Global Human Resource Management Market Size, Share, Forecast Report, 2020-2027

The report provides rational insights along with historical and forecast data to aid in better understanding of the Global Human Resource Management Market. The report provides a comprehensive analysis of key factors that are expected to drive the growth of the Human Resource Management market. This study also provides a detailed overview of the opportunities along with the current trends observed in the target market.

The global human resource management market size was valued at USD 16.01 billion in 2019 and is expected to exhibit at a CAGR of 11.7% from 2020 to 2027. Advancements in IT coupled with the introduction of predictive analytics in HR processes is expected to boost the growth. The evolution of various human resource management (HRM) solutions has enabled professionals to perform traditional HR activities in a reduced time span and with subsequently increased focus on attracting the right pool of candidates. It is helping retain human capital, aligning organizational strategies with individual goals, and managing human resources in a manner that results in organizational growth.

Organizations across the globe are focusing on creating a digital workplace that enables high productivity, offers flexibility and mobility, and uses modern communication tools. This shift of business processes from legacy systems to digital HR is playing a significant role in the centralization of HR data across all the branches of an organization, thereby allowing for easy data access. Numerous HR software providers offer their solutions on cloud, allowing easy access from virtually any system across the organization. Buyers widely prefer cloud-based systems owing to flexibility in terms of usage, reduced maintenance charges, and elimination of installation time and costs.

Conventionally, organizations relied on manual work/functioning for HR compliance and employee engagement leading to hindrances in efficient management of resources. The HRM software solutions overcome these issues by transforming all the manual work to a digital format. Moreover, these solutions are a centrally accessible and a supervisor can monitor, evaluate, and reward employees, even remotely. The HRM software not only improves efficiency and reduces the rate of error by automating many manual activities but also helps evaluate the operational trends within the organization.

The companies are focusing more on improving employee engagement and efficiency by developing better employee experience platforms. Companies find it challenging to recruit suitable employees owing to the large number of applicants in an industry. Furthermore, organizations are adopting human resource management solutions to strategize recruitment employee engagement and to ensure proper internal communications. HRM solutions help in employee onboarding, managing employee timesheets and leave requests, and performance management, among others.

Growing adoption of data analytics, machine learning, Internet of Things (IoT), and Artificial Intelligence (AI), is expected to fuel the market growth. Numerous HRM providers are creating innovative solutions that incorporate latest technologies into HR systems for better organizational performance. The solution providers are developing software/solutions that can be simply integrated into mobile apps, thus allowing employers and employees to access information from their own devices. These features increase the transparency across different departments in organizations and offer flexibility to access data at any time and from anywhere across the globe

The report covers major players operating in the market along with the key strategies implemented to achieve a competitive edge against a majority of the vendors which provides a competitive outlook of the industry. The competitive landscape further includes details about different players and their position on a global and a local level is also explained in detail in this compiled study. These insights were prepared through mapping business strategies and products that offer high revenue generation capacities. Key players of the global Human Resource Management market are included as given below:

The market is highly fragmented in nature and several players hold a significant market share. The key participants include Accenture PLC; Automatic Data Processing (ADP), Inc.; Cezanne HR Ltd.; Ceridian HCM, Inc.; IBM Corporation; Kronos Incorporated; Mercer LLC; NetSuite, Inc.; Oracle Corporation; SAP SE; Talentsoft; Ultimate Software; and Workday, Inc.

Major players are adopting various strategic initiatives, such as mergers and acquisitions, partnerships, and collaborations for technologies and new product development. For instance, in October 2018, Accenture acquired DAZ Systems, Inc., a provider of Oracle ERP Cloud services with experience in helping organizations in the deployment and integration of enterprise performance management and human capital management applications. The acquisition aimed at strengthening Accenture’s robust Oracle capabilities and delivers new value for clients on their journeys to the cloud

The global Human Resource Management market has been segmented as below:

• Software

  • Core HR

  • Employee Collaboration & Engagement

  • Recruiting

  • Talent Management

  • Workforce Planning & Analytics

  • Others

• Service

  • Integration & Deployment

  • Support & Maintenance

  • Training & Consulting

• Deployment

  • Hosted

  • On-premise

• Enterprise Size

  • Large Enterprise

  • Small & Medium Enterprise

• End-use

  • Academia

  • BFSI

  • Government

  • Healthcare

  • IT & Telecom

  • Manufacturing

  • Retail

  • Others

• Global Human Resource Management Market by Region
• North America
• Europe
• Asia Pacific
• Rest of the World

Reasons to Purchase this Report:

Estimates Human Resource Management development trends with SWOT analysis

• Detailed business profiles including product offerings, recent developments, key financial information, and strategies employed by main market players
• Analysis of various regions and countries that includes the demand and supply based actions, which consequently have a major influence on the market’s expansion
• Market dynamics scenario, along with growth opportunities for players in the years to come
• Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the mentioned forecast period
• Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects