Market Size, Scope, Demand, and Expansion in the SaaS-Based Human Resource Industry

The Business Research Company recently released a comprehensive report on the Global SAAS Based Human Resource Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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.

SAAS Based Human Resource Market 2024 Key Insights:

• 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%.
• Leveraging Remote Work Is Driving Growth In The SAAS based Human Resource Market
• Revolutionizing HR Management Through SAAS-Based Innovations
• North America was the largest region in the SAAS-based human resource market in 2023

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