The Human Resource Management Market is expected to grow at a CAGR of 10% to reach USD 28.9 billion by 2025.
Human Resource Management is a planned approach towards managing people for effective performance. HRM plays an essential role in business growth, performance and productivity since the HR department is no longer restricted to back-end functions. The process includes employing people, training, compensating, developing company work policies and framing strategies to retain employees. The growing acceptance of predictive analytics in HR processes coupled with advancements in information technology drives human resource management (HRM) market growth. The industry will undergo a drastic transformation in the next six to seven years. Advancements such as conversational platforms, virtual & augmented reality are likely to establish healthy platform for market development. However, the lack of skilled professionals and the high cost will hamper the industry growth to some extent.
- Depending upon software, the industry is categorized into employee collaboration and engagement, core HR, talent management, workforce planning and analytics, recruitment and others. Of these, core HR types captured the lion’s share.
- The service segment is categorized as Support & Maintenance, Integration & Deployment, and Training & Consulting. Among them, integration & deployment service captured maximum share in the worldwide market in 2018.
- Several end-use industries now have a clearer picture of their target audience owing to the shift in trend towards personal desktops, workstations to Bring Your Own Devices format (BYOD).
- HRM tools and applications have revolutionized the IT industry. The trend is expected to continue owing to the rapid growth in the number of human resources solutions and its applications across diverse business departments.
- Organizations with precise HR functionalities are expected to occupy a higher share in this industry owing to high employee engagement.
- Companies namely Automatic Data Processing (ADP), Accenture, Ceridian HCM Incorporation, Cezanne HR, IBM Corporation, Mercer, Oracle Corporation and NetSuite are profiled.
- Low operation and implementation costs of package solutions are expected to provide lucrative opportunities for industry participants over the forecast period.
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- The proposed study on Global Human Resource Management Market offers a hawk-eye view on market trends and demand
- It provides comprehensive information on market revenue, growth, volume, industry hopes, trends, and competitive backgrounds
- Thus, the study will provide strategic vision and must-have information for industry players to improve and sustain their market position.
- The industry report also provides the market positioning of key players operating in this market
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The scope of this report covers the market by its major segments, which include as follows:
HUMAN RESOURCE MANAGEMENT MARKET, BY SOFTWARE
- Workforce Planning
- Talent Management
- Core HR
HUMAN RESOURCE MANAGEMENT MARKET, BY SERVICES
- Integration & Deployment
- Support and Maintenance
- Training and Consulting
HUMAN RESOURCE MANAGEMENT MARKET, BY END-USE
HUMAN RESOURCE MANAGEMENT MARKET, BY REGION
- North America
- Rest of Europe
- Asia Pacific
- Rest of the World
- Latin America
- The Middle East and Africa
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