Dublin, Sept. 01, 2021 (GLOBE NEWSWIRE) -- The "Global Human Resource Management Market By Component, By Deployment Type, By Enterprise Size, By End User, By Regional Outlook, COVID-19 Impact Analysis Report and Forecast, 2021 - 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Human Resource Management Market size is expected to reach $39.5 billion by 2027, rising at a market growth of 11.8% CAGR during the forecast period. Human resource management (HRM) refers to the strategic management of the human assets and workplace culture & environment of an organization. It encourages employees to effectively and efficiently contribute to the fulfilment of the company's objective and work in that direction. The human resource department offers the administrative services, knowledge, training, legal and management advice, necessary tools, coaching, and talent management supervision that are required for the smooth operation of the organization.
There are many functions performed under HRM by managers who are responsible for the contribution, engagement, and improved productivity of their reporting staff members. Managers play a crucial role in managing the workplace environment and are majorly responsible for the recruitment process to carry out a fully integrated talent management system. In addition, they are also accountable for the current development of and retention of senior employees.
COVID-19 Impact Analysis
The outbreak of the global Covid-19 pandemic has a huge impact on all organizations across various verticals. The imposition of various restrictions by the government across the world like the travel ban, partial or complete lockdown, social distancing, and many more has restricted the organizations to work on their premises. Due to this, the work from home culture became the new normal for the organization's operations, which has motivated the HRM solution providers to heavily invest in their R&D for developing advanced HRM solutions.
The importance of advanced HRM solutions has increased as they are easy to deploy and operate with more efficiency. Such solutions are helping the companies to manage their workforce working from remote areas and guide them accordingly. Several HRM solution providers are updating their solutions to provide their services over the cloud and making more efforts to fulfil the requirement for periodic system upgrades.
Component Outlook
Based on Component, the market is segmented into Software and Services. Software market is bifurcated across Core HR, Recruiting, Workforce Planning & Analytics, Talent Management, Employee Collaboration & Engagement and Others. Traditionally, companies have dependent on manual operations for employee engagement and HR compliance, which has hampered efficient resource management. Though, HRM software solutions help in tackling such issues by digitalizing all the manual operations. Additionally, HRM software solutions are majorly available and could be managed by supervisors to calculate and reward employees, even in the work from home model. HRM software helps in decreasing the error and boost efficiency by automating manual tasks, and it also aids in assessing the operational trends in a company.
Deployment Type Outlook
Based on Deployment Type, the market is segmented into On-premise and Hosted. By deployment, the on-premise segment acquired the largest revenues share in 2020. The deployment of on-premise solutions is the viable choice in the early phases of implementing HR software to substitute manual tasks. Many companies prefer on-premise HR solutions because they do not depend on internet connectivity; though still provide viable options for complete personalization of the software. On-premise solutions also deliver data security along with assisting organizations in fulfilling numerous regulations.
Enterprise Size Outlook
Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on enterprise size, the large enterprise segment held the largest revenue share of the global market in 2020. This growth is attributed to the high adoption of HRM solutions by numerous large enterprises to effectively manage their huge databases of employees. These HRM solutions enable the HR team to easily access employee data, which decreases the manual tasks included in performance appraisals, goal tracking, and feedbacks.
End User Outlook
Based on End User, the market is segmented into IT & Telecom, BFSI, Retail, Healthcare, Manufacturing, Government & Public Sector and Others. On the basis of end-use, the IT & telecom segment dominated the market with the largest revenue share in 2020. The high demand for automation of systems and the requirement for sourcing candidates as per the job profiles and organizational structure all over the IT industry is fueling the growth of the segment. It is very important for any organization to have proper employee engagement, talent recognition, and learning, which contribute to the overall growth of the organization.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The Asia Pacific is projected to register the fastest growth rate during the forecast period because of the increasing initiatives taken by the governments of this region for digitalization. In addition, the rising number of automation projects that are undertaken to boost the productivity of the companies is expected to bolster the regional market. The large & skilled workforce present in this region is estimated to fuel the demand for talent management & recruitment software in the region. The heavy investments made by large enterprises in implementing the latest technologies is expected to also surge the market growth in this region.
Cardinal Matrix - Human Resource Management Market Competition Analysis
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Oracle Corporation, Accenture PLC, SAP SE, and IBM Corporation. are the forerunners in the Human Resource Management Market. Companies such as Talentsoft, ADP, Inc., UKG, Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Accenture PLC, ADP, Inc., Ceridian HCM Holding, Inc., IBM Corporation, Oracle Corporation, Workday, Inc., Marsh McLennan Companies, Inc. (Mercer LLC), Talentsoft (Cegid), UKG, Inc., and SAP SE.
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Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.2 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.2.4 Geographical Expansions
3.2.5 Business Expansions
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2017-2021)
3.3.2 Key Strategic Move: (Partnerships, Collaborations, and Agreements : 2017, Mar - 2021, Jun) Leading Players
Chapter 4. Global Human Resource Management Market by Component
4.1 Global Human Resource Management Software Market by Region
4.2 Global Human Resource Management Market by Software Type
4.2.1 Global Human Resource Management Core HR Market by Region
4.2.2 Global Human Resource Management Recruiting Market by Region
4.2.3 Global Human Resource Management Workforce Planning & Analytics Market by Region
4.2.4 Global Human Resource Management Talent Management Market by Region
4.2.5 Global Human Resource Management Employee Collaboration & Engagement Market by Region
4.2.6 Global Other Software Type Human Resource Management Market by Region
4.3 Global Human Resource Management Services Market by Region
Chapter 5. Global Human Resource Management Market by Deployment Type
5.1 Global On-premise Human Resource Management Market by Region
5.2 Global Hosted Human Resource Management Market by Region
Chapter 6. Global Human Resource Management Market by Enterprise Size
6.1 Global Large Enterprises Human Resource Management Market by Region
6.2 Global Small & Medium Enterprises Human Resource Management Market by Region
Chapter 7. Global Human Resource Management Market by End User
7.1 Global IT & Telecom Human Resource Management Market by Region
7.2 Global BFSI Human Resource Management Market by Region
7.3 Global Retail Human Resource Management Market by Region
7.4 Global Healthcare Human Resource Management Market by Region
7.5 Global Manufacturing Human Resource Management Market by Region
7.6 Global Government & Public Sector Human Resource Management Market by Region
7.7 Global Others Human Resource Management Market by Region
Chapter 8. Global Human Resource Management Market by Region
Chapter 9. Company Profiles
9.1 Ceridian HCM Holding, Inc.
9.1.1 Company Overview
9.1.2 Financial Analysis
9.1.3 Regional Analysis
9.1.4 Research & Development Expenses
9.1.5 Recent strategies and developments:
9.1.5.1 Partnerships, Collaborations, and Agreements:
9.1.5.2 Product Launches and Product Expansions:
9.1.5.3 Acquisition and Mergers:
9.1.5.4 Geographical Expansions:
9.2 Workday, Inc.
9.2.1 Company Overview
9.2.2 Financial Analysis
9.2.3 Regional Analysis
9.2.4 Recent strategies and developments:
9.2.4.1 Partnerships, Collaborations, and Agreements:
9.2.4.2 Product Launches and Product Expansions:
9.3 Marsh McLennan Companies, Inc. (Mercer LLC)
9.3.1 Company Overview
9.3.2 Financial Analysis
9.3.3 Segmental and Regional Analysis
9.3.4 Recent strategies and developments:
9.3.4.1 Partnerships, Collaborations, and Agreements:
9.3.4.2 Product Launches and Product Expansions:
9.3.4.3 Acquisition and Mergers:
9.4 SAP SE
9.4.1 Company Overview
9.4.2 Financial Analysis
9.4.3 Segmental and Regional Analysis
9.4.4 Research & Development Expense
9.4.1 Recent strategies and developments:
9.4.1.1 Partnerships, Collaborations, and Agreements:
9.4.1.2 Product Launches and Product Expansions:
9.4.2 SWOT Analysis
9.5 IBM Corporation
9.5.5 Recent strategies and developments:
9.5.5.1 Partnerships, Collaborations, and Agreements:
9.5.5.2 Product Launches and Product Expansions:
9.5.5.3 Business Expansions:
9.6 Oracle Corporation
9.6.1 Company Overview
9.6.2 Financial Analysis
9.6.3 Segmental and Regional Analysis
9.6.4 Research & Development Expense
9.6.5 Recent strategies and developments:
9.6.5.1 Partnerships, Collaborations, and Agreements:
9.6.5.2 Product Launches and Product Expansions:
9.6.6 SWOT Analysis
9.7 ADP, Inc.
9.7.1 Company Overview
9.7.2 Financial Analysis
9.7.3 Segmental and Regional Analysis
9.7.4 Recent strategies and developments:
9.7.4.1 Partnerships, Collaborations, and Agreements:
9.7.4.2 Acquisition and Mergers:
9.7.4.3 Geographical Expansions:
9.8 Accenture PLC
9.8.1 Company Overview
9.8.2 Financial Analysis
9.8.3 Segmental and Regional Analysis
9.8.4 Research & Development Expenses
9.8.5 Recent strategies and developments:
9.8.5.1 Partnerships, Collaborations, and Agreements:
9.8.5.2 Acquisition and Mergers:
9.8.5.3 Product Launches and Product Expansions:
9.8.6 SWOT Analysis
9.9 UKG, Inc.
9.9.1 Company Overview
9.9.2 Recent strategies and developments:
9.9.2.1 Partnerships, Collaborations, and Agreements:
9.9.2.2 Acquisition and Mergers:
9.10. Talentsoft (Cegid)
9.10.1 Company Overview
9.10.2 Recent strategies and developments:
9.10.2.1 Partnerships, Collaborations, and Agreements:
9.10.2.2 Product Launches and Product Expansions:
9.10.2.3 Acquisition and Mergers
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