Human Resources (HR) Software Market (By Component: Software, Services; By Deployment Type: On-Premises, Cloud; By Enterprise Size: SMEs, Large Enterprises; By Vehicle Type: Government, Manufacturing, Consumer Goods and Retail, Healthcare, Telecom and Information Technology (IT), Banking, Financial Services, and Insurance (BFSI), Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027

Category : ICT | Published at : July-2020 | Delivery Format : PDF | Status: Published | Pages : 190

The global human resources (HR) software market is anticipated to grow at a CAGR of around 8.3% during the forecast period 2020 to 2027 and to reach around US$ 14.0 Bn by 2027.

Market Dynamics

Increasing number of small and mid-size organization in emerging economies and rising HR automation approach is resulting in demand for human resource management system this is major factor expected to drive the growth of global market. In addition, various benefits of hr software such as candidate searching, advertisement management, and candidate relationship management, etc. is another factor expected to support the growth of target market.

Major player are focused on business expansion through strategic merger and acquisition which is expected to increase the customer base and enhance the profit ratio this is another important factor expected to positively impact the growth of target market.

In 2017, Oracle and Eyeota signed a agreements with the focus on personalize content for its customers with the help of Eyeota data in oracle data management platform. This is expected to help the company to enhance the profit.
In 2017, ADP signed a partnership agreement with Harri. The agreement focused on using ADP Workforce Now in order to recruit for Harri’s suite for hospitality. This is expected to help the company to enhance the customer base and enhance the profit ratio.

In addition, player’s inclination towards collaborative work and introduction of innovative solution is expected to further augment the growth of target market.

In 2017, Forte Group launched human resources management system (HRMS). The platform is designed to meet professional needs of managers and employees, HR and financial specialists, as well as clients in the outsourcing industry. This is expected to enhance the company product portfolio and increase the customer base.
In 2015, SumTotal signed a partnership agreement with iCIMS a leading provider of talent acquisition software solutions. The partnership was focused on integration of iCIMS talent acquisition platform with SumTotal’s Talent Expansion Suite in order to facilitate the hiring lifecycle. This is expected to further enhance the company revenue share.

However, factors such as rising data security concern and unwillingness in order to adopt HR software are expected to hamper the growth of global market. In addition, lack of awareness of new technologies and benefits of hr software is another factors expected to challenge the growth of target market.

Developing regulatory scenario and increasing adoption of HR software from small and mid-size players are factors responsible to create new opportunities for players operating in the target market over the forecast period..

Human Resources (HR) Software Market Segment Analysis, 2019

The global human resources (HR) software market is segmented into component, deployment type, organization size, and end use. The end use segment is further bifurcated into government, manufacturing, consumer goods and retail, healthcare, telecom and information technology (IT), banking, financial services, and insurance (BFSI), and others.

Segment Analysis by Region

The market in North America is expected to account for significant revenue share owing to rising demand for various industry verticals. In addition, presence of major players operating in the country along with introduction of innovative solutions is another factor expected to further support the growth of target market in this region.

Asia Pacific is expected to witness faster growth in the near future owing to increasing number of small and mid-size enterprises. In addition, rising awareness among organization and developing labor laws are factors expected to impact the growth of target market.

Competitive Landscape

The global market is high highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.

Report coverage

Market	Global Human Resources (HR) Software Market
Analysis Period	2016 – 2027
Base Year	2019
Forecast Data	2020 – 2027
Market Stratification	component, deployment type, organization size, end use and Geography
Regional Scope	North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Report Coverage	Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis

The market research study on “Human Resources (HR) Software Market (Component: Software and Services; Deployment Type: On-Premises and Cloud; Enterprise Size: SMEs and Large Enterprises; End Use: Government, Manufacturing, Consumer Goods and Retail, Healthcare, Telecom and Information Technology (IT), Banking, Financial Services, and Insurance (BFSI), and Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027”, offers a detailed insights on the global human resources (HR) software market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights on global human resources (HR) software market segment by component, deployment type, organization size, end use and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global human resources (HR) software market size and segment markets by component, deployment type, organization size, end use and geography along with the information on companies operating in the market. The human resources (HR) software market analysis is provided for major regional market including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report. The players profiled in the report CoreHR, EmployWise, International Business Machine (IBM) Corporation, Oracle Corporation, Paychex, Inc., Paycom Software, Inc., Automatic Data Processing (ADP), Ceridian HCM, Inc., SAP SE, SumTotal Systems, LLC. Ultimate Software, and Workday, Inc.

Market Segmentation

Market By Component