Global Human Resource Management Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027- Growing advancement in latest technologies such as artificial intelligence (AI), machine learning (MI) & predictive analytics, increasing COVID-19 cases and rising adoption of cloud-based solutions are the factors anticipated to drive the growth of the Global Human Resource Management Market.
Global Human Resource Management Market is valued at USD 18.62 Billion in 2020 and is expected to reach USD 40.14 Billion by 2027 with a CAGR of 11.6% over the forecast period.
Human resource management (HRM or HR) is the essential way to deal with the effective and productive management of people in an organization or company to such an extent that they help their business gain a competitive benefit. It is designed to amplify employee performance in assistance of a business' strategic objectives. The general reason for human resource is to guarantee that the organization can make progress through people. Human resource management is essentially care about the management of individuals inside associations, focusing on systems and policies.
Human resource divisions are answerable for regulating employee benefits plan, training and improvement, employee recruitment, performance examination, and prize management like managing pay and employee-advantage systems. HRM additionally concerns about hierarchical change and industrial relations, or the balancing of authoritative practices with needs emerging from aggregate dealing and governmental laws. HR experts are deal with the human resources of an association and focus on carrying out arrangements and processes. They can have some expertise in finding, selecting, recruiting, training, and developing employees, just as keeping up with representative relations or advantages.
The COVID-19 pandemic has also impacted on the growth of global human resource management market. Because of the sudden COVID-19 outbreak, the work from home culture turned into the new normal for the association's activities, which has inspired the HRM solution suppliers to intensely put resources into their research & development activities for developing advanced HRM solutions.
During the COVID-19 pandemic, the significance of advanced HRM arrangements has expanded as they are simple to deploy and work with more proficiency. These solutions are helping the organizations in dealing with their labor force working from remote regions and guiding them consequently. However, the burden of different limitations by the government across the world like the halfway or complete lockdown, travel ban social distancing, and a lot more have restricted the associations to work on their premises.
Some of the key players for global human resource management market are IBM Corporation, Accenture PLC, Ceridian HCM Holding, Inc., Workday, Inc., Marsh McLennan Companies, Inc. (Mercer LLC), and UKG, Inc., ADP, Inc., Oracle Corporation, Talentsoft (Cegid), SAP SE and others.
Global human resource management market is segmented on the basis of component, deployment, enterprise size, application, and region & country level. Based upon components, the global human resource management market is divided into software and services. Software is further sub-classified into recruiting, core HR, talent manager, workforce planning & analytics, employee collaboration & engagement, and others. Services are sub-divided into support & maintenance, training & consulting, and integration & deployment. Based upon deployment, the market is classified into hosted and on-premise. Based upon enterprise size, the human resource management market is classified into large enterprise and small & medium enterprise (SME). Based upon application, the market is classified into BFSI, government, healthcare, IT & telecom, manufacturing, retail, and others.
By Enterprise Size:
The regions covered in global human resource management market report are North America, Europe, Asia-Pacific, Latin America, and the Rest of the World. On the basis of country level, the market of global human resource management is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, India, Japan, South East Asia, Middle East Asia (UAE, Egypt, Saudi Arabia) GCC, Africa, etc.
On October 12th, 2021; FOLSOM has announced the latest Unified Talent Human Resources Management System (HRMS) to improve and bring together HR management for schools and areas. With PowerSchool Human Resources Management System, HR directors can save significant time and energy so they can focus on the main thing that supports and holds educators and further developing student results. PowerSchool assembled this solution dependent on teacher feedback to improve on their work and give HR chiefs a simple to-utilize solution. It will save them important time by having the option to click straightforwardly into the data they need from one single dashboard, without signing into a few various systems and stages.
One of the major factors driving the growth of global human resource management market is the growing advancement in the latest technologies such as artificial intelligence (AI) and machine learning (MI) & predictive analytics. Human resource management has been developing quickly over the previous decade in accordance with the advances in innovation. The continued deployment of the most recent technologies like prescient analytics, machine learning (MI) and Artificial Intelligence (AI), which might conceivably help both employees and employers in relieving the innate difficulties in managing work, is likewise ready to help associations. For example; NICE Ltd. has made a huge investment in solutions dependent on AI and ML, which have been installed into the organization's center labor force the management solution.
In addition, another major factor driving the growth of global human resource management market is the increasing prevalence of COVID-19 worldwide. Automated workforce development, which has procured balance across all endeavors and industry verticals in the wake of the COVID-19 pandemic. It is dependent upon to emerge as the supported decision, regardless, during the post-pandemic time frame. Artificial intelligence-based workforce improvement use AI to guess the assortments famous, makes labourer designs, and matches the workforce against the obligation.
Furthermore, the rising adoption of cloud-based solutions also drives the global human resource management market. Cloud-based arrangements in human resource management software helps the association in remotely observing, analyzing the labor force in this way adding to the development of the organization. It furthers gives information-driven key enlisting, big-picture focus, remote connectivity, accepting provisional laborers, and numerous different advantages are going about as driving factors for associations to take on the cloud-based advancements and boosting the human resource management market.
However, security issues and data threats may hamper the growth of the global human resource management market. In spite of that, advancement in HRM-based technologies can provide various opportunities for the further growth of the global human resource management market.
North America is expected to dominate the global human resource management market within the forecast period due to the growing adoption of cloud-based technologies, rising merger & collaboration activities, and the presence of key players in the region. For instance; in September 2020, Oracle introduced significant updates with Oracle Cloud Human Capital Management (HCM). These new features and products give customized journeys and development openings for workers and furthermore improve information accuracy for HR groups. Because of this, such most recent updates improve both the employee and HR experience.
Europe is also expected to witness significant growth in the global human resource management market due to the presence of a large skilled workforce and investment by various organizations in deploying new technologies. For instance; in April 2021, Cegid came into the organization with Visier, a cloud-based examination application. This organization intended to carry out Visier's people analytics abilities into European Cegid clients through the most recent feature known as Cegid HR Insights. Furthermore, Visier's market-driving solutions would be profoundly coordinated with Cegid's top-class human asset, finance, and talent management platform that makes individual analytics easy.
By Regional & Country Level:
|2015 - 2020
|2021 - 2027
|Market Size in 2020:
|USD 18.62 Billion
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2027:
|USD 40.14 Billion
|Tables, Charts & Figures:
|Human Resource Management Companies
|IBM Corporation, Accenture PLC, Ceridian HCM Holding, Inc., Workday, Inc., Marsh McLennan Companies, Inc. (Mercer LLC), and UKG, Inc., ADP, Inc., Oracle Corporation, Talentsoft (Cegid), SAP SE, and others.
|By Component, By Enterprise Size, By Application
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
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