Global Human Resource Management Market By Component (Software [Core HR, Recruitment, Workforce Management, Talent Management, Payroll, Learning & Development, and Others] and Services [Integration & Implementation, Support & Maintenance, and Consulting]), By Organization Size (MSMEs and Large Enterprises), By Deployment Type (On-premise and On-cloud), and By Region (North America, Europe, APAC, and RoW) – Global Forecast up to 2025
This market research report includes a detailed segmentation of the global human resource management market by component (software [core HR, recruitment, workforce management, talent management, payroll, learning & development, and others] and services [integration & implementation, support & maintenance, and consulting]), by organization size (MSMEs and large enterprises), by deployment type (on-premise and on-cloud), and by region (North America, Europe, APAC, and RoW). The market research report identifies SAP, Oracle, Workday, ADP, Microsoft, IBM, Kronos, Talentsoft, Sage, and Gusto as the major vendors operating in the global human resource management market.
verview of the Human Resource Management Market
Infoholic’s market research report predicts that the global human resource management market will grow at a CAGR of around 9% during the forecast period 2019–2025. The demand for HRM solutions is increasing due to several factors, including enhancing employee performance and understanding how an organization culture is impacting workforce productivity. Reducing the employee turnover rate is also one of the factors boosting the adoption of human resource management solutions. Globally, organizations are facing constant challenges in managing their multigenerational workforce and understanding employee expectations. HR departments in large enterprises have become more strategic by using HRM software.
HR personnel interface with every employee of an enterprise and face several challenges in managing workforce when it comes to a large number of employees. Traditional HR processes included only the employee working in an organization; but with the increasing trend of mobility and IoT, the mobile workforce is increasingly gaining popularity. Employees are now able to work remotely, which brings several challenges in terms of managing the mobile workforce. Human resource management solutions are helping the enterprises in managing the workforce efficiently by providing access to payroll and other HR-related data through their devices. HRM solutions are driving business value by enhancing the employee experience and employee retention rate. More and more enterprises are investing in human resource management solutions and services for managing their human capital and enhancing ROI.
According to the human resource management industry analysis, North America accounts for the largest share of the global human resource management market in 2019. Drivers supporting the growth of this market in North America include the presence of major vendors, i.e., Oracle, Workday, ADP & IBM, and growing technological advancements. Asia Pacific is expected to witness the fastest growth rate during the forecast period due to the increasing number of enterprises adopting HRM solutions for optimizing their HR processes. Enterprise’s HR departments in the APAC region are also implementing human resource management solutions for making more data-driven decisions.
Human Resource Management Market Research Competitive Analysis and Key Vendors
The report covers and analyzes the global human resource management market. Major vendors across different verticals are planning for high investments in this market, and as a result, the human resource management market is expected to grow at an impressive rate in the coming years. The key players in the market are adopting various organic as well as inorganic growth strategies, such as mergers & acquisitions, collaborations & partnerships, joint ventures, and few other strategies, to be in the strong position in the market.
Few of the Key Vendors in the Human Resource Management Market Research:
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