The global Human Resource Management Market research report provides complete insights on industry scope, global trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready, data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
The global human resource management market size is projected to touch USD 38.17 billion by the end of 2027, as per the report released by Million Insights. It is estimated to grow with a CAGR of 11.7% over the estimated duration. Factors such as the rising requirement for managing the diverse workforce, need for replacing old HRM systems, and incorporating new HRM solutions are predicted to bode well for the market growth. HRM service providers emphasize the development of software that can be used in smartphones, thereby, allowing employers and employees to access data easily, monitor attendance, leaves, and evaluate performance from their smartphones.
The market is highly competitive and many players held a considerable market share. The key players of the market are IBM Corporation; Accenture PLC; Talentsoft; Cezanne HR Ltd.; Workday, Inc.; Oracle Corporation;Ceridian HCM, Inc.; Ultimate Software; Mercer LLC; Automatic Data Processing (ADP), Inc.; NetSuite, Inc.; SAP SE; and Kronos Incorporated.
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Technological advancements in artificial intelligence, big data analytics, Internet of Things, and machine learning are predicted to fuel the HRM market growth from 2020 to 2027. Several service providers are focusing on the development of advanced solutions that combine upcoming technologies into HRM systems for improved organizational performance.
The growing penetration of cloud based technologies across various industries is projected to boost the demand for HRM solutions in the upcoming years. The application of cloud technology allows various SMEs to adapt to the latest HRM solutions at affordable prices without continuous replacement or upgrades of the systems.
- Core HR
- Employee Collaboration & Engagement
- Talent Management
- Workforce Planning & Analytics
End Use Outlook:
- IT & Telecom
North America led the market in 2019 owing to the operation of key manufactures in the region. The companies in the U.S. are emphasizing on adapting HRM services for talent management, attendance and payroll to improve labor productivity and efficiency, which is predicted to supplement the market growth over the forecast period.
The Asia Pacific is predicted to witness steady growth over the estimated duration due to the presence of developing nations such as India and China. Factors such as government support in digitalization of business, booming service sector, and implementation of cloud-based technologies are anticipated to drive market growth.
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