Human resource management software market in global is expected to grow from US$ 15.78 Bn in 2018 to US$ 30.06 Bn by the year 2027. This represents a CAGR of 7.5% from the year 2019 to 2027.
The technological innovative solutions are helping technology companies across the world to accelerate their digital transformation adoption. Various business leaders across the world rank employee retention as a critical business requirement. Managing employee turnover is one of the biggest challenges of the human resource (HR) departments of many businesses. High employee turnover inevitably leads to a new phase of recruitment, which is both time-consuming and costly.
According to the Society for Human Resource Management (SHRM), the entire cycle of compensation, training, recruitment, and lost productivity can cost a business somewhere from 90% to 200% of the old employee’s yearly salary. The growing adoption of human resource management software across large enterprises is expected to create new opportunities for the global human resource management software market during the forecasted period.
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The major companies offering human resource management software market include Automatic Data Processing, Inc. (ADP), Accenture PLC, Ceridian HCM Inc., Cezanne HR Ltd., Kronos Inc., Oracle Corporation, Paycom Software, Inc. SAP SE, Ultimate Software Group Inc., and Workday Inc. among others.
North America held a major share of the human resource management software market in 2018, and it is expected to continue its dominance in terms of share during the forecast period as well. IT Infrastructure development, the presence of a huge number of SMEs, and the focus on adopting automated technologies are some of the major factors driving the growth of the human resource management software market in this region. In 2018, Europe and APAC held the second and third position, respectively, in the global human resource management software market. The other growing regions, such as the Middle East, Africa, and South America, are anticipated to offer significant growth opportunities for human resource management software market players during the forecast period from 2019 to 2027.
In APAC, developing economies, such as India and China, and Southeast Asian countries are witnessing considerable growth in their GDPs and per capita income every years. India is one of the primary markets having a growing software industry by leveraging abundant growth opportunities for the HRMS market. Moreover, many significant players in the software industry, as well as other sectors, have established their operating units in China. Thus, the bolstering software sector has led to the growth of the HRMS market across the region. Similarly, in Europe, the EU is among the world’s largest and most technologically advanced regions. The Public Employment Services (PES) allow jobseekers to get connected with employers and is structured differently for every country. The PES match supply as well as the demand of the labor market with the help of placement, information, and active support services at the national, local, and European levels
The global market for human resource management software market is segmented based on the parameters such as component, enterprise size, end-user, and geography. Based on component, the solution segment dominates the human resource management software market heavily and is expected to dominate the market in the forecast period from 2019 – 2027. On the basis of enterprise size, large enterprise segment led the market in 2018 with a maximum market share and is expected to continue its dominance during the forecast period. Furthermore, on the basis of end-user, IT and Telecom segment led the market with highest market share. Key players operating in the market are partnering with the small as well as large and other companies which are helping them to gain customer traction. Several other companies are also offering these human resource management software for various provider, which is facilitating the market to propel over the years.
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