The global human resource management (HRM) market is expected to witness phenomenal growth over the forecast period, owing to significant advancements in the information technology (IT) sector along with the introduction of advanced analytics.
The key factors driving the HRM market include the growing demand for talent mobility, advanced methods of talent acquisition & retention, significant technological advancements and the increasing need to improve workforce management across enterprises.
Numerous multinational companies have also implemented real-time HRM solutions to level their workforce, assisting modern businesses in accomplishing their goals & objectives without interruptions or delay.
In this era of digitalization and innovation, companies are busy aligning their workforce, via actions and utilization of various software for boosting productivity and profitability.
HRM is a set of software solutions that is directly related to resource workforce management. The software is designed to business requirements, including several administrative needs.
The software provides specific capabilities which are implemented for the best practice of workforce management, planning, payrolls and others. The introduction of software related to HRM, in addition to human capital management (HCM), provide a strategic fit of human resources to companies.
Additionally, numerous benefits associated with the adoption of these technologies, coupled with breakthrough developments in mobile technologies and natural user interface outline the adaptability of HRM solutions, further boosting their demand across the globe.
Each department in an organization has a direct linkage with the human resource department and vice versa. Clockwork operational functions within these agencies are maintained in an efficient & effective manner via the adoption of HRM solutions.
These solutions have helped conceptualize organizational human resources as a quantifiable asset. HRM and related software contribute to measure and evaluate the productivity and contribution of individual employees based certain parameters such as skill, logging efforts, attendance and others. These services and solutions also help to optimize operations relating to workforce acquisitions.
Recent trends indicate that the companies which have implemented HRM and HCM software have outperformed their competitors, and the trend is predicted to continue in the coming years.
Numerous companies are increasingly adopting this software to provide superior performance regarding managing deliverables. Company projects and deliverables are directly linked to the number of employees engaged in several assignments.
Workforce enhancement has been achieved by several companies by adopting HRM and HCM to increase their overall efficiency to meet the deliverables on a regular basis.
Numerous enterprises are taking HRM software to improve customer engagement and relations with greater ease & flexibility, assisting businesses with direct client engagement and communication channel diversification.
HRM also plays an essential role in business growth, performance, and productivity, since the HR department is no longer restricted to back-end functions. 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 devices format (BYOD).
HRM also provides detailed insight into the productivity of any organization which is beneficial for prospective investors. The talent acquisition department and other HR functionalities ought to work with a standard objective since collaboration is crucial to the overall organizational efficiency. HRM enables this alignment, which in turn is expected to foster software demand.
HRM tools and applications have revolutionized the IT industry. The trend is projected 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 higher share in this market owing to high employee engagement. Small operation and implementation costs of package solutions are scheduled to provide lucrative opportunities for industry participants over the forecast period.
However, lack of awareness regarding this software is likely to restrain market growth. Several organizations are adopting HRM at a slow pace. Companies tend to follow the concept of “best breed” by integrating HRM across all functions, rather than dedicate individual modules with related services, which may pose a challenge to market growth.
The global market for HRM is segmented based on solutions, deployment, end-use industries and geography. Major solutions offered by this software include human capital management which is further subdivided into core HR, workforce management, compensation management, performance, and talent management, recruiting, learning management, employee collaboration and engagement and others.
By deployment, the global industry has been segmented into the cloud and on-premises technology.HRM finds application across numerous end-use industries that include manufacturing, retail, public sector, healthcare, automotive, BFSI, education, energy and utilities and others.
HRM is used both in SMBs and large enterprises. The regional segmentation includes North America, Europe, Asia Pacific, Central & South America and Middle East & Africa.
HRM and HCM modules provide significant advantages to numerous end-use industries, by fostering HR functionalities and facilitating faster connectivity. Recently, North America occupied the highest market share, followed by Europe.
Asia Pacific is expected to emerge as the fastest growing region on account of rapid industrialization and digitalization, coupled with the presence of vast human resource pool. Major contributing countries within Asia Pacific include China and India, owing to their enormous population and current employment rate.
The key players in this market include Netsuite Inc, IBM, Oracle, SAP, Bann, JD Edwards and others. Market participants are increasingly indulging in various strategic alliances and product launches to gain a competitive edge in the global industry.
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