Human Resources Software Market Size and Growth Rate:
According to the Research Report, the Global human resources software market is projected to reach 25.9 billion by 2023, with a CAGR of 10.4% over the forecast period. It is expected that the growing need to manage a generalized workforce and the increasing demand for replacement of existing systems with improved human capital management platforms will fuel market growth.
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Human Resources Software Market Growth Drivers and Restraints:
The Human Resources (HR) department coordinates various functions such as salary increases, benefits management, bonuses, recruitment, training, performance management and succession planning. The technology offers several advantages, including ubiquity, document control, and automatic updating, which can drive demand during the forecast period. Changing the management of the Generation Y workforce to baby boomers can increase the demand for human resources software over the next seven years. Human resource management software keeps confidential data such as employee information, home address, social security number and finances.
The increasing number of cybercrimes can compromise data security, which should hinder the growth of the sector over the forecast period. The software's ability to provide customized solutions that reflect the current workforce dynamics has high growth potential.
It also includes the introduction of several new tools, such as candidate search, ad management and candidate relations, as well as the integration of Facebook and LinkedIn to contribute to the future growth of the industry.It is expected that the proliferation of technology in the areas of Big Data Analysis, Machine Learning, Artificial Intelligence and the Internet of Things will have a positive impact on the business management and human resources. Several solution providers are developing innovative solutions integrating future technologies into human resource systems to improve organizational performance.
Human Resources Software Market Geographical Insights:
North America is expected to be the largest regional market due to the substantial growth in the services sector. This can be attributed even more to the growing adoption of these solutions in Silicon Valley. The Asia-Pacific region is expected to post strong growth in the near future due to the region's strong industrialization and the growing number of emerging companies dedicated to developing smartphone applications. The growing mobility needs of developing countries, such as India and China, are also expected to catalyze the growth of the sector over the forecast period. Europe is also expected to experience substantial growth due to the large number of offices in several industrial sectors.
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Key players in the industry include Taleo Corporation (Oracle), SuccessFactors (SAP), ADP, Accenture Plc, Ceridian HCM Inc., Kenexa Corporation (IBM), Cognizant Technology Solutions, Halogen Software Inc., PeopleAdmin, and SumTotal Systems Inc. Exceptional market conditions should focus on mergers and acquisitions in order to gain a substantial market share.
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