Human Resource Management Market Size, Share & Trends Report

Human Resource Management Market Size, Share & Trends Analysis By Component, By Software, By Service, By Deployment, By Enterprise Size, By End-use, By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-2-68038-295-2
  • Number of Pages: 185
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2021
  • Industry: Technology

Research Methodology

A three-pronged approach was followed for deducing the human resource management market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for human resource management market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of human resource management market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Human Resource Management Market Categorization:

The human resource management market was categorized into seven segments, namely component (Software, Service), software (Core HR, Employee Collaboration & Engagement, Recruiting, Talent Management, Workforce Planning & Analytics), service (Integration & Deployment, Support & Maintenance, Training & Consulting), deployment (Hosted, On-premise), enterprise size (Large Enterprise, Small & Medium Enterprise (SME)), end-use (Academia, BFSI, Government, Healthcare, IT & telecom, Manufacturing, Retail) and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The human resource management market was segmented into component, software, service, Deployment, enterprise size, end-use and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The human resource management market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into sixteen countries, namely, the U.S.; Canada; France; Germany; the UK.; Australia; China; India; Japan; Singapore; Thailand; Hong Kong; Brazil; Mexico; South Africa; Saudi Arabia.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Human resource management market companies & financials:

The human resource management market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Accenture: Accenture is an Irish multinational company selling processing and consulting services. The company caters to several industries, including aerospace & defense, automotive, banking, capital markets, communications & media, chemicals, consumer goods, energy, health, industrial equipment, insurance, life sciences, public service, retail, utilities, and software & platforms. In 2020, the company invested USD 871 million in research & development activities in its assets and solutions, to accelerate the adoption of new technologies, such as robotics, 5G, blockchain, and quantum computing. The company holds over 7,900 patents and pending patent applications. As of March 2020, the company transformed its business segment model and changed its reportable segments to North America, Europe, and Growth Markets. Before this change, the reportable business segments were five industry groups, namely Media & Technology, Communications, Health & Public Service, Financial Services, and Products & Resources. In 2020, the North American market held the largest share of its revenue, accounting for 47% share.

  • ADP, Inc.: ADP is a provider of software and services in the human resource management marketspace. The company develops and provides comprehensive cloud-based Human Capital Management (HCM) solutions to small businesses, mid-sized businesses, large businesses, and multinational businesses across the globe. The company also provides solutions based on analytics and compliance. The solutions offered by the company cater to several HR domains, including payroll services, talent management, HR management, benefits administration, time & attendance, HR Business Process Outsourcing (HR BPO), Professional Employer Organization (PEO), and tax & compliance. The company caters to around 630,000 clients in more than 111 countries across the world. It is a public company listed on NASDAQ as ADP. The company provides HR services across four geographies, namely North America, Latin America, Europe, and the Asia Pacific. The company’s Channel Alliance program allows it to build partnerships with companies and professionals engaged in various types of domains, such as accounting professionals, financial advisory, and private equity.

  • Cezanne HR Limited: Cezanne is a provider of HR software solutions and services. The company Lefebvre Software acquired Cezanne HR Ltd. in 2013 to expand its presence across Europe. The company offers solutions based on the size of the business/enterprise of the customer. The company provides HR modules for areas such as people management, absence management, performance management, career & succession planning, and time tracking. Additionally, the company provides complementary solutions for recruitment, compensation, and international HRM. The company provides HR software-as-a-service solutions, thereby ensuring cost savings, easy access, reduced time, and no unscheduled downtime for the users. The company has a vast technology partner network, including Amazon Web Services, Microsoft Corporation, ZenDesk, and Live Chat. Additionally, the company collaborates with various HR solution providers to maximize customer satisfaction and add value to its existing product portfolio.

  • International Business Machines Corporation: The company is engaged in providing hardware, software solutions, and services. The company operates business through segments, namely technology services & cloud platforms, cognitive solutions, systems, global financing, and global business services. The company provides various HR management solutions through technology services & cloud platforms for core HR, performance management, talent management, and employee engagement, among others. The cognitive solutions segment offers products that help clients find actionable insights and make informed decisions for competitive advantage. The segment incorporates Watson, a cognitive computing platform that can learn from interactions with customers and staff, interact in natural language, and process volumes of big data. The platform offers advanced analytics capabilities to enable users to make strategic, fast, and fact-based decisions and drive better business outcomes.

  • In 2012, IBM Corporation acquired Kenexa, a recruiting and talent management solution provider. The combined strength of IBM and Kenexa provided customers with enhanced workforce management efficiencies and the ability to extract meaningful insights from their business information. The company uses artificial intelligence to deal with the large volumes of data generated by its users, analyze it, and protect it from getting lost or stolen. The company offers various HR analytics software solutions through analytics and cloud platforms for core HR, performance management, talent management, and employee engagement, among others. The company operates its business across 175 countries in the North American, Latin American, European, Middle Eastern & African, and Asia Pacific regions.

  • Kronos Incorporated: Kronos is an American multinational human capital management and HRM cloud provider. The company offers HRM solutions for logistics, manufacturing, retail, and hospitality industries. In April 2020, Kronos Incorporated and Ultimate Software merged to form Ultimate Kronos Group. The company's technology partners include Cornerstone Learning Suite, Microsoft, Google LLC, Passport, and Beekeeper Digital Workplace Platform. The company’s clientele includes SAB Miller, DHL Supply Chain India, Johnson Controls, Lipari Foods, PVR Cinemas, and Shop Direct.

  • Mercer LLC: Mercer provides consulting services for the management of healthcare plans, retirement plans, human resources, and investments. The company offers consultation on healthcare programs, retirement services, investments, and talent management to employees in the public sector as well as the private sector. The company’s clientele includes several small & medium enterprises as well as large enterprises operating in various industries and industry verticals, including energy, insurance, healthcare, financial services, education, retail, and technology. Mercer LLC’s consulting services for the HR domain cover talent strategy, talent mobility, executive compensation, HR transformation, workforce rewards, employee communication, and workday services. Mercer LLC operates as a wholly-owned subsidiary of Marsh & McLennan Companies, Inc. The company has more than 23,000 employees based in around 43 countries. The company’s clients include a majority of the Fortune 1000 and FTSE 100 companies along with other small- and medium-sized market organizations. The company provides its services in five geographical regions, namely North America, Latin America, Europe, Asia Pacific, and MEA.

  • NetSuite, Inc.: The company provides cloud-based solutions for enterprise management and automation of operations. The acquisition of the company by Oracle Corporation in November 2016 resulted in NetSuite, Inc.’s cloud ERP solutions being combined with Oracle Corporation’s enterprise-grade solutions, thereby expanding its offerings. NetSuite, Inc. provides products and services for Customer Relationship Management (CRM), accounting, Enterprise Resource Planning (ERP), inventory management, supply chain management, analytics, and human resource management. The company also provides an end-to-end B2C and B2B e-commerce platform for streamlining organizational operations. NetSuite, Inc. caters to companies operating across diverse industries and industry verticals, including healthcare, IT & telecom, advertising, media & planning, manufacturing, retail, education, energy, and transportation & logistics, among others. Nonprofit organizations also opt for the company’s solutions and services. The company’s clientele includes startups, fast-growing businesses, family-owned businesses, small businesses, mid-size businesses, PE-backed businesses, enterprise businesses, and VC-backed businesses, among others. The company operates in four major geographical regions, namely North America, South America, Europe, and the Asia Pacific. Eventually, the company is helping in running the business of more than 20,000 organizations, customers, and subsidiaries spread across more than 200 countries.

  • Oracle Corporation: Oracle is an American multinational computer technology corporation that provides products and services for enterprise information technology (IT) environments. These products and services include infrastructure and application offerings for interoperable IT deployment models, such as cloud-based deployments, on-premise deployments, and hybrid deployments. The company operates its business through three reportable segments, namely the Cloud and License business, the Hardware business, and the Services business. The market-focused offerings are provided under the Cloud and License business segment. This segment’s offerings include Oracle Database, Oracle Applications, and Oracle Middleware software offerings, which end-users deploy from the Oracle Cloud or their cloud/ on-premise IT environments. The company operates through multiple subsidiaries across the Americas, EMEA, and the Asia Pacific, such as Oracle International Corporation (U.S.), OCAPAC Distributor Partner UC (Ireland), OCAPAC research Company UC (Ireland), and Oracle Technology Company UC (Ireland), among several others.

  • PwC: PwC offers business advisory services, such as human resource consulting, strategy management, taxation, accounting, and auditing. The company operates mainly through four business segments, namely tax and legal, advisory, audit and assurance, and technology. PwC’s tax and legal segment helps businesses navigate risks and empowers them to make business decisions without compromising on taxation and legal responsibilities. The advisory segment helps organizations in addressing business problems ranging from strategy to implementation. As such, the segment helps client organizations make new market forays, tackling the challenges generated by organizational changes, pushing innovation within the organization, and addressing other issues. The audit and assurance segment helps investors in assessing whether they can rely on the information being released by the companies. The technology segment supports customers operating in various industries in innovation and implementing change. The company particularly offers solutions in terms of cybersecurity via IT consulting or software development.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Human Resource Management Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Human Resource Management Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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