San Francisco, 27 September
2018: According to a report by Grand View Research, Inc., global human
resource management (HRM) market is predicted to value USD 30.0
billion by 2025. Growing requirement to manage human resources in a way that it
can support organizational growth is anticipated to propel demand for human
resource management. HRM is likely to support professionals to execute
conventional human resource (HR) activities in reduced time period. In
addition, it can allow them to focus on hiring right candidates, aligning
organizational strategies with individual goals, retaining human capital to
boost organizational growth.
High demand for strategic
recruitment solutions to hire potential employees in organizations can
influence growth of market. Continual technological advancements in the field
of machine learning, artificial intelligence (AI), and big data analytics can
fuel market growth. Increasing use of advanced human capital management
platforms over conventional recruitment methods can augment growth of market
during the forecast period (2014 to 2025).
The human resource management
market can be segregated on the basis of software, service, deployment,
enterprise, end-use, and region. Based on software, the market can be
categorized into recruiting, talent management, core HR, workforce planning
& analytics, employee collaboration & engagement and others. In 2016,
core HR software segment accounted for major market share attributed to high
demand for automation of various HR functions.
Access
Research Report of HRM
Market@ www.grandviewresearch.com/industry-analysis/human-resource-management-hrm-market
Based on service, the market
can be classified into support & maintenance, integration & deployment,
training & consulting. In 2016, integration and deployment segment
dominated the market and accounted for market share equivalent to USD 1.5
billion.
Based on deployment, the
market can be bifurcated into on premise, and hosted. On premise HR solutions
segment dominated the market when internet was not affordable and easily
available. At that time, most organizations adopted on premise HR solutions for
possible developments. In addition, such HR solutions can offer feasible options
for radical customization of software.
On the contrary, host HR
solutions segment is predicted to witness significant growth during the
forecast period attributed to easy availability of internet services at
affordable prices. In 2016, this segment accounted for market share equivalent
to USD 4.4 billion.
Based on enterprise, the
market can be split into small & medium enterprise and large enterprise. In
2016, small and medium enterprises (SMEs) segment accounted for market share
equivalent to USD 4.8 billion and is likely to grow at highest CAGR during the
forecast period. Multiple SMEs are expected to implement HR solutions to reduce
administrative work and allow employees to concentrate on organizational
development.
Browse more reports of this category by
Grand View Research at: www.grandviewresearch.com/industry/emerging-and-next-generation-technologies
In addition, significant
number of large enterprises are also expected to implement HR solutions to
manage huge database.
Based on end-use, the market
can be segmented into government, healthcare, IT & telecom, manufacturing,
retail, BFSI, and others. Growing demand for retail, healthcare, and IT &
telecom sectors is likely to stimulate market growth. Increasing use of
automated systems to recruit candidates according to their job profiles and
organization structure can fuel demand for advanced HR solutions. Such
solutions in employee management, performance management, workforce planning
are expected to revolutionize IT & telecom sector. In 2016, IT &
telecom segment accounted for market share equivalent to USD 2.4 billion.
Regional segmentation includes
Europe, North America, Asia Pacific, Latin America, and Middle East &
Africa (MEA). In 2016, Asia pacific accounted for market share equivalent to
USD 2.3 billion and is likely to grow at phenomenal rate during the forecast
period. High prevalence of emerging economies such as India, China, and South
Korea are anticipated to propel growth of market in the region. In addition,
rising government initiatives promoting digitization of business processes and
adoption of cloud based systems can also influence market growth.
In North America, the market
is estimated to witness significant growth during the forecast period.
Prevalence of large number of HR solution providers can augment growth of
market in the region.
Some of the leading companies
offering human resource management are Ultimate Software; Oracle Corporation;
ADP LLC; Workday, Inc.; Kronos, Inc.; and SAP SE. Most companies are likely to
adopt strategic initiatives such as new product development and mergers &
acquisitions to maintain their market value.
Access
Press Release of HRM Market@ www.grandviewresearch.com/press-release/global-human-resource-management-hrm-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research reports, and consulting services. To help
clients make informed business decisions,
we offer market intelligence studies ensuring relevant and fact-based research
across a range of industries, from technology to chemicals, materials and
healthcare.
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