Human Resource Management Software (HRMS) Market to Grow at 9% until 2025
Increasing adoption of technologies such as cloud & AI
coupled with the increasing demand for performance management to drive global
human resource management software market
According to
TechSci Research report, “Global Human
Resource Management Software Market By Component, By Deployment Mode, By
Enterprise Size, By Vertical, By Region, Competition, Forecast &
Opportunities, 2025”, the global human resource
management software market is expected to grow at a formidable CAGR of around 9%
during 2020 - 2025 on account of increasing adoption of cloud-native
technologies. However, security issues, especially data security and access to
sensitive information, can hamper the growth of market during forecast period. Another
challenge lies in selecting the right software for the organization according
to the needs.
Browse 139 market data Figures and Tables spread through 110 Pages and an in-depth TOC on "Global Human Resource Management
Software Market"
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The global
human resource management software market is segmented based on component,
deployment mode, enterprise size, vertical, region and company. Based on component,
the market can be bifurcated into software (core HR, recruitment, talent
management, workforce planning & analytics, others) and service (training
& consulting, support & maintenance, integration & implementation, others).
The Talent Management software segment is expected to dominate the market owing
to the continuous demand and adoption of advanced technologies. Based on
deployment mode, the market can be divided into On-cloud and on-premises. The On-Cloud
deployment mode is expected to grow at a rapid pace during the forecast years. The
On-Cloud deployment mode accounted for highest market share of over 70% in 2019
owing to its ease of integration with other systems, ease of use, reduced costs,
among others. Based on organization size, the market can be segmented into SMEs
and large enterprise. The small-medium enterprise segment is expected to
dominate the market attributable to the growing focus of the organizations on
increasing productivity and efficiency of employees with HRM solutions. Increase
in the adoption of human resources software across small enterprises is
creating lucrative opportunities for the growth of this market.
Automatic Data
Processing (ADP), Inc., IBM Corp., Kronos Inc., Accenture, Oracle Corp., SAP
SE, Workday Inc., Ultimate Software Group, Inc., Cezanne HR Ltd., CorestoneOnDemand,
and others are some of the leading players operating in global human
resource management software market. SAP SE is the major player of this market
with highest market share in 2019. The companies operating in the market are
using organic strategies such as product launches, mergers and collaborations
to boost their share. For instance, in October 2019, Cezanne HR signed a new
product partnership with Curo which provides SaaS based solution for
compensation planning. This partnership will deliver combined HR and
compensation management capabilities to the clients.
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“Asia-Pacific is expected
to witness significant growth in the global human resource management software market
during the forecast period, owing to the rapid industrialization and
digitization initiatives taken by the different governments in the region.
Additionally, presence of various major emerging economies, such as China,
India, and South Korea is further expected to drive the regional HR management software
market growth in the region over the coming years.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Human Resource Management Software Market
By Component, By Deployment Mode, By Enterprise Size, By Vertical, By Region,
Competition, Forecast & Opportunities, 2025” has evaluated
the future growth potential of global human resource management software market
and provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in global human resource management software market.
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