Human resource management software market in global is expected to grow from US$ 15.78 Bn in 2018 to US$ 30.06 Bn by the year 2027. This represents a CAGR of 7.5% from the year 2019 to 2027.
North America was the leading geographic market, and it is anticipated to be the highest revenue contributor throughout the forecast period. North America human resource management software market size is expected to gradually increase in the coming years till 2027, owing to the increasing spending in the automation technologies in the region.
In a tight recruitment and talent market, retaining talent is one of the greatest concerns as employees are the most valuable business assets of any organization. The percentage or number of workers leaving an organization and being replaced by new employees indicates an employee turnover of that particular organization.
The employee turnover of companies nowadays is high, which might negatively impact the company’s profits and organizational performance. It is also frustrating for them as it might lead to loss of their fair-potential employees.
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Leading Key Players profiles in this report includes, Accenture PLC, Automatic Data Processing, Inc., Ceridian HCM Holding Inc., Cezanne HR Limited, Kronos Incorporated, Oracle Corporation, Paycom Software, Inc., SAP SE, Ultimate Software Group Inc., Workday, Inc.
According to the statistics, ~150 million people are at work in the US.
Nevertheless, the US employees continue to leave the job for what they see as better opportunities. As per statistics, in 2018, ~41.4 million US workers voluntarily quit their jobs for better-paying positions.
According to a study by WorldatWork, in the US, industries such as hospitality (31.8%), healthcare (20.4%), and manufacturing and distribution (20%) experienced a high rate of turnover in 2018.
Human resource management software is used to overcome the abovementioned challenges regarding employee turnover as it automates business tasks, along with enhancing the return on investment (ROI). The software also helps the companies retain their employees, thereby assisting them in reducing employee turnover by improving employee engagement, tracking employee goals and performance, and understanding the major reasons of employees quitting their jobs.
The market players present in human resource management software market are mainly focusing on product enhancements by implementing advanced technologies. By signing partnership, contracts, joint ventures, funding, and inaugurating new offices across the world permit the company to maintain its brand name globally.
Few of the recent developments are listed below;
2019: In September 2019, Ceridian completed the acquisition of RITEQ, an Australia based provider of enterprise workforce management solutions. The acquisition would strengthen the position of the company in HCM market.
2019: In October 2019, Cezanne HR signed a new product partnership with Curo, which is a SaaS solution for compensation planning. The partnership would deliver clients combined HR and compensation management capabilities.
2018: In November 2018, Kronos Incorporated introduced AIMEE, one of the most powerful artificial intelligence engines specially designed to support managers and employees.
Global Human Resource Management Software Market – Market Segmentation
Global Human Resource Management Software Market by Component
- Core HR
- Recruiting and Talent Management
- Workforce Planning and Analytics
- Professional Services
- Integration and Deployment
- Support and Maintenance
- Training and Consulting
- Managed Services
Global Human Resource Management Software Market by Enterprise Size
- Small and Medium Enterprise
- Large Enterprise
Global Human Resource Management Software Market by End-User
- IT and Telecom
- Educational Institutes
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