Human Resource Management Market

Global Human Resource Management Market By Component (Software and Services), By Deployment Type (On-premise and Hosted), By Enterprise Size (Large Enterprises and Small & Medium Enterprises), By End User (IT & Telecom, BFSI, Retail, Healthcare, Manufacturing, Government & Public Sector and Others), By Regional Outlook, COVID-19 Impact Analysis Report and Forecast, 2021 - 2027

Report Id: KBV-6307 Publication Date: August-2021 Number of Pages: 361
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Market Report Description

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.

Human Resource Management Market Size - Global Opportunities and Trends Analysis Report 2021-2027

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.

Human Resource Management Market Share and Industry Analysis Report 2021-2027

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.

Human Resource Management Market Report Coverage
Report Attribute Details
Market size value in 2020 USD 17.1 Billion
Market size forecast in 2027 USD 39.5 Billion
Base Year 2020
Historical Period 2017 to 2019
Forecast Period 2021 to 2027
Revenue Growth Rate CAGR of 11.8% from 2021 to 2027
Number of Pages 361
Number of Tables 575
Report coverage Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling
Segments covered Component, Deployment Type, Enterprise Size, End User, Region
Country scope US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria
Growth Drivers
  • Increasing digitalization and automation
  • Easy access to employees’ data from anywhere and anytime
  • Absence of subjectivity

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 would 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 would also surge the market growth in this region.

KBV Cardinal Matrix - Human Resource Management Market Competition Analysis

Human Resource Management Market - Competitive Landscape and Trends by Forecast 2027

Free Valuable Insights: Global Human Resource Management Market size to reach USD 39.5 Billion by 2027

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.

Recent Strategies Deployed in Human Resource Management Market

» Partnerships, Collaborations, and Agreements:

  • Jun-2021: Ceridian came into partnership with PwC UK, a division of the PwC brand. This partnership aimed to offer consultation and implementation services for Ceridian’s award-winning HCM platform, Dayforce, to prevailing and prospective users all over the UK and Ireland.
  • Jun-2021: UKG collaborated with 2nd.MD, a provider of convenient virtual access to top national clinicians. In this collaboration, 2nd.MD is utilizing UKG Pro to boost HR agility, empower its people, and gain a significant ROI.
  • May-2021: Talentsoft partnered with Neocase, the pioneering platform for automating HR Service Delivery. This partnership aimed to integrate Neocase Business Process Management (BPM) and Electronic Document Management (EDM) tools with the Talentsoft Human Capital Management platform. In addition, Neocase’s expertise in HR workflow management would be added to Talentsoft's savoir-faire in the SaaS domain, which contributes to the mutual growth and customer satisfaction in the Human Capital arena.
  • May-2021: UKG came into collaboration with WayUp, a US-based job site and mobile app for college students and recent graduates. This collaboration aimed to provide UKG users to effortlessly connect UKG Pro with the WayUp platform, using WayUp's marketplace of more than 6 million candidates, where 71% of whom have self-identified as a part of underrepresented groups.
  • May-2021: UKG partnered with Emburse, a global leader in expense management. This partnership aimed to enable employee records developed for new hires in UKG Ready, UKG Pro, and UKG Dimensions and would automatically sync with Emburse Certify Expense and Emburse Chrome River Expense. This combination removes an important but highly manual part of the employee onboarding process, enabling HR teams to increase their focus on people instead of processes.
  • Apr-2021: Oracle collaborated with Ramco Systems, a software company. Under this collaboration, Ramco Systems' Global Payroll solution would be available on the Oracle Cloud Marketplace. Along with that, Ramco would effortlessly combine its payroll platform in almost 50 nations with the Oracle Fusion Cloud Human Capital Management, thus, ensuring Human Resources and payroll transformation for large enterprises.
  • Apr-2021: Cegid came into partnership with Visier, a cloud-based analytics application. This partnership aimed to implement Visier’s people analytics capabilities into European Cegid customers via the latest feature known as Cegid HR Insights. In addition, Visier’s market-leading solutions would be deeply integrated with Cegid’s top-class human resource, payroll, and talent management platform that make people analytics simple.
  • Apr-2021: iCIMS extended its partnerships with leading HCM providers, including UKG. Together, the companies are expanding their integration capabilities, and are also introducing a turnkey, API-based integration between the two solutions. This expansion enables hiring managers, recruiters, HR, and talent leaders to send new hires from iCIMS Applicant Tracking into UKG Pro, which automatically synchronizes employee records in UKG Pro with the correlated candidate record in iCIMS, and maximize new hire, transfer, and re-hire workflows.
  • Jan-2021: SAP extended its partnership with Microsoft for offering public cloud services for the SAP SuccessFactors Human Capital Management (HCM) Suite. Through this expansion, SAP would have a crucial added capacity to run operational workloads of SAP SuccessFactors solutions on Azure, starting with demo environments, for supporting its continuing client user growth.
  • Nov-2020: Talentsoft came into partnership with Scandlines, a market-leading European ferry operator between Denmark and Germany connecting Scandinavia with Continental Europe. Under this partnership, Scandlines would deploy Talentsoft’s all-in-one solution to map information from all HR processes on a single platform for all employees.
  • Oct-2020: Accenture teamed up with Siemens Gamesa, a global leader in renewable energy. This collaboration aimed to develop and deploy a cloud-based state-of-the-art human resources (HR) solution to simplify its HR operations, decrease operating costs and enhance the employee experience.
  • Oct-2020: IBM Services came into collaboration with Burger King Brazil. This collaboration intended to develop a new virtual assistant, which would be based on IBM Watson Assistant, called TOP (Technology Orienting People) to assist Burger King Brazil's 16,000 employees, working in more than 800 restaurants, to be connected.
  • Aug-2020: Workday extended its partnership with IBM, an American multinational technology company. Together, the companies would launch a joint solution to assist company and community leaders plan, schedule, and supervise a safe return to the workplace for employees. Both the companies are providing a solution to support and boost their customers' return to the company by integrating planning offerings with crucial community health, employee, and workplace data.
  • May-2020: Workday entered into a partnership with Microsoft, an American multinational technology company. Under this partnership, Workday customers would be able to operate Workday Adaptive Planning on the Microsoft Azure cloud. Additionally, Microsoft would adopt Workday Adaptive Planning for its global finance teams for budgeting, planning, and forecasting to assist in better and quick decision-making.

» Acquisitions and Mergers:

  • Jul-2021: Accenture took over Workforce Insight, a workforce optimization consultancy. Through this acquisition, Accenture would improve its workforce management capabilities and strengthens its ability to provide HR transformation to customers.
  • Jul-2021: Accenture completed the acquisition of Cloudworks, a leading Toronto-based Oracle Cloud implementation service provider. This acquisition further improves Accenture’s capabilities to provide Oracle solutions to customers on their journeys to the cloud.
  • Jun-2021: UKG announced the acquisition of EverythingBenefits, a developer of cloud-based business software used to help businesses increase profits. This acquisition is aimed to expand UKG's footprint in the benefits technology space. This acquisition will also enable UKG to include EverythingBenefits’ end-to-end tech solutions into the HCM platform’s portfolio of payroll, workforce management, and HR service delivery tools.
  • Apr-2021: Ceridian acquired Ideal, a leading talent intelligence software provider based in Toronto, Ontario. Through this acquisition, Ceridian would optimize its talent management portfolio once Ideal’s offerings are combined into the Dayforce platform. Under this acquisition, Ideal brings smart anti-bias recruiting technology to Ceridian’s Dayforce cloud HRMS solution.
  • Mar-2021: Ceridian completed the acquisition of Ascender HCM Pty Limited, a leading HR and payroll solutions provider in the Asia Pacific Japan region. Through this acquisition, Ceridian offers unmatched value to the clients via its product innovation and local expertise, along with the ongoing expansion of the Dayforce platform.
  • Jul-2020: Talentsoft announced the acquisition of Crafty, a talent matching solution. Through this acquisition, Talentsoft will boost its international growth objectives and strengthen its product line of HR tech innovations.
  • May-2020: Ceridian took over Excelity Global Solutions Pte Ltd., an Asia-based HCM service provider from the Everstone Group. This acquisition aimed to expand the global presence of Ceridian and build on the company's recent investment in Australia and New Zealand.

» Product Launches and Product Expansions:

  • Jun-2021: SAP made enhancements to its HR's ability for planning the workforce requirements through combining SuccessFactors with the SAP Analytics Cloud, its main planning tool. The SAP Analytics Cloud helps ERP users in linking operational and financial plans for improving the workforce planning and analytics.
  • May-2021: International Business Machines (IBM) launched Watson Orchestrate. This new product would help companies automate tasks, capitalizing on the growth of chatbots & virtual assistants in the pandemic and also taking one step ahead in its pivot toward cloud services & AI. This tool utilizes AI to choose and sequence the prepackaged skills required to function a task over human resources, sales, or operations functions.
  • Apr-2021: Oracle introduced a new platform, Oracle Journeys. This platform would provide a more intuitive, customized, and streamlined employee experience under Oracle Fusion Cloud Human Capital Management (HCM). These latest capabilities help HR teams to make, tailor, and provide step-by-step guidance to walk employees via events as different as onboarding, returning to the workplace, having a baby, introducing a new product, or growing their career.
  • Oct-2020: Ceridian introduced Dayforce Benefits Intelligence. Through this latest solution, HR leaders could make competitive and cost-efficient benefit packages, and employees can also enroll in their best-fit plan via well-informed decisions.
  • Sep-2020: Oracle introduced major updates to Oracle Cloud Human Capital Management (HCM). These new products and features provide customized journeys and growth opportunities for employees and also enhancing data precision for HR teams. Due to this, such latest updates enhance both the employee and HR experience.
  • Jun-2020: Workday introduced three new add-ons, named, Help, Journeys, and People Analytics. These add ons are aimed at enhancing employee experiences with HR service delivery, assist with transitions and analytics to showcase trends in retention, diversity & inclusion, and talent & performance.
  • May-2020: Oracle unveiled Oracle Analytics for Cloud HCM. This solution is built on Oracle Analytics Cloud and powered by Oracle Autonomous Database, which provides HR executives, analysts, and line-of-business leaders with more actionable insights into workforce management by helping a complete view into data from across the company. The latest self-service analytics offerings enable users to optimize the value of Oracle Cloud HCM.
  • 2020-Apr: SAP SE announced the innovations for helping employees in safely returning to the office and enabling the organizations in optimizing workforce planning and delivering experiences that support, connects, and empowers employees.

» Geographical Expansions:

  • Mar-2020: ADP expanded its geographical presence by expanding ADP iHCM 2 in the Asia Pacific market. Under this expansion, ADP launched the product in Hong Kong. In addition, ADP iHCM 2 is a comprehensive human capital management system in the cloud, developed to assist organizations to reduce costs, boost talent engagement and unify operations. It also integrates ADP's deep payroll expertise with an expanded portfolio of HR technologies.
  • Feb-2020: Ceridian HCM Holding unveiled Dayforce Payroll, the market-leading cloud platform to the New Zealand market. Through Dayforce Payroll, organizations managing in New Zealand can decrease the burden regarding traditional pay processes, and also benefiting from additional Dayforce capabilities that include Single Database, One solution, Scheduling Optimisation, Talent Management, Payroll accuracy, and Risk management with New Zealand payday filing needs.

Scope of the Study

Market Segments Covered in the Report:

By Component

  • Software
    • Core HR
    • Recruiting
    • Workforce Planning & Analytics
    • Talent Management
    • Employee Collaboration & Engagement
    • Others
  • Services

By Deployment Type

  • On-premise
  • Hosted

By Enterprise Size

  • Large Enterprises
  • Small & Medium Enterprises

By End User

  • IT & Telecom
  • BFSI
  • Retail
  • Healthcare
  • Manufacturing
  • Government & Public Sector
  • Others

By Geography

  • North America
    • US
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Singapore
    • Malaysia
    • Rest of Asia Pacific
    • Brazil
    • Argentina
    • UAE
    • Saudi Arabia
    • South Africa
    • Nigeria
    • Rest of LAMEA

Key Market Players

List of Companies Profiled in the Report:

  • Accenture PLC
  • ADP, Inc.
  • Ceridian HCM Holding, Inc.
  • IBM Corporation
  • Oracle Corporation
  • Workday, Inc.
  • Marsh McLennan Companies, Inc. (Mercer LLC)
  • Talentsoft (Cegid)
  • UKG, Inc.
  • SAP SE
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Frequently Asked Questions About This Report

The global human resource management market size is expected to reach $39.5 billion by 2027.

Increasing digitalization and automation are driving the market in coming years, however, absence of subjectivity have limited the growth of the market.

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.

Yes, Due to pandemic, 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 expected CAGR of the human resource management market is 11.8% from 2021 to 2027.

Region-wise, North America emerged as the leading region with the highest market share in 2020. It is owing to the presence of various HRM solution providers. Companies in the U.S.



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