Human Resource Management Market Outlook to 2028: Top Manufacturer Analysis, Industry Overview and Forecast Report
- by marketherald
Human Resource Management Industry Overview
The global human resource management market size was valued at USD 17.56 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 12.2% from 2021 to 2028.
The continued digitization and automation of HR operations to create effective and agile reskilling strategies is expected to drive the growth of the market over the forecast period. The growth can also be attributed to the strong emphasis enterprises are putting on attracting the right pool of candidates, retaining human capital, and managing resources efficiently. Having realized the potential of human resource management (HRM) solutions in improving and enhancing HR operations, organizations are aggressively adopting these solutions, thereby driving the market.
Gather more insights about the market drivers, restrains and growth of the Global Human Resource Management Market
Advances in the latest technologies, such as Artificial Intelligence (AI), Machine Learning (ML), and predictive analytics, are facilitating the integration of HRM solutions with analytics. At the same time, startups are developing mobile applications and collaboration software that can provide employers and employees with the flexibility to access the required information on the go. On the other hand, the use of predictive analytics is helping in deriving inferences regarding continuous employee progress through various charts and infographics. HRM solution providers are focusing on all these evolving technological trends and aligning their software solutions with the changing requirements of customers. The development of such advanced solutions bodes well for the market growth.
Remote working is turning out to be the new norm in the wake of the outbreak of the COVID-19 pandemic. Hence, market players are investing in R&D activities to provide HRM solutions that are efficient and easy to deploy and can potentially support the remote working model. Meanwhile, as remote working becomes the new norm, key market players, such as Oracle Corporation, SAP SE, Workday Inc., and UKG, are upgrading their existing solutions in line with the evolving trends and have started offering their products over the cloud as part of the efforts to annul the need for periodic system upgrades. All these factors are expected to contribute to market growth.
Remote working practices are prompting small and medium enterprises to opt for the latest HRM solutions so that strategic decisions can be made efficiently. The popularity of HRM solutions among these organizations is growing in line with the strong emphasis they are putting on talent acquisition and workforce planning to address the challenges associated with retaining human capital. On the other hand, large enterprises are scouting for a single solution for addressing all their HR requirements. Major market players, such as ADP, Inc., have already introduced robust HRM solutions to cater to the requirements of large organizations. Workday is offering a COVID-19 vaccine management solution that combines real-time HR data with immunization information, thereby providing organizations with the insights and resources needed to help in ensuring a healthy workforce and a safer workplace.
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Human Resource Management Market Segmentation
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)
- Core HR
- Employee Collaboration & Engagement
- Talent Management
- 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)
- Large Enterprise
- 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)
- North America
- Asia Pacific
- Latin America
Market Share Insights
- January 2020: Accenture signed a contract to acquire Workday, U.S. MuleSoft, and Salesforce practices from Sierra-Cedar. The acquisition was aimed at strengthening Accenture’s position in the Workday ecosystem and expand the company’s services to government organizations and higher education institutions seeking to transform their core software systems for finance, accounting, human resources, and student services.
- November 2019: Cezanne HR partnered with HFX, a provider of SaaS workforce management systems, to offer an integrated Time & Attendance and HCM suite. The joint solution built on the Cezanne HR software suite can handle different working-time patterns and worker categories by providing support for time & attendance modules, including shift pattern design, rostering, and clocking in times and out times.
Key Companies profiled:
Some prominent players in the Human Resource Management market include
- ADP, Inc.
- Cezanne HR Ltd.
- Ceridian HCM Holding, Inc.
- International Business Machines Corp. (IBM)
- Kronos Incorporated (now Ultimate Kronos Group)
- Mercer LLC
- NetSuite, Inc.
- SAP SE
- UKG, Inc.
- Workday, Inc.
Order a free sample PDF of the Human Resource Management Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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Human Resource Management Industry Overview The global human resource management market size was valued at USD 17.56 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 12.2% from 2021 to 2028. The continued digitization and automation of HR operations to create effective and agile reskilling strategies is expected to…
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