Human Resource Management Market Size Is Predicted To Attain USD 30.0 Billion By 2025: Grand View Research, Inc.
July 12, 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.
Full Research Report On Human Resource Management (HRM) Market Analysis:
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.
In addition, significant number of large enterprises are also expected to implement HR solutions to manage huge database.
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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.
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