The size of the worldwide Human Resource Management (HRM) market was 24 billion dollars in 2022 and is projected to increase to 72 billion dollars in 2032, with a 13% revenue CAGR over the forecast period.
Some of the key factors influencing the market revenue growth include the need for managing a remote workforce as a result of the COVID-19 pandemic and the increased demand for Human Resource (HR) process automation. Businesses can optimize their HR processes, including hiring, performance management, payroll, and employee engagement, with the use of software and services in the HRM industry.
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Some Key Highlights from the Report
- The talent management sector is projected to be the most profitable segment over the forecast period, driven by the increasing demand for efficient and affordable human resource management (HRM) systems worldwide. HRM software is gaining popularity due to its ability to automate routine tasks, speed up hiring processes, and improve employee engagement. As a result, developed economies are adopting HRM software at a rapid pace, owing to the numerous benefits it provides.
- The increasing use of cloud-based HRM software has made it easier for companies to handle their HR operations from anywhere, leading to an expansion in the market. As a result, revenue growth in this segment is expected to be driven by these factors. HRM software is expected to become widely adopted in the small and medium-sized enterprises sector due to its affordability and user-friendliness. Additionally, the trend towards remote work has contributed to the adoption of HRM software, as more businesses seek to manage their workforce remotely.
- During the forecast period, the training and consulting segment is projected to hold the largest revenue share, mainly due to the growing demand for specialized services that can assist companies in their digital transformation endeavours. The focus on enhancing customer experience, the widespread trend of digitization, and the increasing adoption of advanced technologies are some of the factors that are anticipated to fuel the segment’s revenue growth.
- The Human Resource Management (HRM) market in North America is expected to dominate the industry in terms of revenue share due to a rising need for effective talent management solutions. Companies are searching for ways to enhance employee communication and simplify HR operations, especially as the workforce becomes more mobile. Consequently, cloud-based solutions and HR management software that enable real-time data analytics and reporting are gaining popularity. Additionally, the region’s high economic development and low unemployment rates have led to intense labor market competitiveness, creating a demand for efficient HRM solutions. Furthermore, with the increasing prevalence of remote work and the gig economy, organizations are seeking innovative methods to manage their remote workforces. These are some of the factors influencing market revenue growth in this region.
Top Companies Operating in the Global Human Resource Management (HRM) Market:
Paychex, Inc., Kronos Incorporated, Ceridian HCM, Inc., Workday, Inc., Ultimate Software Group, Automatic Data Processing, LLC, ADP, Inc., Microsoft Corporation. SAP SE, IBM Corporation, and Oracle Corporation.
Component Outlook (Revenue, USD Billion; 2022 – 2032)
Software Outlook (Revenue, USD Billion; 2022 – 2032)
- Core HR
- Employee Collaboration Engagement
- Talent Management
- Workforce Planning Analytics
Service Outlook (Revenue, USD Billion; 2022 – 2032)
- Integration Deployment
- Support Maintenance
- Training Consulting
Deployment Outlook (Revenue, USD Billion; 2022 – 2032)
Enterprise Size Outlook (Revenue, USD Billion; 2022 – 2032)
- Large Enterprise
- Small Medium Enterprise (SME)
End-Use Outlook (Revenue, USD Billion; 2022 – 2032)
- IT Telecom
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Takeaways of the Competitive Overview Section:
- Overview of the company profiles of each market player
- Industrial chain analysis of each player
- Revenue share contribution
- Sales network and distribution channels and net profits and losses of each company
- Key business growth strategies are undertaken by these players
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