Overview and Scope
Software as a Service (SaaS)-based human resource (HR) refers to cloud-based tools hosted on a cloud platform and accessed by users over the internet on a subscription basis. It provides organizations with tools for managing HR functions to streamline processes, improve efficiency, and enhance workforce management. SAAS-based HR solutions are often scalable, customizable, and accessible from anywhere with an internet connection, providing flexibility and efficiency to HR departments and enabling better management of workforce-related processes.
Sizing and Forecast
The SAAS based human resource market size has grown rapidly in recent years. It will grow from $329.92 billion in 2023 to $374.54 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The growth in the historic period can be attributed to the increasing adoption of cloud computing technologies, the need for streamlined HR processes, the rise in remote work, the rise in focus on employee experience, and cost reduction and operational efficiency
The SAAS based human resource market size is expected to see rapid growth in the next few years. It will grow to $631.00 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The growth in the forecast period can be attributed to the global shift towards hybrid work, emphasis on employee well-being, the rise of AI-driven HR technologies, a rise in focus on diversity, equity, and inclusion, and enhanced cybersecurity measures. Major trends in the forecast period include adopting artificial intelligence (AI) in SAAS-based HR solutions, integration with collaboration tools, data analytics capabilities within SAAS-based HR solutions, personalization and customization, and enhanced security and compliance.
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Segmentation & Regional Insights
The SAAS based human resource market covered in this report is segmented –
1) By Type: Cloud Based, On Premise
2) By Organization: Small And Midsize Enterprises (SMEs), Large Enterprises
3) By Application: Time And Attendance Management, Absence Management, Human Resource (HR) And Payroll, Integrated Solutions
4) By End User: Information Technology (IT) And Telecommunication, Manufacturing, Healthcare, Banking Financial Services And Insurance, Government, Logistics
North America was the largest region in the SAAS-based human resource market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the SAAS based human resource 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
Increasing adoption of remote work is expected to propel the SAAS-based human resource market going forward. Remote work refers to a work arrangement where employees perform their job duties outside of a traditional office environment, typically from home or another location away from the employer’s premises. The surge in remote work is due to changing attitudes towards work-life balance and the necessity for business continuity during global events such as the COVID-19 pandemic. SaaS-based HR solutions are essential for establishing and maintaining a successful remote work culture by providing the necessary tools and infrastructure to support remote employees effectively. For instance, in September 2023, according to the U.S. Bureau of Labor Statistics, a US-based federal agency that collects and disseminates data on the U.S. economy and labor market, the percentage of people who teleworked or worked at home increased from 17.9% in October 2022 to 20.0% in August 2023. Therefore, the increasing adoption of remote work is driving the growth of the SAAS based human resource market.
Key Industry Players
Major companies operating in the SaaS based human resource market are International Business Machines Corporation, Oracle Corporation, SAP SE, Automatic Data Processing (ADP) Inc., Workday Inc., TriNet Group Inc., Paychex Inc., Kronsos Inc., Paycom Software Inc., Ceridian HCM Inc., Paylocity, Rippling People Center Inc., Freshteam, Justworks Employment Services LLC, iCIMS Inc., cloudPay Inc., BambooHR LLC, The Ultimate Software Group Inc., Ascentis Corporation, ClearCompany Inc., Talentsoft SA, Apprenda Inc., Cezanne HR Ltd., HR Cloud, Halogen Software Inc.
The saas based human resource market report table of contents includes:
1. Executive Summary
2. SAAS Based Human Resource Market Characteristics
3. SAAS Based Human Resource Market Trends And Strategies
4. SAAS Based Human Resource Market – Macro Economic Scenario
5. Global SAAS Based Human Resource Market Size and Growth
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31. SAAS Based Human Resource Market Other Major And Innovative Companies
32. Global SAAS Based Human Resource Market Competitive Benchmarking
33. Global SAAS Based Human Resource Market Competitive Dashboard
34. Key Mergers And Acquisitions In The SAAS Based Human Resource Market
35. SAAS Based Human Resource Market Future Outlook and Potential Analysis
36.Appendix
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