Human Resource Management Software Market Share, Industry Size, Leading Companies Outlook, Upcoming Challenges and Opportunities till 2027, The Insight Partners

Latest market study on "Human Resource Management Software Market to 2027 by Component ( Solutions ( Core HR, Recruiting and Talent Management, Workforce Planning and Analytics, Others ) and Services (Professional Services ( Integration and Deployment, Support and Maintenance, Training and Consulting ) and Managed Services)); Enterprise Size ( Large Enterprise, Small and Medium Enterprise ); End User ( Educational Institutes, BFSI, Government, Healthcare, IT and Telecom, Manufacturing, Retail, Others ) - Global Analysis and Forecast", the human resource management software market is estimated to reach US$ 30,061.8 Mn by 2027 from US$ 15,789.9 Mn in 2018. The report includes a key understanding of the driving factors of this growth and also highlights the prominent players in the market and their developments.

Human resource management software Market is used to overcome the abovementioned challenges regarding employee turnover as it automates business tasks, along with enhancing the return on investment (ROI). The software also helps the companies retain their employees, thereby assisting them in reducing employee turnover by improving employee engagement, tracking employee goals a Automation in various industries plays a very significant role as it eliminates manual work, thus reducing human errors. The growth of robotic process automation (RPA) helps HR professionals manage challenges in hiring and firing decisions, which include biases when screening and selecting job applicants or firings because of flawed metrics. A tremendous robot process automation trend is ongoing in the essential aspects of running a human resource function, and the technology is inspiring the people in the HR team to spend more time with people in the firm, driving talent development, and creating a better employee experience.

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The technological innovative solutions are helping technology companies across the world to accelerate their digital transformation adoption. Various business leaders across the world rank employee retention as a critical business requirement. Managing employee turnover is one of the biggest challenges of the human resource (HR) departments of many businesses. High employee turnover inevitably leads to a new phase of recruitment, which is both time-consuming and costly. According to the Society for Human Resource Management (SHRM), the entire cycle of compensation, training, recruitment, and lost productivity can cost a business somewhere from 90% to 200% of the old employee's yearly salary. The growing adoption of human resource management software across large enterprises is expected to create new opportunities for the global human resource management software market during the forecasted period.

North America held a major share of the human resource management software market in 2018, and it is expected to continue its dominance in terms of share during the forecast period as well. IT Infrastructure development, the presence of a huge number of SMEs, and the focus on adopting automated technologies are some of the major factors driving the growth of the human resource management software market in this region. In 2018, Europe and APAC held the second and third position, respectively, in the global human resource management software market. The other growing regions, such as the Middle East, Africa, and South America, are anticipated to offer significant growth opportunities for human resource management software market players during the forecast period from 2019 to 2027.

The Innovative Key Players Are:

•Automatic Data Processing, Inc.
•Ceridian HCM Holding Inc.
•Cezanne HR Limited
•Kronos Incorporated
•Oracle Corporation
•Paycom Software, Inc.
•SAP SE
•Ultimate Software Group Inc.
•Workday, Inc.

The global market for human resource management software market is segmented based on the parameters such as component, enterprise size, end-user, and geography. Based on component, the solution segment dominates the human resource management software market heavily and is expected to dominate the market in the forecast period from 2019 - 2027. On the basis of enterprise size, large enterprise segment led the market in 2018 with a maximum market share and is expected to continue its dominance during the forecast period. Furthermore, on the basis of end-user, IT and Telecom segment led the market with highest market share. Key players operating in the market are partnering with the small as well as large and other companies which are helping them to gain customer traction. The major companies offering human resource management software market include Automatic Data Processing, Inc. (ADP),Ceridian HCM Inc., Cezanne HR Ltd., Kronos Inc., Oracle Corporation, Paycom Software, Inc. SAP SE, Ultimate Software Group Inc., and Workday Inc. among others. Several other companies are also offering these human resource management software for various provider, which is facilitating the market to propel over the years.

Enterprise Size Market Insights

Many sectors are presently opting for human resource management software to provide candidates the best possible experience. Today, enterprises of all sizes count on HR organizations to gain competitive advantage, while the organizations are more focused on positioning themselves as a top destination of talented resources; moreover, they are involved in building the workforce of the future. Improvements in technology can set out to solve many such challenges; businesses must build key capability around service delivery, analytics, and business outcomes. Enterprises must act swiftly to improve the HR organization and grow its capabilities and should also invest in human resource-based technologies such as human resource management software. Human resource management software is designed for SMEs and large enterprises. This software enables the HR team to start working more effectively on using their time and resources. Human resource management software delivers a wide range solutions such as core HR, recruiting, talent management, and workforce planning and analytics. Leading enterprises around the world are highly involved in investing in this software to support the swiftly changing needs of the business. New advances for the HR activities can create and sustain organization and facilitate data-driven decisions.

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Component Market Insight

Human resource management (HRM) software, by component, includes solutions and services related to HRM software. The solutions and services include effective employee management to maximize their performance. In the age of advanced technology, information technology (IT) plays a crucial role in enhancing HR functions in businesses. Various companies across the globe have implemented human resource management software to move their data from manual records to automation. HRM component offers the best value to the organizations and allows flexibility to deal with ever-changing business requirements. HRM software components help organizations in reporting and tracking employee performances, with the solution, performance review takes place on a regular basis. It includes modules that help in enhancing employee performance and engagement.

End User Market Insight

From small and medium-sized enterprises to multinational corporations, business digitization and technological up-grading is essential. Technology plays a crucial role at the core of every organization, i.e., human resource management. The human resource management solutions and services are adopted swiftly across the various industries, which have led to the growth of the market globally. Human resources management software help various industries to adopt digitization, overcome industry-wide challenges, and increase the bottom line

The research provides answers to the following key questions:

1.What is the estimated growth rate of the market for the forecast period 2019-2027? What will be the market size during the estimated period?
2. What are the key driving forces responsible for shaping the fate of the Human Resource Management Software market during the forecast period?
3. Who are the major market vendors and what are the winning strategies that have helped them occupy a strong foothold in the Human Resource Management Software market?
4. What are the prominent market trends influencing the development of the Human Resource Management Software market across different regions?
5. What are the major threats and challenges likely to act as a barrier in the growth of the Human Resource Management Software market?
6. What are the major opportunities the market leaders can rely on to gain success and profitability?

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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