The global healthcare human resources software market was valued at USD 16732.6 million 2020. Rise of the cloud and mobile deployment, and increase in automation in HR processes along with rise in technological advancement worldwide are projected to accelerate the demand for global healthcare human resources software market.
Healthcare HR software are designed for the health care industry specifically and are built to handle stringent, changing regulations and compliance. Health care administrators, managers, and human resources staff turn to industry-specific workforce and performance management, payroll, and time and attendance solutions to streamline HR operations within hospitals, medical practices, and other health care organizations. Optimizing and automating tasks like staffing, incident reporting, training, and financial management allow medical professionals to focus on delivering care. Healthcare HR systems integrate or communicate well with existing health care operations systems to further the efficiency and effectiveness of the entire facility. However, healthcare HR software does not manage health care plans or health benefits for employees; such functionality is found in benefits administration software.
The department of human resources performs various roles such as recruitment, salary hikes, vacation leaves, bonus, training, management and payment benefits management. Human resources automation provides various advantages such as record management and protection. Updated training and certifications are critical for patient outcomes, hospital accreditation, and continuous improvement. HR software helps to keep track of training and alerts when certifications are about to expire. When a learning management system is used, HR software may also be able to assist with certain aspects of training, these features of healthcare human resources software are anticipated to fuel growth in the market.
Moreover, errors in HR management , organizational complexity and compounded inefficiency result in the healthcare industry seeking solution in the form of human resources software for healthcare. Supported by a diverse healthcare system, the world market is booming in desperate need of a streamlined platform to eliminate mistakes. The software offers various benefits that include improve data management, remember important dates and deadlines, manage time-off accruals, track training and certifications, record warnings and accedents, evaluate employee performance, and save time. Hence, on account of these benefits, the demand for the HR software has increased in the healthcare industry
Furthermore, growing geriatric population and subsequent growth in the prevalence of chronic diseases as well as outbreak of pandemic across the globe and aging nursing workforce along with a limited number of programs offered, the demand for skilled nurses is outpacing the supply. In these cases recruiting softwares helps to fill the open positions in shorten time period to leverage medical care to these cases which are expected to drive the demand for healthcare human resources software in the future. Healthcare workers have been on the front lines during COVID-19, selflessly caring for people in need. But as the virus spreads, protecting staff from exposure and limiting workforce shortages are top concerns for the HR leaders of healthcare organizations. They also need support with workforce management, like scheduling and training staff, tracking sick leave and engaging workers who’ve shifted to a remote environment. Hence, healthcare human resources softwares plays vital role in the pandemic situation to integrate or communicate well with existing health care operations systems to further the efficiency and effectiveness of the entire facility which will flourish the demand for healthcare human resources softwares market in the forecast period.
The global healthcare human resources software market is categorized based on product type, applications, and region. On the basis of deployment type, cloud based segment held the largest share of the global healthcare human resources software market in 2020 is due to the rise in cloud deployment along with the increase in usage in all the verticals such as hospitals, laboratories, pharmaceuticals, and others. On the basis of application, hospital segment is anticipated to grow at a lucrative rate over the forecast period. Geographically, North America dominated the global healthcare human resources software market in 2020, however, Asia Pacific is expected to be the fastest growing region by 2028.
Key players operating in the global healthcare human resources software market include Paychex, Inc. (US), Paycom Software, Inc. (US), SumTotal Systems Inc. (US), SAP SE (Germany), Ceridian HCM, Inc. (US), Taleo Corporation(US), PeopleAdmin(US), Kenexa Corporation(US), Workday, Inc. (US), Halogen Software Inc(Canada), SuccessFactors (US), CoreHR (Ireland), and Ultimate Software (US), among others.
Key Segments of the Global Healthcare Human Resources Software Market
Deployment Overview, 2018-2028 (USD Million)
- On Premise
- Cloud Based
Applications Overview, 2018-2028 (USD Million)
- Pharmaceutical Industries
Regional Overview, 2018-2028 (USD Million)
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
Reasons for the study
- Rise in cloud and mobile deployment
- Increase in automation of HR processes
What does the report include?
- The study on the global healthcare human resources software market includes qualitative insights such as drivers, restraints, challenges and opportunities
- Additionally, the market has been evaluated using the Porter’s Five Forces analysis
- The study covers qualitative and quantitative analysis of the market segmented on the basis of deployment and applications. Moreover, the study on healthcare human resources software market provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments
- The study includes the profiles of key players operating in the market with a significant global and/or regional presence
Who should buy this report?
- The report on the global healthcare human resources software market is suitable for all the players across the value chain including raw material suppliers, manufacturers, laboratories, healthcare organizations, distributors, suppliers and wound type geeks
- Venture capitalists and investors looking for more information on the future outlook of the global healthcare human resources software market
- Consultants, analysts, researchers, and academicians looking for insights shaping the global healthcare human resources software market
The need for healthcare human resources software has significantly increased owing to the outbreak of COVID-19 pandemic like diseases. These disease has triggered instability of health-care services nationwide, with hospitals becoming overrun by rising patient influx. During this conditions, health care staff are at the front lines, selflessly taking care of those in need. However, as the pandemic progresses, shielding workers from infection and reducing staff gaps are key priorities for healthcare organizations' or HR members. The HR will require help in handling the workplace, such as organizing and training staff, monitoring sick leave and including employees who have relocated to a remote area. Therefore, in the pandemic case, healthcare human resources software plays a critical role in combining or interacting effectively with current healthcare operating systems in order to improve the quality and efficacy of the whole facility which will drive the growth of this healthcare human resources software worldwide.
Healthcare is one of the most challenging yet fastest growing industries worldwide. Plus, the challenging work environment in the healthcare sector calls for experienced and empowered workforce to deliver quality and timely services. This leads to a rise in demand for healthcare human resources software in the market. Healthcare entails wellness and preventive care, pharmaceuticals, treatment, and recovery, which calls for a highly skilled and engaged team of healthcare experts and caregivers. For management, it is imperative to have instant access to all the employee data such as certifications, training, payroll, etc. This is where healthcare human resource software plays vital roles. Additionally, Introduction of the new tools in the software like advertisement management, candidate searching, and linkup with Facebook and LinkedIn contribute for the growth of healthcare human resources software market.
Surge in automation of healthcare fuel the growth of healthcare human resources software market. HR software helps to reduce the time spent on management along with rise in acceptance and awareness of the advantages of HR software during the projected period contributed to the growth of the healthcare human resources software market. Additionally, with the growing technological platform of artificial intelligence and IOT’s, manufacturers are in a position to create their best innovation for healthcare human resources software. This would further increase the supply of new and beneficial healthcare human resources softwares across the globe which is anticipated to propel the demand for global healthcare human resources software market.
The global healthcare human resources software market has been segmented based on deployment, applications, and region. Based on deployment, the healthcare human resources software market is segmented into on premise and cloud based. The cloud based segment dominated the market in 2020 because the cloud-based computing offers tremendous flexibility when it comes to installing the platform's IT technology. Furthermore, the cloud SaaS delivers flexible and reliable applications, thus reducing the expense of connectivity for its users. The companies have started implementing cloud-based technologies and are relying on the information and services supplied, which helps them to focus on their core businesses which is expected to maintain the market position of this segment through the forecast period.
On the basis on application, the global healthcare human resources software market is categorized into pharmaceutical industries, hospital and other. The hospital segment is projected to represent the biggest market share. The role of HR professionals in the hospital sector is growing rapidly with the onset of pandemic, thus the HR will require help in handling the workplace, such as organizing and training staff, monitoring sick leave and including employees who have relocated to a remote area is driving this segment.
The global healthcare human resources software market is cumulative to North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America dominated the global healthcare human resources software market in 2020, however Asia Pacific is expected to have a lucrative growth rate in the coming time period.
In North America, there has been a high growth in demand for healthcare human resources software attributed to the existence of a highly integrated healthcare infrastructure, increase in funding of the healthcare sector in North America and especially within the two countries of the US and Canada also facilitates the growth of this market. Additionally, easy accessibility to technologically advanced HR softwares. The need to reduce the labor costs and growing demand for operational efficiency catalyzes the market growth in the region. Moreover, intense competition amongst market players also shapes the market size positively. These are the major factor likely to boost the growth of the market in North America.
However, Asia Pacific is expected to grow at a rapid pace over the next few years. There is a strong growth potential in the emerging economies such as India, and China. The rapidly rising geriatric population in countries such as India and China provide large market for healthcare human resources software. According to the United Nations, China and India together were home to over one third of the world’s population aged 60 years or over in 2017. Furthermore, rapid industrialization and growing number of healthcare organizations and heavy reliability on technology and increasing digitization has been observed in the region which has, in turn, led to massive market expansion.