According to a comprehensive research report by Market Research Future (MRFR), “Human Resources Management Software Market information by Vertical, by Organization Size, by Service, by Deployment and Region – forecast to 2030” market size to reach USD 33.57 billion, growing at a compound annual growth rate of 12.2% by 2030.
The human resources management software market is garnering significant traction. The human resources management software (HRMS) offers digital solutions dedicated to managing human and material resources in mobility. Using HRMS ensures increased efficiency with minimal errors by automating manual HR activities and helps HR departments (HRD) analyze the organization’s operational trends.
The market growth attributes to the cost-benefit of human resources management and the added advantages of cloud-based services, allowing shared infrastructure to enable categorized applicant details. With increasing technological advances, the market is projected to garner significant traction in the next few years.
Dominant Key Players on Human Resources Management Software Market Covered are:
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Additionally, rapidly evolving IoT in wired and wireless technology positively impacts the market value. Also, increasing numbers of enterprises and advantages that HRMS systems demonstrate, such as high reliability, and others accelerate the market shares. The increasing uptake of HRMS solutions, increasing industrialization, and rapid economic growth across the countries worldwide push the market development.
Furthermore, the proliferation of cloud technology and IoT (internet of things) devices increases the market size. On the flip side, rising cybersecurity and data security issues are significant factors forecasted to impede market growth, promoting the need for extra safety measures for data security and access to sensitive information.
Moreover, high initial costs for the implementation of HRMS solutions are major hurdles projected to impede market growth. However, the growing trend of cloud platform adoption would support market growth throughout the assessment period.
Most companies have adopted solutions to track and improve how they manage their employees. Technology providers strive to offer innovative solutions that can empower customers with reliable employee data and comprehensive tools to manage their people, maximizing individual and organizational performance.
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Segmentation of Market Covered in the Research:
The HRMS market is segmented into solutions, services, deployments, verticals, and regions. The solution segment is bifurcated into workforce management, sourcing & recruitment, applicant tracking system, talent management, and others. The service segment is bifurcated into integration & deployment, support & maintenance, training & consulting.
The deployment segment is bifurcated into on-cloud and on-premise deployment. The vertical segment is bifurcated into BFSI, IT & telecom, public sector, manufacturing, retail, healthcare, transportation & logistics, and others. The region segment comprises the Asia Pacific, Americas, Europe, and rest-of-the-world.
North America dominates the global human resources management software market. The region witnesses the early adoption of advanced technologies, automation, and cloud-based services. Besides, vast innovations and technological upgrades in HRM solutions drive regional market growth.
Moreover, substantial investments in research and developments in cloud technology and high economic growth are the major factors fostering the regional market growth. The North American human resources management software market is poised to retain its dominance throughout the forecast period.
The Asia Pacific human resources management software market is emerging as the fastest-growing space globally. Factors such as growing government initiatives for supporting digitalization and the increasing adoption of cloud-based services in the region boost the market revenues.
Emerging economies like South Korea, China, and India account for sizable shares in the regional market. The APAC human resources management software market is expected to grow significantly during the forecast period.
Highly competitive, the HRMS market appears fragmented due to the presence of several notable players. Industry players adopt strategic initiatives like mergers & acquisitions, collaboration, expansion, and technology launches to gain a larger competitive share. These players also make substantial investments to drive R&D and expansion activities. A considerable amount of investments would go into expansion plans to increase global reach and gain diverse expertise.
For instance, on Jan 25, 2022, Darwinbox (Singapore), an AI-powered human resources software startup in Singapore, announced raising a US$72 MN funding in Series D financing at a US$1 billion valuation. Darwinbox’s cloud-based human resources management software uses AI and machine learning (ML) to automate payroll, recruitment, travel and expense, and employee onboarding. Also, its platform helps automate interview scheduling and digitize attendance and payroll.
In another instance, on Jan 20, 2022, Flex (South Korea), a human resource management platform, announced closing a US $32 MN Series B round at a valuation of $287 million. This funding would bring the total funding to US$42 MN.
The firm strives to enable corporations to automate and streamline manual human resources work processes. Its automation tools optimize employee experiences to ensure seamless data flow across groups for payroll, e-signature support, on/offboarding and people analytics. The firm also plans to launch a performance review and talents relation management tools in the first quarter of 2022.
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