In the face of workforce mobility, the market will touch $26 billion revenue by 2025
Bangalore, India, July 31, 2019: With its recently published study “Global Human Resource Management Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research forecasts that the global market for human resource management will continue to grow, owing to the increasing demand for mobile HR solutions, streamlining HR processes, and reducing workforce costs.
An upward trend in workforce mobility is increasing the demand for human resource management to effectively manage a large pool of workforce. HRM solutions are assisting the HR teams in organizing workflows and managing employment modules, including attendance, leaves, payroll, hiring, training, etc., throughout the employee lifecycle. HRM solutions offer a more holistic approach toward employee management by focusing on workforce productivity and ensuring accuracy. These solutions are also helping HR managers to make more strategic decisions and promote healthy competition among employees.
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Increasing challenges in managing a multi-generational workforce and the need for enhanced employee engagement are boosting the human resource management market growth. This trend is anticipated to continue during the forecast period 2019–2025, with a CAGR of around 9% to surpass $26 billion by 2025.
North America is maintaining the dominant position in the human resource management market, followed by Europe and APAC. North America is estimated to hold the largest market share during the forecast period due to increasing demand for cloud-based HRM solutions by enterprises to enhance the hiring process & boost employee experience, improve workforce planning, and decrease the rate of employee attrition.
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In terms of segmentation analysis, software component contributes to a significant revenue share within the human resource management market, and services segment is expected to grow at the highest rate during the forecast period. Currently, large enterprises are estimated to hold the largest share in the human resource management market due to the availability of a large number of employees and the need for managing such huge volume of the workforce. Further, MSMEs are expected to grow at the highest CAGR during the forecast period. The on-cloud deployment type is estimated to grow at the highest rate during the forecast period due to the efficiency of cloud-based solutions.
“Human resource management software is supporting enterprises in many ways directly as well as indirectly and is responsible for driving business value by effectively managing human capital, streamlining HR activities, and enhancing the overall resource ROI.” pointed out Sonam Chawla, Research Analyst, Infoholic Research.
Key Segments of the Report Include:
- Core HR
- Workforce Management
- Talent Management
- Learning & Development
- Integration & Implementation
- Support & Maintenance
- Organization Size
- Large Enterprises
- Deployment Types
- North America
- Rest of Europe
- Rest of APAC
- North America
- Industry outlook: Market trends, drivers, restraints, and opportunities
Ms. Sunanda Ganguli
Infoholic Research LLP