Human Resource Management Industry Overview
The global human resource management market size was valued at USD 19.38 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 12.8% from 2022 to 2030. The increasing adoption of automation and digitization of HR operations to create agile and effective approaches is expected to surge the demand of the market over the estimated period. The development can also depend on the efforts enterprises are putting on enticing the right pool of applicants, managing resources efficiently, and retaining human capital. The companies are adopting these developments as these human resource management solutions have the potential to enhance and improve the HR operations, thereby driving the market.
Improvements in modern technologies, such as predictive analytics, Machine Learning (ML), and Artificial Intelligence (AI) are simplifying the incorporation of human resource management (HRM) solutions with analytics. Simultaneously, startups are evolving collaboration software and mobile applications that can provide employees and employers with the ease to access the essential information on the go.
The use of predictive analytics is helpful in developing inferences regarding incessant employee progress through numerous charts and infographics. HRM solution providers are concentrating on delivering developing technological trends and designing their software solutions with the shifting requirements of clients. The development of such innovative solutions is expected to result in market growth.
Gather more insights about the market drivers, restrains and growth of the Global Human Resource Management market
In the post-COVID-19 pandemic world, remote working and hybrid work are turning out to be the new norm. Thus, the players in the human resource management market are focused on providing HRM solutions that are easy and efficient to install and can support the remote working model by investing in RD activities. Concurrently, as remote working has become the new norm, key market companies, such as SAP SE, Oracle, UKG Inc., and Workday Inc. are improving their current solutions in order with the upcoming trends and are also offering products over the cloud as part of the efforts to nullify the need for constant system upgrades. All these aspects are estimated to contribute to market growth.
Remote working practices are encouraging small and medium organizations to determine modern HRM solutions so that strategic decisions can be made efficiently. The acceptance of HRM solutions among these establishments is increasing in line with the strong emphasis they are putting on workforce planning and talent acquisition to address the challenges allied with retaining human capital. Additionally, large companies are seeking a single solution to acknowledge all their HR requirements. Key market players, such as ADP, Inc., have now announced robust HRM solutions to satisfy the requirements of large establishments. Workday Inc. is offering combined real-time HR data with immunization statistics in their COVID-19 vaccine management solution, thus providing establishments with the insights and resources needed to assist in ensuring a safer workplace and a healthy workforce.
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Human Resource Management Market Segmentation
Grand View Research has segmented the global human resource management market based on component, software, service, deployment, enterprise size, end-use, and region:
HRM Component Outlook (Revenue, USD Million, 2018 - 2030)
- Software
- Service
HRM Software Outlook (Revenue, USD Million, 2018 - 2030)
- Core HR
- Employee Collaboration Engagement
- Recruiting
- Talent Management
- Workforce Planning Analytics
- Others
HRM Service Outlook (Revenue, USD Million, 2018 - 2030)
- Integration Deployment
- Support Maintenance
- Training Consulting
HRM Deployment Outlook (Revenue, USD Million, 2018 - 2030)
- Hosted
- On-premise
HRM Enterprise Size Outlook (Revenue, USD Million, 2018 - 2030)
- Large Enterprise
- Small Medium Enterprise (SME)
HRM End-use Outlook (Revenue, USD Million, 2018 - 2030)
- Academia
- BFSI
- Government
- Healthcare
- IT Telecom
- Manufacturing
- Retail
- Others
HRM Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East Africa (MEA)
Market Share Insights
- October 2021: IBM has announced a partnership with Apptio, Inc. to enhance enterprise transformation through IBM’s open hybrid cloud approach. The partnership will help clients to drive the usage of Red Hat OpenShift and improve decision-making through hybrid cloud technology, and IBM’s open hybrid cloud approach.
- July 2021: Accenture acquired Workforce Insight, a workforce optimization firm that offers advising and technology services in workforce management and human capital management. Accenture's workforce management capabilities have been strengthened as a result of the acquisition and improved its ability to deliver HR transformation to clients.
Key Companies profiled:
Some of the prominent players in the global human resource management market include:
- Accenture
- ADP, Inc.
- Cezanne HR Limited.
- Ceridian HCM, Inc.
- International Business Machines Corp. (IBM)
- Kronos Incorporated
- Mercer LLC
- Oracle
- PwC
- SAP SE
- Cegid
- UKG, Inc.
- Workday, Inc.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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