The on-premise deployment type is estimated to hold the largest share in the human resource management market, and the on-cloud segment is expected to grow at the highest CAGR during the forecast period 2019–2025.
Human Resource Management Market Research Benefits
The report provides an in-depth analysis of the global human resource management market. Enterprises are adopting human resource management solutions for reducing attrition rate and enhancing employee engagement as well as productivity. HRM solutions offer a more holistic approach toward employee management by focusing on workforce productivity and accuracy. The report discusses the market in terms of software, services, organization size, deployment type, and regions. Further, the report provides details about the major challenges impacting the market growth.