Overview and Scope
Human resource (HR) software refers to a digital technological solution that helps firms streamline and automate HR activities. HR software automates and streamlines HR processes to centralize and simplify HR-related tasks, reduce manual administrative work, improve accuracy and efficiency in HR operations, to enhance efficiency and support strategic workforce management initiatives.
Sizing and Forecast
The human resource (HR) software market size has grown strongly in recent years. It will grow from $45.95 billion in 2023 to $50.00 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to increased demand for automation, growth in the adoption of cloud-based solutions, increased adoption of AI, growth in globalization, and increased need for mobile-friendly solutions.
The human resource (HR) software market size is expected to see strong growth in the next few years. It will grow to $70.62 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to the increasing adoption of blockchain technology, the growing trend towards gamification, the increasing adoption of chatbots, the increasing need for HR software with flexible scheduling, and the rising interest in virtual reality. Major trends in the forecast period include generative AI, integration of technology, mobile-first HR solutions, and technological advancements.
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Segmentation & Regional Insights
The human resource (HR) software market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment Type: On-Premises, Cloud
3) By Enterprise Size: Small And Medium-Sized Enterprises, Large Enterprises
4) By End User: Government, Manufacturing, Consumer Goods And Retail, Healthcare, Telecom And Information Technology , Banking, Financial Services, And Insurance , Other End Users
North America was the largest region in the human resource (HR) software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the human resource (HR) software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing demand for remote work is expected to propel the growth of the human resource (HR) software market going forward. Remote work refers to employees who operate outside of a traditional office setting, generally from home or other locations far from a central office. The growing trend of remote work can be attributed to several factors, including access to global talent, flexibility, and work-life balance. HR software enables virtual recruitment, onboarding, performance management, communication, and collaboration among remote employees, ensuring seamless HR operations regardless of physical location. For instance, in May 2022, according to the Office for National Statistics, a UK-based non-ministerial department, the proportion of workers hybrid working has risen from 13% in early February 2022 to 24% in May 2022. the proportion of homeworkers planning to work mostly from home rose 12 percentage points between April 2021 and February 2022. Moreover, the proportion who planned to return to their place of work permanently fell from 11% in April 2021 to 8% in February 2022. Therefore, the increasing demand for remote work is driving the growth of the human resource (HR) software market.
Key Industry Players
Major companies operating in the human resource (HR) software market are Oracle Corporation, SAP SE, Automatic Data Processing Inc., Workday Inc., UKG Inc., Paycom Software Inc., Ceridian HCM Holding Inc., Epicor Software Corporation, Paylocity Holding Corporation, Cornerstone OnDemand Inc., Paycor Inc., MoBerries GmbH, isolved HCM LLC, Rippling People Center Inc., Personio GmbH, BambooHR LLC, Hibob Inc., Automatic Payroll Systems Inc., Chronus Corp, Patriot Software LLC, EmployWise LLC, Cezanne HR Limited
The human resource (hr) software market report table of contents includes:
1. Executive Summary
2. Human Resource (HR) Software Market Characteristics
3. Human Resource (HR) Software Market Trends And Strategies
4. Human Resource (HR) Software Market – Macro Economic Scenario
5. Global Human Resource (HR) Software Market Size and Growth
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32. Global Human Resource (HR) Software Market Competitive Benchmarking
33. Global Human Resource (HR) Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Human Resource (HR) Software Market
35. Human Resource (HR) Software Market Future Outlook and Potential Analysis
36. Appendix
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