Global Human Resource Management Market Size Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Human Resource Management Market


The global Human Resource Management market size is projected to reach US$ 33.83 billion by 2026, from US$ 18.09 billion in 2020, at a CAGR of 11% during 2021-2026. Advancements in Information Technology (IT) coupled with the introduction of predictive analytics in HR processes is expected to boost the growth. Evolution of various human resource management (HRM) solutions has enabled professionals to perform traditional HR activities in a reduced time span and subsequently focus on attracting the right pool of candidates, retaining human capital, aligning organizational strategies with individual goals, and managing their human resources in a manner that results in organizational growth.

Numerous HR software providers offer their solutions on cloud, allowing easy access to data from virtually any system across the organization. Buyers widely prefer cloud-based systems owing to flexibility in terms of usage, reduced maintenance charges, and elimination of installation time and costs.

Organizations across the globe are focusing on creating a digital workplace that enables high productivity, offers flexibility & mobility, and uses modern communication tools. This shift of business processes from legacy systems to digital HR is playing a significant role in centralization of HR data across all the branches of an organization, thereby allowing for easy access of data.

Human resource management solutions are increasingly implemented in retail, IT & telecom, healthcare, BFSI, and academia, among others. Companies find it challenging to recruit suitable employees owing to the large number of applicants in an industry. Furthermore, organizations are adopting HRM solutions to strategize recruitment employee engagement and as well as ensure proper internal communications.

Market Segmentation, Outlook & Viewpoint: Global Human Resource Management Market

Software Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Core HR
  
Employee Collaboration & Engagement
  
Recruiting
  
Talent Management
  
Workforce Planning & Analytics
  
Others

Service Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Integration & Deployment
  
Support & Maintenance
  
Training & Consulting

Deployment Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Hosted
  
On-premise

Enterprise size Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Large Enterprise
  
Small & Medium Enterprise

End Use Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Academia
  
BFSI
  
Government
  
Healthcare
  
IT & Telecom
  
Manufacturing
  
Retail
  
Others

Key Players, Recent Developments & Regional Insights: Global Human Resource Management Market

On the basis of end use, the HRM market is segmented into academia, BFSI, government, healthcare, IT and telecom, manufacturing, retail, and others. Increasing demand from IT and telecom, retail, and healthcare sectors is predicted to drive the growth. High demand for automation of systems and sourcing candidates as per job profiles and organization structure is estimated to boost the demand for HR solutions across various industry sectors.

HR solutions in performance management, employee engagement, and workforce planning and analytics functions have revolutionized the IT and telecom industries. Organizations are focusing on bringing about substantial improvements in the productivity of organization post the implementation of HR solutions for various HR disciplines.

Regional Insights

North America generated the highest revenue of USD 5.21 billion in 2018. Presence of a large number of HRM solution providers is expected to significantly drive the regional growth. Additionally, U.S. is focusing on increasing labor efficiency and productivity by using HRM solutions for time and attendance, payroll, and talent management activities in the organizations is further expected to boost regional market growth.

Growth of Asia Pacific can also be attributed to the increasing government initiatives for supporting digitization of business processes and adoption of cloud-based systems. Presence of several emerging economies, such as China, India, and South Korea are expected to further drive the regional HR management market growth in the forthcoming years.
Human Resource Management Market Share Insights

Technology and software industry is highly fragmented with several players holding significant market share. Key participants include Accenture PLC; Automatic Data Processing (ADP), Inc.; Cezanne HR Ltd.; Ceridian HCM, Inc.; IBM Corporation; Kronos Incorporated; Mercer LLC; NetSuite, Inc.; Oracle Corporation;PricewaterhouseCoopers (PwC); SAP SE; Talentsoft; Ultimate Software; and Workday, Inc.; among others.

Major market players are adopting different strategic initiatives such as mergers and acquisitions, partnerships, and collaborations for technologies and new product developments. For instance, in May 2016, Ultimate Software acquired Vestrics, a predictive analytics company that facilitated the enhancement of product offerings in the analytical category of the former.

Key Insights Covered: Global Human Resource Management Market
1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Human Resource Management industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Human Resource Management industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Human Resource Management industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Human Resource Management industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Human Resource Management industry.

Research Methodology: Global Human Resource Management Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other