SAAS-Based HR Market to Reach $631 Billion by 2028 with a 13.9% CAGR Growth Driven By AI and Data Analytics

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

SAAS Based Human Resource Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $631.00 billion In 2028 At A CAGR Of 13.9%:

The SAAS based human resource market size has grown rapidly in recent years. It will grow from $329.92 billion in 2023 to $374.54 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The growth in the historic period can be attributed to the increasing adoption of cloud computing technologies, the need for streamlined HR processes, the rise in remote work, the rise in focus on employee experience, and cost reduction and operational efficiency

The SAAS based human resource market size is expected to see rapid growth in the next few years. It will grow to $631.00 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The growth in the forecast period can be attributed to the global shift towards hybrid work, emphasis on employee well-being, the rise of AI-driven HR technologies, a rise in focus on diversity, equity, and inclusion, and enhanced cybersecurity measures. Major trends in the forecast period include adopting artificial intelligence (AI) in SAAS-based HR solutions, integration with collaboration tools, data analytics capabilities within SAAS-based HR solutions, personalization and customization, and enhanced security and compliance.

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SAAS Based Human Resource Market Major Segments
The SAAS based human resource market covered in this report is segmented -

1) By Type: Cloud Based, On Premise
2) By Organization: Small And Midsize Enterprises (SMEs), Large Enterprises
3) By Application: Time And Attendance Management, Absence Management, Human Resource (HR) And Payroll, Integrated Solutions
4) By End User: Information Technology (IT) And Telecommunication, Manufacturing, Healthcare, Banking Financial Services And Insurance, Government, Logistics

Key Driver - Leveraging Remote Work Is Driving Growth In The SAAS based Human Resource Market

Increasing adoption of remote work is expected to propel the SAAS-based human resource market going forward. Remote work refers to a work arrangement where employees perform their job duties outside of a traditional office environment, typically from home or another location away from the employer's premises. The surge in remote work is due to changing attitudes towards work-life balance and the necessity for business continuity during global events such as the COVID-19 pandemic. SaaS-based HR solutions are essential for establishing and maintaining a successful remote work culture by providing the necessary tools and infrastructure to support remote employees effectively. For instance, in September 2023, according to the U.S. Bureau of Labor Statistics, a US-based federal agency that collects and disseminates data on the U.S. economy and labor market, the percentage of people who teleworked or worked at home increased from 17.9% in October 2022 to 20.0% in August 2023. Therefore, the increasing adoption of remote work is driving the growth of the SAAS based human resource market.

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Prominent Trend - Revolutionizing HR Management Through SAAS-Based Innovations

Major companies operating in the SAAS-based human resource market are focusing on developing innovative technologies, such as HR Payroll Solutions, to maximize their revenues in the market. HR payroll solutions refer to software systems or services designed to streamline and automate payroll processes within human resource management. For instance, in July 2023, Premier Inc., a US-based healthcare solutions company, launched PINC AITM HR Payroll Solutions for the healthcare industry. PINC AI HR Payroll utilizes a software-as-a-service (SaaS) model and offers capabilities for payroll, employee records management, benefits administration, and employee and manager self-service. The solution is specifically tailored to address the complex payroll and HR needs of the healthcare industry, including features to manage multiple job roles per employee with varying pay rates, shift differentials, and overtime rules.

SAAS Based Human Resource Market Players
Major companies operating in the SAAS based human resource market are International Business Machines Corporation, Oracle Corporation, SAP SE, Automatic Data Processing (ADP) Inc., Workday Inc., TriNet Group Inc., Paychex Inc., Kronsos Inc., Paycom Software Inc., Ceridian HCM Inc., Paylocity, Rippling People Center Inc., Freshteam, Justworks Employment Services LLC, iCIMS Inc., cloudPay Inc., BambooHR LLC, The Ultimate Software Group Inc., Ascentis Corporation, ClearCompany Inc., Talentsoft SA, Apprenda Inc., Cezanne HR Ltd., HR Cloud, Halogen Software Inc.

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Largest And Fastest Growing Region In The Market
North America was the largest region in the SAAS-based human resource market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the SAAS based human resource market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. SAAS Based Human Resource Market Report Structure
3. SAAS Based Human Resource Market Trends And Strategies
4. SAAS Based Human Resource Market - Macro Economic Scenario
5. SAAS Based Human Resource Market Size And Growth
…..
27. SAAS Based Human Resource Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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