Latest market study on “Human Resource Management Software Market to 2027 by Component ( Solutions ( Core HR, Recruiting and Talent Management, Workforce Planning and Analytics, Others ) and Services (Professional Services ( Integration and Deployment, Support and Maintenance, Training and Consulting ) and Managed Services)); Enterprise Size ( Large Enterprise, Small and Medium Enterprise ); End User ( Educational Institutes, BFSI, Government, Healthcare, IT and Telecom, Manufacturing, Retail, Others ) – Global Analysis and Forecast”, the human resource management software market is estimated to reach US$ 30,061.8 Mn by 2027 from US$ 15,789.9 Mn in 2018. The report includes a key understanding of the driving factors of this growth and also highlights the prominent players in the market and their developments.
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Human resource management is a broad term that consists of all the activities executed to achieve business goals, including boosting sales, building business relationships, client support, business operations, training, etc. Human resources management software keep the track of all employees and information related to them, and the tracking is usually done in a huge database. The software solutions are implemented to streamline human resource functions, which include core HR, recruiting, talent management, workforce planning, and analytics. Human resource management solutions are increasingly implemented in educational institutes, BFSI, government, healthcare, IT and telecom, manufacturing, retail, and others. Companies around the globe find it challenging to recruit suitable employees due to a large number of applicants in an industry. The global digitalization globally is experiencing a substantial growth due to increasing demand of human resource management software worldwide. The human resource management software is comparatively popular in developed regions, including North America and Europe; however, their demand in developing countries of regions such as APAC, is growing at a remarkable rate. All these factors and trends are anticipated to fuel the demand for human resource management software in various geographies and offer future growth opportunities for market players operating in the global human resource management software market.
The global human resource management software market is anticipated to witness impressive growth during the forecast period, owing to the growing adoption of workforce analytics solutions in human resource departments, especially in developing regions of the world. During the forecast period of 2019 to 2027, IT and Telecom industry is expected to drive the demand for human resource management software worldwide. However, the concerns pertaining to data privacy and security could hinder the human resource management software market growth. Despite these limitations, the adoption of big data technology in human resource is projected to offer ample growth opportunities for the players operating in the human resource management software market during the forecast period of 2019 to 2027.
Significant market initiatives have been taken by some of the leading companies in human resource management software market by getting involved in partnering with the clients, acquisitions, and also expanding their production capabilities. For instance, recently, Workday, Inc. acquired Scout RFP Inc. for US$ 540 Mn. Scout RFP Inc. is an e-sourcing solutions startup based in San Francisco. The acquisition would complement existing Workday Procurement and Workday Inventory offerings. In the same year, SAP SE declared that Kongsberg Automotive, a Norway based automotive company has selected SAP SuccessFactors solutions to update its human resources processes across the global organization. Through such initiative, the company would be able to offer a broader range of options to enterprise customers. These strategic initiatives are further expected to provide a significant opportunities for human resource management software market growth in the coming years.
The major players operating in the market for human resource management software market include Automatic Data Processing, Inc. (ADP), Accenture PLC, Ceridian HCM Inc., Cezanne HR Ltd., Kronos Inc., Oracle Corporation, Paycom Software, Inc. SAP SE, Ultimate Software Group Inc., and Workday Inc. among others.
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