Market Synopsis

Market Research Future (MRFR), in its latest report on the Human Resource Management Software Market 2020, reveals different issues associated with COVID-19 outbreak and other issues are elaborated in the report. The expansion of the human resource management software market can rise at 14% CAGR across 2017 to 2023 forecast period. The rise in the need for HRM software solutions can cause the global human resource management software market value to touch USD at 11 Bn on the conclusion of the evaluation period.

The pressing need to replace high paper work involved in employee management to enhance HR compliance can boost the expansion of the market through the assessment span. HR management software can effortlessly convert manual paper documents to digital format. In addition, HRM software centrally manage the database of HR workflow via monitor, and can seamlessly evaluate employees, even remotely. These advantages of HRM software can bolster the expansion of the market through the study period.

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Market Segmentation

The segment study of the world human resource management software market is done by deployment, service, organization size, solution, and vertical.

The deployment based HRM software market segments are on-premise deployment and on-cloud deployment. The increase in awareness about the reliability of on-cloud deployment platform can boost the expansion of the HRM global market through the study span.

The organization size, based HRM software market segments are large enterprises and small and medium enterprises. The growing utility of HRM in emerging SMEs and rise in demand for effective internal environment control of large organizations can bolster the expansion of the HRM market. 

The solution based segment of the HRM software market are talent management, workforce management, applicant tracking system, sourcing and recruitment, and others. The rise in, workforce management solution utility, followed by increased application of sourcing and recruitment solution can promote the market growth.

The service based segments of the HRM software market are training consulting, support maintenance, and integration deployment. The high rate of training and consulting services adoption by top notch companies across the globe can promote the growth of the HRM market through the assessment period.

The vertical based segments of the HRM software market are transportation logistics, public sector, retail, healthcare, BFSI, IT Telecom, manufacturing, and others. Increase in deployment of HRM solutions and services in IT Telecom sector can boost the expansion of the world market.

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Regional analysis

In North America, the rise of the human resource (HR) management software market through the study period can be attributed to early adoption of disruptive technologies; such as cloud-based services and automation solutions. In addition, the existence of well-established companies that deal in HRM software solution in the US and Canada can promote the expansion of the market through the review period. North America HRM software solution market can lead the world market in the analysis time, as revealed by MRFR regional study. Innovations and high investments in technological advancements in the field of cloud technology can promote the regional market growth. In APAC, the expansion of HRM software market at a significant pace in the forecast period can be fuelled by rise in government initiatives for promoting digitalization.

Key players

Kronos, Inc. (U.S.), SAP SE (Germany), Oracle Corporation (U.S.), Talentsoft (France), Automatic Data Processing, LCC (U.S.), PricewaterhouseCoopers (India), Ultimate Software Group, Inc. (U.S.), Cezanne HR Ltd. (U.K.), Accenture PLC (Ireland), IBM Corporation (U.S.), Ultimate Software (U.S.), Mercer LLC (U.S.), NetSuite, Inc. (U.S.), Ceridian HCM, Inc. (U.S.)., and Workday, Inc. (U.S.).