Increasing adoption of
technologies such as cloud, AI, among others to drive the growth of global
human resource management software market
According to TechSci Research report, “Global Human Resource Management Software Market By Component, By Deployment Mode, By Enterprise Size, By Vertical, By Region, Forecast & Opportunities, 2025”, the global human resource management software market is expected to grow at a formidable CAGR of around 10% during the forecast period on account of increasing adoption of cloud-native technologies. However, security issues especially data security and access to sensitive information can hamper the growth of market during forecast period. Another challenge lies in selecting the right software for the organization according to the needs.
The global human resource management software market is segmented based on component, deployment mode, organization size, vertical, region and company. Based on component, the market can be bifurcated into software (core HR, recruitment, talent management, workforce planning & analytics, others) and service (training & consulting, support & maintenance, integration & implementation). The core HR software segment is expected to dominate the market owing to the high demand for automation of different HR functions within an organization. Based on deployment mode, the market can be divided into hosted and on-premises. The hosted deployment mode is expected to grow at a rapid pace during the forecast years. This can be ascribed to the ease of integration with other systems, ease of use, reduced costs, among others. Based on organization size, the market can be segmented into SMEs and large enterprise. The large enterprise segment is expected to dominate the market attributable to the growing focus of the organizations on increasing productivity and efficiency of employees with HRM solutions.
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Processing (ADP), Inc., IBM Corp., Accenture PLC, Kronos Inc., Oracle Corp., SAP SE, Workday Inc., Ultimate
Software Group, Inc., Cezanne HR Ltd., Talentsoft and others are some of the
leading players operating in global human resource management software market. The
companies operating in the market are using organic strategies such as product
launches, mergers and collaborations to boost their share. For instance, in October
2019, Cezanne HR signed a new product partnership with Curo which provides SaaS
based solution for compensation planning. This partnership will deliver
combined HR and compensation management capabilities to the clients.
“Asia-Pacific is expected to witness significant growth in the global human resource management software market during the forecast period, owing to the rapid industrialization and digitization initiatives taken by the different governments in the region. Additionally, presence of several emerging economies, such as China, India, and South Korea is further expected to drive the regional HR management software market growth over the coming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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“Global Human Resource Management Software Market By Component, By Deployment Mode, By Enterprise Size, By Vertical, By Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of global human resource management software market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global human resource management software market.