Human Resources Management (HRM) Software Market to Reach USD 33.40 Billion, at a 12.2% CAGR By 2030 – Market Research Future (MRFR)
Research Reports
Jun 21, 2023
According to the research report published by Market Research Future (MRFR), “Human Resources Management (HRM) Software Market By Organization, By Service, By Deployments And By Region– Market Forecast Till 2030. The global market for Human Resources Management (HRM) Software witnessed a valuation of USD 13.3 billion in 2021, and it is anticipated to expand significantly, reaching USD 33.40 billion by the year 2030. This projection reflects a remarkable compound annual growth rate (CAGR) of 12.2% during the forecast period of 2022 to 2030, with an estimated market value of USD 14.92 billion in 2022.
Market Synopsis:
The post-COVID-19 era has witnessed a significant shift in work dynamics, with remote working and hybrid models becoming the new norm. Major companies worldwide have embraced this trend, allowing their employees to work remotely one or two days a week. Contrary to pre-pandemic beliefs that remote workers exhibit lower productivity, surveys have shown otherwise. A notable study conducted by Airtasker surveyed 1,004 full-time employees, 505 of whom were remote employees in the U.S. The results revealed that remote workers outperformed their office-based counterparts in terms of productivity. Surprisingly, remote employees worked an additional 1.4 days per month compared to in-office employees, equating to 17 extra workdays per year.
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With the increasing flexibility in working models, human resources departments are swiftly adopting user-friendly and efficient human resources management software that supports remote work. This software has become a go-to solution for workforce planning, payroll management, recruitment, and talent acquisition for large corporations. The market is witnessing a surge in demand as more organizations recognize the benefits of HRM software. Consequently, the Human Resources Management (HRM) Software market is expected to experience significant growth globally, with a higher compound annual growth rate (CAGR) during the forecast period.
Market Competitive Landscape:
The affluent companies in the Human Resources Management (HRM) Software industry include:
- Gusto
- Microsoft
- AP
- Sage
- Talentsoft
- Oracle
- ADP
- Workday
- Kronos
- IBM
Latest Industry Updates:
- July 2022:
Omni HR, an HR automation platform, successfully concluded an oversubscribed pre-seed funding round, securing USD 2.4 million. The round was co-led by Alpha JWC Ventures and Picus Capital, alongside other prominent investors.
- January 2022:
flex, a human resources management platform based in South Korea, raised a noteworthy USD 32 million in its Series B funding round, valuing the company at USD 287 million.
- October 2021:
Buk, a Chilean company specializing in the development of human resources management platforms for Latin American companies, achieved a significant milestone by raising USD 50 million in a Series A funding round. This successful round valued the company at USD 417 million.
Scope of the Report – Management (HRM) Software Market:
|
Report Metrics |
Details |
|
Market Size by 2030 |
USD 33.40 Billion |
|
CAGR during 2022-2030 |
12.2% |
|
Base Year |
2021 |
|
Forecast |
2022-2030 |
|
Key Market Opportunities |
Growing number of companies globally |
|
Key Market Dynamics |
Rising adoption of automation and digitization of HR operations Improvements in modern technologies such as Machine Learning (ML), and Artificial Intelligence (AI) |
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Market Drivers:
The Human Resources Management (HRM) Software market is segmented based on verticals, including BFSI (Banking, Financial Services, and Insurance) and Healthcare. In 2021, the BFSI segment dominated the market, accounting for approximately 55-60% of the total Human Resources Management (HRM) Software market revenue. This significant share can be attributed to various factors, such as the strong demand within the retail business, where meeting consumer expectations is crucial. Additionally, the expanding BFSI industry and the benefits offered by HRM software for managing personnel, processing payroll, monitoring attendance and working hours, and handling tax-related tasks, among others, drive the adoption of HRMS software within the BFSI sector.
Moreover, the healthcare segment is projected to exhibit the highest compound annual growth rate (CAGR) during the forecast period. This growth can be attributed to several factors, including the continuous expansion of the healthcare sector and increased investments in the development of the healthcare industry. As the healthcare industry continues to evolve and expand, there is a growing need for effective HRM software solutions to streamline human resources processes and enhance workforce management in this domain.
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Market Segmentation:
The worldwide human resource management software market is analyzed and segmented based on deployment, service, organization size, solution, and vertical.
In terms of deployment, the HRM software market is divided into on-premise deployment and on-cloud deployment. The growing recognition of the reliability associated with on-cloud deployment platforms is expected to drive the expansion of the global HRM market throughout the study period.
Based on organization size, the HRM software market segments consist of large enterprises and small and medium enterprises (SMEs). The increasing adoption of HRM solutions in emerging SMEs, along with the rising demand for effective internal environment control in large organizations, is poised to propel the growth of the HRM market.
The solution-based segment of the HRM software market encompasses talent management, workforce management, applicant tracking system, sourcing and recruitment, and others. The utility of workforce management solutions is witnessing a significant rise, followed by increased application of sourcing and recruitment solutions, which is expected to foster market growth.
The service-based segments of the HRM software market include training and consulting, support and maintenance, and integration and deployment. The widespread adoption of training and consulting services by leading companies worldwide is anticipated to drive the growth of the HRM market during the assessment period.
The vertical-based segments of the HRM software market encompass transportation and logistics, public sector, retail, healthcare, BFSI, IT and Telecom, manufacturing, and others. The increased deployment of HRM solutions and services in the IT and Telecom sector is projected to fuel the expansion of the global market.
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Regional Insights:
The growth of the human resource (HR) management software market in North America during the study period can be attributed to the early adoption of disruptive technologies, including cloud-based services and automation solutions. Additionally, the presence of well-established companies specializing in HRM software solutions in the United States and Canada is expected to drive market expansion. The North America HRM software solution market is anticipated to lead the global market during the analysis period, as indicated by a regional study conducted by MRFR. Innovations and substantial investments in technological advancements, particularly in cloud technology, are poised to stimulate regional market growth.
In the Asia-Pacific (APAC) region, the HRM software market is projected to experience significant growth in the forecast period, fueled by an increase in government initiatives aimed at promoting digitalization.
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