Human Resource (HR) management software is one of the most fundamental systems for any organization may it be large, and small or medium business (SMB’s) organizations. The software puts together all the HR activities such as recruitment, workforce management, and administration at a centralized location.
Every organization requires immense paper usage for employee management and HR compliance that are often difficult to manage. The HR management software overcomes this difficulty by converting all the manual paper documents to a digital format. Another advantage associated with this software is a centrally available database of HR workflow through which a manager can monitor, evaluate, and reward respective employees, even remotely. The software increases the efficiency and minimizes the error rate by automating manual HR activities and helps them in analyzing the operational trends within the organization.
The development of cloud-based solution has revolutionized the global human resources management (HRM) software market. Cloud-based services offer cost-benefits coupled with minimum maintenance and are also customizable, which has led to the swift adoption of the technology. It is prognosticated to continue the same trend in the upcoming years. Nevertheless, security concern remains an impediment to the growth of the human resources management (HRM) software market.
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Major Key players
Other players in the market include Ultimate Software (U.S.), PricewaterhouseCoopers (India), NetSuite, Inc. (U.S.), Mercer LLC (U.S.), Ceridian HCM, Inc. (U.S.).
According to MRFR, The Human Resource Management Software Market is expected to reach an approximate market value of USD 11 billion by 2023 growing at a 14% CAGR during the forecast period 2018–2023.
By region, the global human resources management (HRM) software market has been segmented into North America, Asia Pacific, Europe, and the rest of the world. North America is expected to hold the pole position in the global market through the forecast period. The region is a pioneer in technological advancements and is likely to benefit from the early adoption of technologies such as automation and cloud-based services. The swift proliferation of the human resources management (HRM) software market in the region is attributable to the high investments in cloud technology.
Asia Pacific is a promising market for HRM software. The factors that are contributing towards the growth of the human resources management (HRM) software market in the region are growing adoption of cloud-based services, governments’ initiatives supporting digitization, the presence of fast-developing economies, etc.
By deployment, the human resources management (HRM) software market has been market has been segmented into on-premise and on-cloud deployment.
By organization size, the global human resources management (HRM) software market is segmented into small & medium enterprises and large enterprises
By solution, the human resources management (HRM) software market has been segmented into workforce management, applicant tracking system, sourcing and recruitment, talent management, and others.
By service, the global human resources management (HRM) software market is segmented into integration & deployment, support & maintenance, training & consulting.
By vertical, the human resources management (HRM) software market has been segmented into BFSI, public sector, IT & Telecom, manufacturing, healthcare, retail, transportation & logistics, and others.
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LIST OF TABLES
Table1 Global Human Resource Management Software Market: By Country, 2018–2023
Table2 North America Human Resource Management Software Market: By Country, 2018–2023
Table3 Europe Human Resource Management Software Market: By Country, 2018–2023
Table4 Asia Pacific Human Resource Management Software Market: By Country, 2018–2023
Table5 North America Human Resource Management Software Market, By Country
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