The global human resource management market is anticipated to reach USD 30.01 billion by 2025, registering a CAGR of 11.0% from 2019 to 2025, according to a new report by Grand View Research, Inc. Increasing need for managing the widespread workforce and growing demand for replacing the legacy systems with improved human capital management platforms is anticipated to fuel the growth.
Technological proliferation in big data analytics, machine learning, Artificial Intelligence (AI), and Internet of Things (IoT) is expected to positively impact growth of the human resource management (HRM) market. Various HRM providers are developing innovative solutions that integrate upcoming technologies into HR systems for enhanced organizational performance.
HRM solution providers are focusing on developing software/solutions that easily integrate with mobile apps, thereby enabling employees and employers to access information pertaining to time and attendance, leaves, and performance status from their personal devices. These features increase the transparency across the departments in organizations and provide flexibility to the managers to access data anytime and from anywhere across the globe.
Increased adoption of cloud deployment across all industries is expected to accelerate the demand for HRM solutions over the forecast period. The use of cloud technology enables various Small and Medium Enterprises (SMEs) to adopt modern HRM solutions at reasonable prices without the need to constantly upgrade or replace the systems.
Post the implementation of HRM software, organizations require support and maintenance services from their vendors. This is expected to increase the demand for the support & maintenance services. The segment is estimated to expand at a CAGR of over 14.0% from 2019 to 2025.
Retail segment is expected to expand at the highest CAGR of above 13.6% from 2019 to 2025. The rapid growth of the retail industry has resulted in the large-scale hiring as well as employee retention at all levels of the industry by ensuring better job roles, career paths, and benefits. In an attempt to streamline these functions, a large number of organizations operating in the retail industry opt for HRM solutions.
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Further key findings from the report suggest:
- Talent management software segment is anticipated to register a CAGR of above 13.5% over the forecast period, owing to features such as attracting, recruiting, and retaining the human assets of their organization
- Demand for hosted deployment segment is expected to witness significant growth over the forecast period owing to the ease of integration with other systems, ease of use, and reduced costs. The segment is anticipated to reach USD 13.88 billion by 2025
- Large enterprises led the market in 2018 and is expected to maintain its dominance over the next six years. This dominance can be attributed to focus of organizations on increasing productivity and efficiency of labors with HRM solutions
- Asia Pacific HR management market is anticipated to expand at a significant CAGR and reach USD 6.54 billion by 2025, owing to the rapid industrialization and digitization initiatives taken by the regional governments
- Key HRM market players include Accenture PLC; Automatic Data Processing (ADP), Inc.; Cezanne HR Ltd.; Ceridian HCM, Inc.; IBM Corporation; Kronos Incorporated; Mercer LLC; NetSuite, Inc.; Oracle Corporation;PricewaterhouseCoopers (PwC); SAP SE; Talentsoft; Ultimate Software; and Workday, Inc.; among others
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.