Human Resource Management Software Market Scope 2031
The human resource management software market size is projected to reach US$ 56.63 billion by 2031 from US$ 24.22 billion in 2023. The market is expected to register a CAGR of 11.2 % in 2023–2031. The growing adoption of cloud computing is likely to remain a key human resource management software market trend.
Human Resource Management Software Market Analysis
There are several key trends in the human resource market, such as AI-driven analytics for talent management, the rise of cloud-based HRMS, and mobile-friendly platforms catering to remote workforces. The market is categorised by a focus on user experience and intense competition, integration capabilities and data security. As organizations prioritize employee productivity and engagement, the HRMS market is predicted to continue expanding worldwide.
Human Resource Management Software Market Overview
Human resource management (HRM) software modernises several HR functions to enhance efficiency and effectiveness in managing employees. These platforms typically include modules for payroll processing, attendance tracking, performance management, recruitment, onboarding, and employee self-service. HRM software also facilitates compliance with labor laws and regulations. Key features often found in HRM software include robust reporting and analytics capabilities to derive insights from workforce data, which aids in decision-making. Many platforms offer cloud-based solutions, allowing for remote access and scalability. Popular HRM software providers include Workday, ADP, BambooHR, and SAP SuccessFactors, each offering tailored solutions for businesses of different sizes and industries. Implementation of HRM software can lead to improved employee engagement, reduced administrative burden, and streamlined HR operations. However, choosing the right software requires consideration of factors such as scalability, integration capabilities with existing systems, and user experience.
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Human Resource Management Software Market: Strategic Insights
Market Size Value in US$ 15,789.9 Million in 2018 Market Size Value by US$ 30,061.8 Million by 2027 Growth rate CAGR of 7.5% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Human Resource Management Software Market: Strategic Insights
| Market Size Value in | US$ 15,789.9 Million in 2018 |
| Market Size Value by | US$ 30,061.8 Million by 2027 |
| Growth rate | CAGR of 7.5% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Human Resource Management Software Market Drivers and Opportunities
The increasing demand for automation and digitization of HR processes
As organizations seek to streamline operations and improve efficiency, HRM software offers solutions for payroll management, employee engagement, performance evaluation, and talent acquisition. The need for centralized data management and analytics to support strategic decision-making also propels the adoption of HRM software.
The rise of remote and hybrid work models
With the shift towards flexible work arrangements, organizations require HRM tools that facilitate remote workforce management, collaboration, and communication. HRM software can enable seamless remote onboarding, virtual training, and employee engagement initiatives. As businesses adapt to new work paradigms, HRM software providers have the opportunity to innovate and offer solutions that address the evolving needs of distributed teams, enhancing productivity and employee satisfaction. Thus, the rise of remote and hybrid work models is anticipated to present new opportunities for the human resource management software market players during the forecast period.
Human Resource Management Software Market Report Segmentation Analysis
Key segments that contributed to the derivation of the human resource management software market analysis are components, enterprise size, and end users.
- Based on the component, the human resource management software market is segmented into solutions and services.
- By enterprise size, the market is segmented into large enterprise, small and medium enterprise. The large enterprises segment held a larger market share in 2023.
- By end user, the market is segmented into educational institutes, BFSI, government, healthcare, IT and telecom, manufacturing, retail, others.
Human Resource Management Software Market Share Analysis by Geography
The geographic scope of the human resource management software market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. In terms of revenue, North America accounted for the largest human resource management software market share. In North America, particularly in the United States and Canada, robust growth is driven by large enterprises adopting integrated HRM suites for talent acquisition, payroll management, and employee engagement.
Human Resource Management Software Market Report Scope
Human Resource Management Software Market News and Recent Developments
The human resource management software market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for speech and language disorders and strategies:
- In April 2023, Pocket HRMS announced the launch of their mission Bharat 2.0 to enable SMEs in India to digitalize their complete HRMS, Payroll system, and related compliances with intuitive and easy-to-use HR software over the WhatsApp messaging platform in regional Indian languages. (Source: Pocket HRMS, Press Release)
- In Jan 2024, OrangeHRM, a leading provider of Human Resource Management solutions, announced the launch of its AI-enabled helpdesk, a groundbreaking addition to its advanced version. Accessible through the HRM help portal, this innovative feature marks a significant milestone in OrangeHRM's commitment to harnessing artificial intelligence to enhance user experience. (Source: OrangeHRM, Press Release)
Human Resource Management Software Market Report Coverage and Deliverables
The “Human Resource Management Software Market Size and Forecast (2023–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component ; Enterprise Size ; End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
The global human resource management software market is expected to reach US$ 56.63 billion by 2031.
The growing adoption of cloud computing is anticipated to play a significant role in the global human resource management software market in the coming years.
The key players holding majority shares in the global human resource management software market are Automatic Data Processing, Inc., SAP SE, Oracle Corporation, Workday, Inc., and Ceridian HCM Holding Inc.
The global human resource management software market was estimated to be US$ 24.22 billion in 2023 and is expected to grow at a CAGR of 11.2 % during the forecast period 2023 - 2031.
The increasing demand for automation and digitization of HR processes and the rise of remote and hybrid work models are the major factors that propel the global human resource management software market.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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