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Human Resource (HR) Software Market Insights 2024: Innovations, Market Share, and Future Opportunities
Human Resource (HR) Software Market Insights
According to The Business Research Company's, The human resource (HR) software market size has grown strongly in recent years. It will grow from $45.95 billion in 2023 to $50.00 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to increased demand for automation, growth in the adoption of cloud-based solutions, increased adoption of AI, growth in globalization, and increased need for mobile-friendly solutions.
The human resource (HR) software market size is expected to see strong growth in the next few years. It will grow to $70.62 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to the increasing adoption of blockchain technology, the growing trend towards gamification, the increasing adoption of chatbots, the increasing need for HR software with flexible scheduling, and the rising interest in virtual reality. Major trends in the forecast period include generative AI, integration of technology, mobile-first HR solutions, and technological advancements.
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Market Drivers and Trends:
The increasing demand for remote work is expected to propel the growth of the human resource (HR) software market going forward. Remote work refers to employees who operate outside of a traditional office setting, generally from home or other locations far from a central office. The growing trend of remote work can be attributed to several factors, including access to global talent, flexibility, and work-life balance. HR software enables virtual recruitment, onboarding, performance management, communication, and collaboration among remote employees, ensuring seamless HR operations regardless of physical location. For instance, in May 2022, according to the Office for National Statistics, a UK-based non-ministerial department, the proportion of workers hybrid working has risen from 13% in early February 2022 to 24% in May 2022. the proportion of homeworkers planning to work mostly from home rose 12 percentage points between April 2021 and February 2022. Moreover, the proportion who planned to return to their place of work permanently fell from 11% in April 2021 to 8% in February 2022. Therefore, the increasing demand for remote work is driving the growth of the human resource (HR) software market.
Major companies operating in the human resource (HR) software market are focusing on introducing advanced solutions, such as AI-powered HR solutions, to improve HR service delivery and gain a competitive edge in the market. Artificial intelligence (AI) in HR solutions refers to integrating technologies such as automation, predictive analytics, and natural language processing to expedite HR procedures, improve employee experiences, and drive data-driven decision-making. For instance, in January 2024, Pipefy Inc., a US-based technology company, launched Pipefy AI for HR, a complete solution with configurable chatbots and AI-driven automation to improve HR procedures. This software streamlines processes like reading policies, making requests for vacation time or reimbursements, and looking for solutions to frequently asked HR problems by giving employees 24/7 access to HR-related information and services.
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Major Key Players of the Market:
Oracle Corporation, SAP SE, Automatic Data Processing Inc., Workday Inc., UKG Inc., Paycom Software Inc., Ceridian HCM Holding Inc., Epicor Software Corporation, Paylocity Holding Corporation, Cornerstone OnDemand Inc., Paycor Inc., MoBerries GmbH, isolved HCM LLC, Rippling People Center Inc., Personio GmbH, BambooHR LLC, Hibob Inc., Automatic Payroll Systems Inc., Chronus Corp, Patriot Software LLC, EmployWise LLC, Cezanne HR Limited
Human Resource (HR) Software Market 2024 Key Insights:
• The human resource (HR) software market size is expected to see strong growth in the next few years. It will grow to $70.62 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%.
• Increasing Demand For Remote Work Driving HR Software Adoption
• Introducing Focus On Technological Advancements To Expedite HR Process
• North America was the largest region in the human resource (HR) software market in 2023
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