The global human resource management market size is expected to reach USD 43.29 billion by 2028, registering a CAGR of 12.2% from 2021 to 2028, according to a new report by Grand View Research, Inc. The growing adoption of HR software to enhance, simplify, and improve HR operations is expected to drive the growth of the market. Enterprises have recognized incorporating a goal-oriented model into workforce operations as one of the future trends in human resource management (HRM). Companies have also realized that the enterprise can be driven toward achieving collective goals by promoting corporate culture among employees. Hence, organizations are gradually adopting various innovative HR tools to execute and establish these objectives, thereby driving the growth of the HRM market.
The human resource management function has been evolving rapidly over the past decade in line with the advances in technology. The continued deployment of the latest technologies, such as predictive analytics and Artificial Intelligence (AI), which can potentially help both employees and employers in mitigating the inherent challenges in managing work, is also poised to benefit organizations. For instance, NICE Ltd. has made significant investments in solutions based on AI and ML, which have been embedded into the company’s core workforce management solution. Furthermore, automated workforce optimization, which has gained traction across all industries and industry verticals in the wake of the COVID-19 pandemic, is expected to emerge as the preferred option, even during the post-pandemic era. AI-based workforce optimization leverages AI to forecast the variations in demand, generates employee schedules, and matches the workforce against the workload.
Due to the continued globalization, HRM solution providers are focusing on leveraging the advances in technology and enhancing their software solutions in line with the changing requirements of the customers. Market players are also investing in R&D activities to provide HRM solutions that are easy to deploy and understand and can potentially increase work efficiency. Key market participants providers, such as Oracle Corp. and SAP SE, have started offering their products on the cloud as part of the efforts to eliminate the need for frequent system upgrades.
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The need to overcome the challenge of finding the right talent is expected to drive the talent management software market growth over the next few years. The segment is expected to grow at a CAGR of over 14%
The post-COVID effects are likely to be witnessed as many organizations have given the option of working remotely to their employees even after the pandemic is over. Such trends are expected to increase the deployment of hosted HRM software, thereby driving the segment growth over the forecast period
Advances in the latest technologies, such as AI and Internet of Things (IoT), and the continued implementation of these technologies in HR analytics are expected to drive the market over the forecast period
The continued rollout of internet connectivity and favorable initiatives being pursued by various governments to encourage the adoption of digital technologies and mobile applications to enhance organizational productivity are expected to contribute to the market growth
The growing adoption of HR analytics and its integration with HRM solutions to make better and informed decisions is expected to play a vital role in driving the HRM market growth
Grand View Research has segmented the global human resource management market based on component, software, service, deployment, enterprise size, end-use, and region:
Human Resource Management Component Outlook (Revenue, USD Million, 2017 - 2028)
Human Resource Management Software Outlook (Revenue, USD Million, 2017 - 2028)
Employee Collaboration & Engagement
Workforce Planning & Analytics
Human Resource Management Service Outlook (Revenue, USD Million, 2017 - 2028)
Integration & Deployment
Support & Maintenance
Training & Consulting
Human Resource Management Deployment Outlook (Revenue, USD Million, 2017 - 2028)
Human Resource Management Enterprise Size Outlook (Revenue, USD Million, 2017 - 2028)
Small & Medium Enterprise (SME)
Human Resource Management End-use Outlook (Revenue, USD Million, 2017 - 2028)
IT & Telecom
Human Resource Management Regional Outlook (Revenue, USD Million, 2017 - 2028)
Middle East & Africa (MEA)
List of Key Players of Human Resource Management Market
Cezanne HR Ltd.
Ceridian HCM Holding, Inc.
International Business Machines Corp. (IBM)
Kronos Incorporated (now Ultimate Kronos Group)
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