About the Higher Education Financial and HRM Software Market
The global higher education financial and HRM software market consists of software solutions that are employed by institutions to improve the decision-making and productivity of employees and management of financial resources. The data collected from the software is further analyzed using analytics applications. The analysis is to ensure that an institution’s resources are optimally used. HRM primarily focuses on planning, managing, and reporting of HR processes, along with recruitment and retention of good performers. Financial management software primarily focuses on providing real-time access to financial data such as procurement, accounts payable, and others. They provide stakeholders with specific financial information, which can help improve data-backed decision-making and strategies, and prioritize tasks.
Technavio’s analysts forecast the global higher education financial and HRM software market to grow at a CAGR of 15.57% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global higher education financial and HRM software market for 2016-2020. To calculate the market size, the report considers the revenue generated from the licenses, maintenance, implementation, and subscriptions of financial and HRM software to the higher education segment. These include software deployed on-premises as well as those deployed through cloud.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Higher Education Financial and HRM Software Market 2016-2020
Technavio recognizes the following companies as the key players in the global higher education financial and HRM software market: Ellucian, Oracle, SAP, and Workday.
Other Prominent Vendors in the market are: IBM, Infor, Halogen Software, Unit4, and Lexmark International.
Commenting on the report, an analyst from Technavio’s team said: “One trend which is already having an impact on the market is the rise in the international mobility of students. The increase in the number of international enrollment and student exchange programs have widened the scope of growth of the global higher education market. An integration of intercultural and international dimension into the main objective and functioning or delivery of education have been happening. For instance, the Bologna process in Europe, a collective effort of universities, faculties, and public authorities, focuses on the introduction of various bachelor’s, master’s and doctorate programs. The purpose is to strengthen the quality assurance of the entire system and enhance recognition of the achieved qualifications across geographical borders.”
According to the report, a key growth driver of market growth is the rising ICT investment in higher educational institutions. Educational technology enriches the learning experience for students. Digital classrooms have incorporated advanced technological learning aids such as interactive whiteboards and 3-D printing to increase student interactivity and knowledge retention. As a result, educational institutions have increased their budget to include more collaboration, assessment, and ERP systems in their delivery methods.
Further, the report states that one challenge that could hinder market growth is the shortage of trained staff.
Ellucian, Oracle, SAP, Workday, IBM, Infor, Halogen Software, Unit4, Lexmark International.