Human resource management (HRM) refers to the training, hiring, retaining, managing, and acquiring procedures in an enterprise so as to operate the business competently. The lead on staff and their management is assured by the HRM to add efficiently for several business procedures of an enterprise.
The growth of the global human resource management (HRM) market is mainly driven by the developments within IT sector and the integration of predictive analytics within HR procedures. Further, the development of numerous human resource management (HRM) solutions has facilitated the professionals to carry out traditional HR activities in a less time period and with augmented effort on attracting the correct set of candidates, thus driving the market growth. In addition, the key players are implementing numerous strategic initiatives, like partnerships, collaborations, and M&As for development of new products and technologies. To cite, in October 2018, a provider of Oracle ERP Cloud services, DAZ Systems, Inc.—having experience in assisting institutions in the integration and deployment of human capital management applications and enterprise performance management—was procured by Accenture.
The global human resource management (HRM) market is bifurcated based on service, software, enterprise size, deployment, end-use, and region. The market, on the basis of software, is divided into employee collaboration & engagement, core HR, talent management, recruitment, analytics, workforce planning, and others. The market, based on service, is segregated into support & maintenance, integration & deployment, and training & consulting. The market, based on deployment, is classified into on-premises and hosted. The market, based on enterprise size, is bifurcated into Small & Medium Enterprises (SMEs) and large enterprises. The market, based on end-use, is divided into BFSI, academia, retail, healthcare, government, manufacturing, IT & telecom, and others.
Regionally, the global human resource management (HRM) market is anticipated to be dominated by North America. This regional growth can be attributed to the existence of several HRM solution providers. The institutions in US are concentrating on boosting labor productivity and efficiency by utilizing HRM solutions for payroll, attendance & time, and talent management activities further driving the market expansion. Likewise, Asia Pacific is projected to witness substantial rate during the forecast period on account of the existence of budding nation, like India and China along with the rising government programs for backing the digitalization of business procedures.
The key players active within the global human resource management (HRM) market comprise Kronos Incorporated; Automatic Data Processing (ADP), Inc.; Accenture PLC; IBM Corporation; NetSuite, Inc.; Mercer LLC; SAP SE; Oracle Corporation; Ceridian HCM, Inc.; Ultimate Software; Workday, Inc.; Cezanne HR Ltd.; and Talentsoft.
