The global human resource management market size is projected to attain USD 30.0 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a 10.4% CAGR during the forecast period. Increasing need for managing widespread workforce and growing demand for replacing legacy systems with improved human capital management platforms are anticipated to fuel market growth.
Technological proliferation in the field of big data analytics, machine learning, artificial intelligence (AI), and Internet of Things (IoT) is expected to positively impact the market for Human Resource Management (HRM). Various solution providers are developing innovative solutions that integrate upcoming technologies into HR systems for enhanced organizational performance.
HRM solution providers are focusing on developing software/solutions that easily integrate with mobile apps, thereby enabling employees and employers to access information pertaining to time and attendance, leaves, and performance status from their personal devices.These features increase transparency across organizational departments and provide flexibility to managers to access data anytime and anywhere across the globe.
Increased cloud deployment across all industries is expected to accelerate the demand for HRM solutions over the forecast period. Use of cloud technology enables various Small & Medium Enterprises (SMEs) to adopt modern HRM solutions at reasonable prices without the need to constantly upgrade or replace systems.
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Further key findings from the report suggest:
The global human resource management market is expected to register a CAGR of 10.4% over the forecast period, owing to significant demand for automation of HR processes and need to streamline business processes
Core HR software is projected to expand at a CAGR of 9.4% from 2017 to 2025, owing to extensive application in managing employees across the globe
The talent management software segment is anticipated to grow at the fastest pace and register a CAGR of 13.0% over the forecast period, owing to features such as attracting, recruiting, and retaining human assets in an organization
Post the implementation of HRM software, organizations require support and maintenance services from vendors. This is expected to increase the demand for support and maintenance services, enabling it to register a 13.7% CAGR over the forecast period
Demand for hosted deployment is expected to increase over the forecast period owing to easy integration with other systems, ease of use, and reduced costs. The segment is anticipated to reach USD 13.8 billion by 2025
Demand in Asia Pacific is anticipated to grow at a significant rate and the market will reach a value of USD 6.5 billion by 2025, owing to rapid industrialization and digitization initiatives taken by various governments
Major players operating in the HRM market include SAP SE; ADP, LLC; IBM Corporation; Oracle Corporation; Workday, Inc.; and Ultimate Software.
Grand View Research has segmented the human resource management market based on software, service, deployment, enterprise size, end use, and region:
Human Resource Management Software Outlook (Revenue, USD Million, 2014 - 2025)
Employee Collaboration & Engagement
Workforce Planning & Analytics
Human Resource Management Service Outlook (Revenue, USD Million, 2014 - 2025)
Integration & Deployment
Support & Maintenance
Training & Consulting
Human Resource Management Deployment Outlook (Revenue, USD Million, 2014 - 2025)
Human Resource Management Enterprise Outlook (Revenue, USD Million, 2014 - 2025)
Small & Medium Enterprise
Human Resource Management End-use Outlook (Revenue, USD Million, 2014 - 2025)
IT & Telecom
Human Resource Management Regional Outlook (Revenue, USD Million, 2014 - 2025)
Middle East & Africa
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