According to a recent report by Reports and Data, the global HRM Software Market size was USD 24 billion in 2022, and it is expected to grow at a revenue CAGR of 13% during the forecast period. The need for automation in HR processes is one of the major drivers of revenue growth in the HRM market. Organizations are increasingly turning to automation to improve efficiency and reduce costs, as it streamlines HR operations, reduces errors, and improves data accuracy. Cloud-based solutions are also contributing to the growth of the HRM industry, as they offer flexibility and scalability in the current remote working environment, allowing access to HR data from anywhere, anytime, and on any device, which leads to increased productivity.
The COVID-19 pandemic has further accelerated the growth of the HRM industry, as remote work has become more prevalent, and HR teams are turning to digital solutions to manage employee engagement, performance management, and other HR functions. As a result, there is a greater demand for HRM solutions that can meet the needs of a remote workforce.
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Some Key Highlights from the Report
- The talent management sector is projected to be the most profitable segment over the forecast period, driven by the increasing demand for efficient and affordable HRM Software systems worldwide. HRM software is gaining popularity due to its ability to automate routine tasks, speed up hiring processes, and improve employee engagement. As a result, developed economies are adopting HRM software at a rapid pace, owing to the numerous benefits it provides.
- The increasing use of cloud-based HRM software has made it easier for companies to handle their HR operations from anywhere, leading to an expansion in the market. As a result, revenue growth in this segment is expected to be driven by these factors. HRM software is expected to become widely adopted in the small and medium-sized enterprises sector due to its affordability and user-friendliness. Additionally, the trend towards remote work has contributed to the adoption of HRM software, as more businesses seek to manage their workforce remotely.
- During the forecast period, the training and consulting segment is projected to hold the largest revenue share, mainly due to the growing demand for specialized services that can assist companies in their digital transformation endeavours. The focus on enhancing customer experience, the widespread trend of digitization, and the increasing adoption of advanced technologies are some of the factors that are anticipated to fuel the segment's revenue growth.
- The HRM Software market in North America is expected to dominate the industry in terms of revenue share due to a rising need for effective talent management solutions. Companies are searching for ways to enhance employee communication and simplify HR operations, especially as the workforce becomes more mobile. Consequently, cloud-based solutions and HR management software that enable real-time data analytics and reporting are gaining popularity. Additionally, the region's high economic development and low unemployment rates have led to intense labor market competitiveness, creating a demand for efficient HRM solutions. Furthermore, with the increasing prevalence of remote work and the gig economy, organizations are seeking innovative methods to manage their remote workforces. These are some of the factors influencing market revenue growth in this region.
Top Companies Operating in the Global HRM Software Market:
Paychex, Inc., Kronos Incorporated, Ceridian HCM, Inc., Workday, Inc., Ultimate Software Group, Automatic Data Processing, LLC, ADP, Inc., Microsoft Corporation. SAP SE, IBM Corporation, and Oracle Corporation.
Component Outlook (Revenue, USD Billion; 2022 - 2032)
- Software
- Service
Software Outlook (Revenue, USD Billion; 2022 - 2032)
- Core HR
- Employee Collaboration Engagement
- Recruiting
- Talent Management
- Workforce Planning Analytics
- Others
Service Outlook (Revenue, USD Billion; 2022 - 2032)
- Integration Deployment
- Support Maintenance
- Training Consulting
Deployment Outlook (Revenue, USD Billion; 2022 - 2032)
- Hosted
- On-premises
Enterprise Size Outlook (Revenue, USD Billion; 2022 - 2032)
- Large Enterprise
- Small Medium Enterprise (SME)
End-Use Outlook (Revenue, USD Billion; 2022 - 2032)
- Academia
- BFSI
- Government
- Healthcare
- IT Telecom
- Manufacturing
- Retail
- Others
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Takeaways of the Competitive Overview Section:
- Overview of the company profiles of each market player
- Industrial chain analysis of each player
- Revenue share contribution
- Sales network and distribution channels and net profits and losses of each company
- Key business growth strategies are undertaken by these players
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