Employee Onboarding Software Market: Size, Share, Growth Trends, Key Drivers, Competitive Landscape, and Forecast Strategies

The employee onboarding software market size has grown rapidly in recent years. It will grow from $1.48 billion in 2023 to $1.77 billion in 2024 at a compound annual growth rate (CAGR) of 19.4%. The growth in the historic period can be attributed to digital transformation, increasing workforce diversity, regulatory compliance requirements, shift towards remote work, focus on employee experience.

The employee onboarding software market size is expected to see rapid growth in the next few years. It will grow to $3.64 billion in 2028 at a compound annual growth rate (CAGR) of 19.8%. The growth in the forecast period can be attributed to growing adoption of AI and automation, expansion of gig economy, emphasis on data security and privacy, integration with HR analytics and insights, rise in mobile workforce. Major trends in the forecast period include enhanced integration with HR analytics and insights, personalized onboarding experiences tailored to individual employee needs, increased emphasis on remote onboarding solutions, implementation of mobile-first onboarding platforms for greater accessibility and flexibility.

Market Overview -
Employee onboarding software refers to a digital platform or application designed to streamline and automate the integration of a new employee into an organization and familiarize them with the company's culture, policies, procedures, and expectations. The primary goals of employee onboarding are to help new hires feel welcomed, to accelerate productivity and performance, and to facilitate the successful transition into a new role within the organization.

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Remote Work Drives Surge In Employee Onboarding Software Market Growth
The rise of the remote work trend is expected to propel the growth of the employee onboarding software market going forward. Remote work refers to a work arrangement where employees perform their job duties outside the traditional office environment, typically from their homes. The rise in remote work trend is due to the desire for greater flexibility, improved work-life balance, and the potential for increased productivity and cost savings. Employee onboarding software allows hiring companies to conduct the onboarding process virtually, from completing paperwork to training sessions. This is especially useful for remote employees who may need the opportunity to attend in-person onboarding sessions. For instance, according to a February 2022 study published by AT&T, a US-based telecommunications company, the percentage of companies adopting a hybrid model of work where workers will do both remote work and work from the office is projected to increase from 42% in 2021 to 81% in 2024. Therefore, the rise in remote work trend is driving the growth of the employee onboarding software market.

Competitive Landscape -
Major companies operating in the employee onboarding software market are SAP SE, ADP LLC, Workday Inc., Paychex Inc., Paycom Software Inc., Ceridian HCM Inc., Paylocity Corporation, Monday.com Ltd., Paycor Inc., iCIMS Inc., TriNet Zenefits, Bamboo HR LLC, Namely Inc., ClearCompany Inc., GoCo.io Inc., OrangeScape Technologies Ltd., WalkMe Ltd., Click Boarding LLC, Lessonly Inc., Ultimate Software Group Inc., WorkBright LLC, HR Cloud, Talmundo NV, EmployeeConnect Pty Ltd, HROnboard Pty Ltd

AI-Powered Onboarding Platforms Reshaping The Employee Onboarding Software Market
Major companies operating in the employee onboarding software market are developing AI-based onboarding platforms such as Onboard to gain a competitive edge in the market. Onboard is an AI-based onboarding platform that utilizes artificial intelligence technologies to automate and streamline the integration of new employees into an organization. For instance, in May 2021, Betterplace Safety Solution PVT LTD., an India-based software company, launched Onboard to streamline the hiring process for businesses. This AI-driven digital solution offers smart search capabilities and extensive customization to suit various business workflows, ensuring increased efficacy. Accessible via smartphones and desktops, Onboard leverages cutting-edge technologies and event-driven microservices architecture to ensure scalability and security, including data encryption and secure private clouds. With features like facial recognition and geofencing to mitigate COVID risks, Onboard allows employers to manage employees virtually. It also offers real-time analytics, employee demographics, and attrition rate monitoring, making employee management seamless and efficient.

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Key Segments -

The employee onboarding software market covered in this report is segmented -

1) By Type: Cloud-Based, On-Premises
2) By Application: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
3) By End-User: Banking, Financial Services, And Insurance (BFSI), Information Technology (IT) And Telecommunications, Government, Energy And Utilities, Healthcare, Manufacturing, Retail And Consumer Goods, Transportation And Logistics, Other End-Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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