Human Resource Software is used to organise, simplify, and automate departmental activities. Human resource information system software or human capital management software are other names for it.
Covid-19 Impact & Market Status
Remote working has become the new standard after the outbreak of the COVID-19 pandemic. As a result, market participants are investing in research and development to create HRM solutions that are both efficient and simple to adopt, as well as those that can support the remote working paradigm.
At a compound annual growth rate of 11.1%, the size of the worldwide HR Software market is projected to reach USD 35.13 Billion in 2030.
Meanwhile, prominent market participants such as Oracle Corporation, SAP SE, Workday Inc., and UKG are modernising their existing systems to stay up with new trends and have begun delivering their products via the cloud in an effort to minimise the need for periodic system upgrades.
All of these factors are expected to aid market growth. Workday offers a COVID-19 vaccine management system that integrates real-time HR data with immunization data, providing businesses with the insights and resources they need to guarantee a healthy workforce and a safer workplace.
Many businesses have given their employees the option of working remotely even after the pandemic has stopped; therefore post-COVID effects are anticipated. As a result of these changes, the use of hosted HRM software is expected to grow over the projected period, leading in sector growth.
Depending on the Deployment Mode,
The market is divided into two categories: cloud and on-premise. Cloud had the biggest market share of 70.54 percent in 2020, with a market value of USD 10,996.90 million, and is expected to increase at a CAGR of 11.12 percent over the forecast period. In 2020, On-Premise was the second-largest market, with a value of USD 4,593.10 million.
Depending on the size of the company,
The market is divided into two categories: small and medium businesses and large businesses. Small and Medium Enterprises (SME) accounted for 60.97 percent of the market in 2020, with a market value of USD 9,505.72 million, and is expected to grow at the fastest CAGR of 11.33 percent over the forecast period. In 2020, the second-largest market, valued at USD 6,084.28 million, was the second-largest.
North America, Europe, Asia Pacific, and the Rest of the World are the regions that make up the global HR software market. With a market value of USD 5,583.34 million in 2020, North America held the greatest market share of 35.81 percent, and is expected to rise at a CAGR of 9.38 percent over the forecast period.
On the market, there are a variety of HR solutions, including HCM, HRMS, HRIS, talent management systems, and more.
The purpose of this software is to maintain track of the company's regulatory and legal employment needs, as well as to store personnel data, manage payroll and benefits, and keep track of the company's regulatory and legal employment obligations.
HR software is software that stores staff data in a centralised database that can be quickly accessed. For organisations to keep track of their employees' information as well as other work-related details, these systems are essential.
Benefits enrolment, employee information, and all tax withholdings are all part of the HR database that the HR Software Industry makes possible. Employees can utilise the software to access and edit their data on the employee self-portal, driving up demand for HR software and propelling the HR Software Market forward.
Employee absences can also be tracked using HR software. Thanks to breakthroughs in cutting-edge technologies like Artificial Intelligence (AI), Machine Learning (ML), and predictive analytics, integrating HRM solutions with analytics is becoming easier.
The report on the Global HR Software Market will provide useful information with a focus on the global market. Workday Inc., SAP SE, Automatic Data Processing Inc., Oracle Corp., Ultimate Software, BambooHR LLC, ClearCompany Inc., Cognizant Technology Solutions, PeopleAdmin, Cornerstone OnDemand, Inc., and IBM Corp. are the leading participants in the industry.
Latest Innovations in the Global HR Software Market: a Snapshot
- Over the forecast period, the market is likely to be driven by advances in cutting-edge technologies such as artificial intelligence (AI) and the Internet of Things (IoT), as well as the continuous application of these technologies in HR analytics.
- The market is predicted to develop due to the continuing expansion of internet access and favorable measures being pursued by various governments to encourage the adoption of digital technology and mobile applications to improve organizational productivity.
HR Software Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||USD 35.13 Billion|
|Growth Rate||CAGR of 11.1 % during 2022-2030|
|Segment Covered||By Deployment, By Components, Region.|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Automatic Data Processing (US), Ceridian HCM Inc. (US), CoreHR (Ireland), Employwise (India), IBM Corporation (US), Oracle Corporation (US), Paychex Inc. (US), Paycom Software Inc. (US), Sap SE (Germany), Workday Inc. (US)|
Key Segments of the Global HR Software Market
By Deployment Mode
By Organization Size
- Small & Medium Enterprise
- Large Enterprise
- North America
- Asia Pacific
- Middle East and Africa