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Leveraging Remote Work Is Driving Growth In The SaaS based Human Resource Market: Powering Innovation and Expansion in the Global SAAS Based Human Resource Market by 2025
SAAS Based Human Resource
SAAS Based Human Resource Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size of the SaaS-based human resource sector has seen a significant increase over the past few years. Projected growth indicates an increase from $374.54 billion in 2024 to $424.9 billion in 2025, with a compound annual growth rate (CAGR) of 13.4%. This growth witnessed in the historic period is credited to factors such as the rising utilization of cloud computing technologies, the necessity for efficient HR processes, the growth of remote work, the increasing focus on employee experience, along with cost reduction and operational efficiency.
SAAS Based Human Resource Market Size Forecast: What's the Projected Valuation by 2029?
The market size of human resource solutions based on Software as a Service (SaaS) is anticipated to witness swift expansion in the upcoming years, reaching a valuation of $689.69 billion by 2029, marking a Compound Annual Growth Rate (CAGR) of 12.9%. The predicted growth in the forecast period can be credited to the global transition to a hybrid work model, increased focus on employee health, the emergence of AI-enabled HR technologies, an elevated emphasis on diversity, equity, and inclusion, and improvements in cybersecurity protocols. Noteworthy trends expected during the forecast period include the adoption of Artificial Intelligence (AI) in SaaS-based HR functions, synchronized integration with cooperative tools, the incorporation of data analytics into SaaS-based HR solutions, a move towards personalization and customization, and bolstered security and conformity measures.
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What Are the Drivers Transforming the SAAS Based Human Resource Market?
The SaaS-based human resource market is projected to grow with the rising adoption of remote work. Remote work is an employment arrangement where job duties are performed outside of a typical office setting, usually at home or a location away from the employer's site. The shift towards remote work is primarily due to the changing perspective on work-life balance and the need for maintaining business continuity during worldwide occurrences like the COVID-19 pandemic. SaaS-based HR solutions are crucial for developing and sustaining an efficacious remote work environment by supplying the required tools and structure to efficiently support remote employees. As an example, the U.S. Bureau of Labor Statistics, a US-based federal agency responsible for collecting and distributing data regarding the U.S. economy and labor market reported in September 2023, that the fraction of people working remotely or from home went up from 17.9% in October 2022 to 20.0% in August 2023. Thus, the increased adoption of remote work fuels the expansion of the SaaS-based human resource market.
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What Long-Term Trends Will Define the Future of the SAAS Based Human Resource Market?
In the SaaS-based human resource market, major firms are directing their efforts towards the invention of cutting-edge technologies like HR Payroll Solutions to boost their market profits. HR Payroll Solutions are software systems or services created to simplify and mechanize the payroll procedures within human resource administration. For example, in July 2023, Premier Inc., an American healthcare solutions provider, introduced the PINC AITM HR Payroll Solutions designed particularly for the healthcare sector. This solution adopts a software-as-a-service (SaaS) model and provides features for payroll, management of employee records, administration of benefits, as well as service for both employees and managers. The solution is uniquely crafted to accommodate the intricate payroll and HR requirements of healthcare services, entailing features that manage multiple job roles per employee, differing pay rates, shift differentials, and overtime regulations.
Which Segments in the SAAS Based Human Resource Market Offer the Most Profit Potential?
The saas based human resourcemarket 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
Subsegments:
1) By Cloud-Based: Public Cloud, Private Cloud, Hybrid Cloud
2) By On-Premise: On-Premise HR Software
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Which Firms Dominate the SAAS Based Human Resource Market by Market Share and Revenue in 2025?
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.
Which Regions Offer the Highest Growth Potential in the SAAS Based Human Resource Market?
North America was the largest region in the SaaS-based human resource market in 2024. 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.
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