The global Human Resource Management market size is expected to be worth around US$ 38.18 billion by 2028, according to a new report by Vision Research Reports.
The global Human Resource Management market size was valued at US$ 16.02 billion in 2020 and is anticipated to grow at a CAGR of 11.8% during forecast period 2021 to 2028.
Increasing need for managing the widespread workforce coupled with growing demand for replacing legacy systems with improved human capital management platforms is anticipated to fuel the growth. Human resource management (HRM) solution providers focus on developing software/solutions that can 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.
Technological proliferation in the field of big data analytics, machine learning (ML), artificial intelligence (AI), and Internet of Things (IoT) is expected to positively impact the growth of the HRM market. Various solution providers are developing innovative solutions that integrate upcoming technologies into HR systems for enhanced organizational performance. The technology proliferation and improved features increase the transparency across the organizations and provide flexibility to access data anytime and anywhere across the globe.
Based on software, the human resource management market is segmented into core HR, employee collaboration and engagement, recruitment, talent management, workforce planning, and analytics, and others. The core HR software accounted for a major market share in 2019 owing to the high demand for automation of different HR functions in the department.
The talent management software segment is expected to grow rapidly over the forecast period. Talent management software assists HR professionals in increased strategic decision making. It helps them align the organizational goals with talent acquisition and succession planning activities, thereby increasing the overall performance of the company.
On the basis of service, the market is segmented into integration and deployment, support and maintenance, and training and consulting. The integration and deployment function accounted for the largest market share in 2019. The large-scale demand for the implementation of new HRM systems and/or integration of new systems with the existing systems at workplace is expected to drive the growth. Integration and deployment allow organizations to visualize and access data for better decision making.
The support and maintenance segment is expected to witness the fastest growth during the forecast period. In the present scenario, technology is changing at a considerable pace, resulting in continuous upgrades in the system. Human resource management solutions also need to be updated with the changing technologies and organizations need vendor support in case of troubleshooting and technical issues, thereby resulting in the faster growth of the segment.
On the basis of deployment, the market is segmented into hosted and on-premises. The on-premise segment dominated the market in 2019. Initially, when the HR processes were undergoing a transition from paper to software, the most feasible option was to implement on-premise solutions.
The hosted solutions segment is expected to account for the highest CAGR over the forecast period, owing to the increasing use of mobile devices and advancements in information sharing technologies. The increased availability of internet connections at affordable rates is expected to increase the demand for hosted deployment of HR solutions in organizations.
On the basis of enterprise size, the market is segmented into large enterprises and Small and Medium Enterprises (SMEs). The SMEs segment is expected to expand at the highest CAGR over the forecast period. Numerous SMEs are implementing HR solutions as they reduce the burden of carrying out administrative tasks and allow employees to focus on the organizational development.
The large enterprise segment is expected to continue holding the largest market share over the forecast period. Numerous multinational companies and large enterprises have also implemented HR solutions to reap the benefits from these HR solutions. These solutions allow companies to manage the huge and scattered database and to avail real-time and centralized access to employee data across the globe.
On the basis of end use, the market for human resource management is segmented into academia, BFSI, government, healthcare, IT and telecom, manufacturing, retail, and others. The increasing demand from IT and telecom, retail, and healthcare sectors is predicted to drive the growth of the overall market.
HR solutions in performance management, employee engagement, and workforce planning and analytics functions have revolutionized IT and telecom. Organizations are focusing on bringing about substantial improvements in the productivity of organization post the implementation of HR solutions for various HR disciplines.
North America dominated the HRM market in 2019. The presence of numerous HRM solution providers is expected to significantly drive the regional market growth. The organizations in U.S. are focusing on increasing labor efficiency and productivity by using HRM solutions for time and attendance, payroll, and talent management activities, which is expected to further boost the growth.
Asia Pacific is expected to maintain a rapid CAGR in future owing to the presence of emerging economies, such as China and India. The growth can also be attributed to the increasing government initiatives for supporting the digitalization of business processes and adoption of cloud-based systems. The regional population is witnessing a shift toward service sector from agricultural or manufacturing sector, owing to better pay, which is further driving the regional market growth.
Accenture PLC; Automatic Data Processing (ADP), Inc.; Cezanne HR Ltd.; Ceridian HCM, Inc.; IBM Corporation; Kronos Incorporated; Mercer LLC; NetSuite, Inc.; Oracle Corporation; SAP SE; Talentsoft; Ultimate Software; and Workday, Inc.
Employee Collaboration & Engagement
Workforce Planning & Analytics
Integration & Deployment
Support & Maintenance
Training & Consulting
Enterprise Size Outlook
Small & Medium Enterprise
IT & Telecom
Middle East & Africa
The Human Resource Management market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Human Resource Management market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Human Resource Management market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Human Resource Management market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Human Resource Management market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Human Resource Management capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Human Resource Management by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Human Resource Management market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Human Resource Management market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Human Resource Management market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Human Resource Management industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Human Resource Management market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Human Resource Management market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Human Resource Management market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Human Resource Management market. These factors have benefited the growth of the global market for Human Resource Management. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Human Resource Management. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Human Resource Management are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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