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Human Resource Management Software Market Valued at USD 62.91 Billion in 2029 with a Projected CAGR of 10.10%
Human Resource Management Software Market
This comprehensive report presents an in-depth analysis of the global HRMS market, encompassing past and current industry status, forecasted market size, and emerging trends. The report employs a straightforward language to dissect complex data. Key players in the market, including leaders, followers, and new entrants, are extensively studied.
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What are Human Resource Management Software Market Dynamics?
Integration of AI and ML in HCM Suites: In response to the complexity of business operations and the shortage of skilled workers, HR managers are adopting AI and Machine Learning (ML) technologies within Human Capital Management (HCM) suites. These technologies assist in identifying suitable candidates, streamlining recruitment processes, and locating ideal candidates.
Rising Adoption of Cloud-Based Solutions: The adoption of cloud-based strategies has gained prominence worldwide due to its cost-effectiveness, ease of use, and agility in software management. Businesses are transitioning from on-premises HRMS to cloud-based solutions, offered as Software as a Service (SaaS), to harness the benefits of cloud technology, leading to cost savings and higher Return on Investment (ROI).
Data Inconsistency: The proliferation of technologies like AI, ML, and the Internet of Things generates vast amounts of data in diverse formats. The utilization of multiple apps and technologies can result in data inconsistency and instability. Customized HRMS software is being embraced to address these challenges.
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What is Human Resource Management Software Market Segmentation?
The global market for human resource management software is divided into four categories based on type: component, deployment, industry, and geography.
Software and services make up the two segments of the HCM market. The service component is anticipated to have a larger market share during the Forecasting period. Some of the major factors causing the software segment to have the largest market share throughout the projection period include the rising use of software to manage the entire employee lifecycle and the growing need to comply with regulatory laws.
Deployment: The adoption of HCM software is at a high level right now, and this trend is expected to continue. The majority of end users have their software on-premises since it offers better data protection and aids in meeting various needs for enterprises.
Industry: End-users of HRM systems include government agencies as well as several other organizations operating in a wide range of industries and industry verticals, including academia, BFSI, healthcare, IT & telecom, manufacturing, retail, and media & entertainment. The IT & telecom segment had a revenue share of more than 20% in 2022, which was the highest. Learning, talent recognition, and employee engagement are all critical components of any company's expansion. As a company expands, managing the personnel may become increasingly challenging. All of these factors indicate a rising demand for HRM software and services across a range of industries.
by Component
Software
Talent Management
Workforce Management
Recruitment
Payroll Management
Performance Management
Service
Support & Maintenance
Integration & Deployment
Training & Consulting
by Type
Cloud
On-premise
by Application
IT & Telecommunication
BFSI
Government
Healthcare
Retail
Manufacturer
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Who are Human Resource Management Software Market Key Players?
. ADP, Inc.
. Cezanne HR Ltd.
. Ceridian HCM Holding, Inc.
. International Business Machines Corp. (IBM)
. Kronos Incorporated (now Ultimate Kronos Group)
. Mercer LLC
. NetSuite, Inc.
. Oracle
. PwC
. SAP SE
. Talentsoft
. UKG, Inc.
. Workday, Inc.
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Table of content for the Human Resource Management Software Market includes:
1. Global Human Resource Management Software Market: Research Methodology
2. Global Human Resource Management Software Market: Executive Summary
Market Overview and Definitions
Introduction to the Global Market
Summary
Key Findings
Recommendations for Investors
Recommendations for Market Leaders
Recommendations for New Market Entry
3. Global Human Resource Management Software Market: Competitive Analysis
MMR Competition Matrix
Market Structure by region
Competitive Benchmarking of Key Players
Consolidation in the Market
M&A by region
Key Developments by Companies
Market Drivers
Market Restraints
Market Opportunities
Market Challenges
Market Dynamics
PORTERS Five Forces Analysis
PESTLE
Regulatory Landscape by region
North America
Europe
Asia Pacific
Middle East and Africa
South America
COVID-19 Impact
4. Global Human Resource Management Software Market Segmentation
Global Market, by Component(2022-2029)
Global Market, by Deployment (2022-2029)
Global Market, by Industry (2022-2029)
5. Regional Human Resource Management Software Market (2022-2029)
Regional Market, by Component(2022-2029)
Regional Market, by Deployment (2022-2029)
Regional Market, by Industry (2022-2029)
Regional Market, by Country (2022-2029))
6. Company Profile: Key players
Company Overview
Financial Overview
Global Presence
Capacity Portfolio
Business Strategy
Recent Developments
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Regional Insights:
The report provides valuable insights into the regional landscape of the HRMS market. North America's leadership in technology adoption and Europe's talent strategy-driven growth are outlined, shedding light on the market dynamics in different regions.
Key Offerings:
Past Market Size and Competitive Landscape (2017 to 2022)
Past Pricing and price curve by region (2017 to 2022)
Industrial Manipulator Market Size, Share, Size Forecast by different segment | 2023-2029
Industrial Manipulator Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Industrial Manipulator Market Segmentation - A detailed analysis by Type, Application and Region
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
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