Human Resource Management Software Market to 2027 - Analysis and Forecasts
Human resource management is a broad term that consists of all the activities executed to achieve business goals, including boosting sales, building business relationships, client support, business operations, training, etc. Human resources management software keep the track of all employees and information related to them, and the tracking is usually done in a huge database. The software solutions are implemented to streamline human resource functions, which include core HR, recruiting, talent management, workforce planning, and analytics. Human resource management solutions are increasingly implemented in educational institutes, BFSI, government, healthcare, IT and telecom, manufacturing, retail, and others. Companies around the globe find it challenging to recruit suitable employees due to a large number of applicants in an industry.
Workforce analytics study the behavior of employee data to make better workforce decisions. This helps in lifting the productivity of existing employees, rather than employing additional staff, and enhancing the selection criteria. Workforce analytics solutions allow enterprises to examine the HR data from numerous HR systems and draw out the assumptions based on their analysis. These solutions could enable enterprises find the best practices for retention, recruitment, and employee engagement. Thus, the growing demand for workforce analytics solutions is driving the market for the human resource management software market.
The US is highly active in the adoption of human resource management software, with high focus on growing labor effectiveness and productivity by using the solutions for payroll, recruitment and talent management, and time and attendance activities in the organizations. This is further anticipated to boost the regional market growth. The growth of the market in APAC, which is another potential region, can also be attributed to the growing government initiatives for supporting the digitization of business processes. Further, mergers and acquisitions also shape the human resource management software industry. The overall growth of the economy and employment, technological advancements, and regulations pertaining to employment are the major factors impacting the human resource management software industry growth.
Market share of Human Resource Management Software Market is dominated by companies like
- Accenture
- Automatic Data Processing
- Ceridian HCM Holding
- Cezanne HR
- Kronos Incorporated
- Oracle
- Paycom Software
- SAP SE
- Ultimate Software Group
- Workday