Human Resource Management Market Key Growth Drivers, Challenges, Demand and Upcoming Trends

31/dic/2020 10:02:06 Grand View Research Contatta l'autore

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The global human resource management market size is anticipated to reach USD 38.17 billion by 2027, registering a CAGR of 11.7% from 2020 to 2027, according to a new report by Grand View Research, Inc. Increasing need for managing the widespread workforce coupled with growing demand for replacing legacy systems with improved human capital management platforms is anticipated to fuel the growth. Human resource management (HRM) solution providers focus on developing software/solutions that can easily integrate with mobile apps, thereby enabling employees and employers to access information pertaining to time and attendance, leaves, and performance status from their personal devices.

Technological proliferation in the field of big data analytics, machine learning (ML), artificial intelligence (AI), and Internet of Things (IoT) is expected to positively impact the growth of the HRM market. Various solution providers are developing innovative solutions that integrate upcoming technologies into HR systems for enhanced organizational performance. The technology proliferation and improved features increase the transparency across the organizations and provide flexibility to access data anytime and anywhere across the globe.

The increased adoption of cloud deployment across all industries is expected to accelerate the demand for HRM solutions over the forecast period. The use of cloud technology enables various Small and Medium Enterprises (SMEs) to adopt modern HRM solutions at reasonable prices without the need for constant upgrades or replacements of systems. In today’s improving workforce conditions, companies are enabling more technology investments that can assist in recruitment, management, and enhancement of human resources.

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Human Resource Management Market Report Highlights

·         The talent management software segment is anticipated to expand at a significant CAGR over the forecast period, owing to features such as attracting, recruiting, and retaining the human assets of their organization

·         Post the implementation of HRM software, organizations require support and maintenance services from their vendors. This is expected to increase the demand for the support and maintenance services

·         The demand for hosted deployment segment is expected to witness growth over the forecast period, owing to the ease of integration with other systems, ease of use, and reduced costs

·         The large enterprises segment dominated the market in 2019 and is expected to maintain its dominance during the forecast period, as these enterprises are increasingly adopting automation solutions for managing a large workforce

·         The retail segment is expected to expand at the highest CAGR from 2020 to 2027. The rapid growth of the retail industry has resulted in the large-scale hiring as well as employee retention at all levels of the industry by ensuring better job roles, career paths, and benefits. In an attempt to streamline these functions, a large number of organizations operating in the retail industry opt for HRM solutions

·         Asia Pacific is anticipated to expand at a significant CAGR during the forecast period, owing to the rapid industrialization and digitization initiatives taken by the governments in the region

·         The key players in the human resource management market include Accenture PLC; Automatic Data Processing (ADP), Inc.; Cezanne HR Ltd.; Ceridian HCM, Inc.; IBM Corporation; Kronos Incorporated; Mercer LLC; NetSuite, Inc.; Oracle Corporation; PricewaterhouseCoopers (PwC); SAP SE; Talentsoftl Ultimate Software; and Workday, Inc.

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