Human Resource Management Market Scope, Product Estimates & Strategy And Industry Forecasts Till, 2022 - 2030

The global human resource management market size is expected to reach USD 56.15 billion by 2030, registering a CAGR of 12.8% from 2022 to 2030, according to a new report by Grand View Research, Inc. Digitalization in human resource management (HRM) technologies and software such as analytics, mobile, and cloud-based technologies are expected to drive the growth of the market. Future trends are the shift towards full-time remote work post-COVID-19 and the goal-oriented model's incorporation into workforce operations. Companies have also learned that developing corporate culture among employees can help them achieve their collective goals.

Human Resource Management Market Segmentation

Grand View Research has segmented the global human resource management market based on component, software, service, deployment, enterprise size, end-use, and region:

Based on the Component Insights, the market is segmented into Softwareand Services.

·       The software segment led the HRM market in 2021 with a revenue share of around 68%.

·       This growth can be attributed to the high demand for talent management and core HR software from companies of various industries for retaining workforces.

·       HRM software not only enhances productivity by automating manual tasks and diminishes the error rate but also provides assistance in assessing the operational trends within the company.

Based on the Software Insights, the market is segmented intoCore HR, Employee Collaboration & Engagement, Recruiting, Talent Management, Workforce Planning & Analytics and Others.

·       The core HR segment led the market in 2021 with a revenue share of over 33%. The increased need for automating various HR operations in the department is responsible for the major revenue share.

·       The talent management segment is estimated to witness the fastest CAGR from 2022 to 2030.

Based on the Service Insights, the market is segmented into Integration & Deployment, Support & Maintenanceand Training & Consulting.

• The integration and deployment segment controlled the market in 2021 with a revenue share of nearly 37%.
• The support & maintenance segment is estimated to record the fastest CAGR from 2022 to 2030.
• The rising organizational demand to improve the competence of the existing systems, shifting towards automation, and adoption of cloud computing are some of the important aspects that are driving the development of the market.

Based on the Deployment Insights, the market is segmented into Hosted and On-premise.

• The on-premise segment dominated the HRM market in 2021 with a revenue share of around 59%.
• The demand for hosted deployment is expected to rise considerably over the estimated period.

Based on the Enterprise SizeInsights, the market is segmented into Large Enterprise and Small & Medium Enterprise (SME).

• The large enterprise segment dominated the market in 2021 with a revenue share of over 58%.
• The dominant revenue share can be credited to the aggressive implementation of HRM solutions by some large organizations to efficiently manage their enormous databases of employees.
• The SME segment is estimated to register the highest CAGR over the forecast period.
• Several SMEs are adopting HR solutions to decrease the burdens of carrying out administrative tasks and instead focus on administrative growth.

Based on the End-useInsights, the market is segmented into Academia, BFSI, Government, Healthcare, IT & Telecom, Manufacturing, Retail and Others

• The IT & telecom segment achieved the highest revenue share of over 20% in 2021.
• The large revenue share can be ascribed to the growing demand for system automation and the requirement to source candidates based on job profiles and organizational structure throughout the IT industry.
• HRM software and services are in high demand in the retail business due to the increasing need to match internal consumer expectations and overcome obstacles in employee retention processes.

Human Resource ManagementRegional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Key Companies Profile& Market Share Insights

Vendors active in the market are following various strategic initiatives including mergers & acquisitions, partnerships and collaborations, and new product development as part of the efforts to gain a competitive edge and expand the customer base.

Some prominent players in the Human Resource Management market include

• Accenture
• ADP, Inc.
• Cezanne HR Limited.
• Ceridian HCM, Inc.
• International Business Machines Corp. (IBM)
• Kronos Incorporated
• Mercer LLC
• Oracle
• PwC
• SAP SE
• Cegid
• UKG, Inc.
• Workday, Inc.

Order a free sample PDF of the Human Resource Management Market Intelligence Study, published by Grand View Research.