Emerging technologies such as automation and digitization, have increased the productivity of the organizations. With the use of software such as human resource management, employee engagement and support are elevated since the time needed for repetitive work gets eliminated. This helps the organization to grow and achieve their objective sooner than expected.
Every organization requires immense paper usage for employee management and HR compliance that are often difficult to manage. The HR management software overcomes this difficulty by converting all the manual paper documents to a digital format. Another advantage associated with this software is a centrally available database of HR workflow through which a manager can monitor, evaluate, and reward respective employees, even remotely.
The major factors contributing to the growth of human resource management software is the growing adoption of cloud-based technologies in verticals such as BFSI, telecom & IT, manufacturing and others. By adopting the cloud deployment for software services such as human resource management, data management and monitoring becomes feasible, scalable and cost-effective.
The market for human resource management software has been broadly segmented into deployment, organization size, solution, service and vertical.
By deployment, the market is segmented into on-premise and on-cloud deployment.
By organization size, the market is segmented into small and medium enterprises and large enterprises
By solution, the market is segmented into workforce management, sourcing and recruitment, applicant tracking system, talent management, and others.
By service, the market is segmented into integration & deployment, support & maintenance, training & consulting.
By vertical, the market is segmented into BFSI, IT & Telecom, public sector, manufacturing, retail, healthcare, transportation & logistics, and others.
The global market for human resource management software is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis human resource management software market is studied for North America, Europe, Asia Pacific and rest of the world.
North America is expected to emerge as the leading region for human resource management software during the forecast period on the grounds of early adoption of technological advancements such as cloud technology and automation. Majority of human resource software management service providers are from North America. Furthermore, well-established economies provide help in funding the study of emerging technologies such as cloud and automation. Asia Pacific is expected to grow at a significant rate due to increased adoption of cloud-based technologies owing to government policies and regulations to support digitization and automation.
The new generation of human resource management software are now also accessible in the form of mobiles applications. With the software on mobile, data monitoring, evaluating and learning becomes much easier which is expected to increase employee engagement and fuel the overall adoption of this software in the enterprises by and large.
The prominent players in the HR management software market are, Workday, Inc. (U.S.), SAP SE (Germany), Kronos, Inc. (U.S.), Oracle Corporation (U.S.), Automatic Data Processing, LCC (U.S.), Talentsoft (France), Ultimate Software Group, Inc. (U.S.), Accenture PLC (Ireland), Cezanne HR Ltd. (U.K.), IBM Corporation (U.S.).
Other players in the market include Ultimate Software (U.S.), PricewaterhouseCoopers (India), NetSuite, Inc. (U.S.), Mercer LLC (U.S.), Ceridian HCM, Inc. (U.S.).