SaaS-based Human Resource (HRM) Market Outlook 2023: Up-To-Date Statistics, Development Areas And Emerging Opportunities Worldwide
Kenneth Research has published a detailed report on ‘Global SaaS-based Human Resource (HRM) Market’ which has been categorized by market size, growth indicators and encompasses detailed market analysis on macro trends and region-wise growth in North America, Latin America, Europe, Asia-Pacific and Middle East & Africa region. The report also includes the challenges that are affecting the growth of the industry and offers strategic evaluation that is required to boost the growth of the market over the period of 2016-2023.
Human resource management deals with hiring, training, managing, retaining and acquiring processes in an enterprise in order to run the business efficiently. The lead on workforce and their management is ensured by the HRM to contribute effectively for various business processes of an enterprise.
Human resource management systems enhance the efficiency of human resource divisions. It reduces the operational cost and increase the employee-centric culture in the organization which further benefits them in various business processes. HRM ensures the use of resource and optimize them for the competitive advantage. It is principally used to enumerate the talent present in an enterprise and further helps to restructure the workforce with the purpose to maintain position of the business.
Market size and forecast:
The Global SaaS-based HRM Market is projected to expand at a CAGR of 10.2 % over the forecast period i.e. 2016-2023. The market further estimated to reach from USD 11.93 Billion in 2015 to USD 20.3 Billion by 2023. These SaaS-based HRM systems and services are gaining traction among various end-use industries such as healthcare, manufacturing, education, etc. This factor is expected to fuel the demand for SaaS-based HRM in near future.
The Key Players of SaaS-Based HRM Market are as follows:
Oracle Corp., SAP AG, Ascentis, Halogen Software Inc., Ultimate Software Group Inc., Workday Inc., Ceridian Corp., Kenexa Corp., Scope and Context and others.
North-America accounted for the largest market share in 2015 in SaaS-based HRM market globally. The market of North America region is expected to continue its dominance by witnessing the highest growth over the forecast period due to rising implementation on SaaS-based HRM systems by the enterprises in the region.
On the other hand, Europe is expected to be the second largest revenue contributor across the globe in the market of SaaS-based HRM. Rising awareness towards the benefits of web-based services among the organizations and positive GDP growth in emerging nations present in the regions are expected to spur the demand for SaaS-based HRM systems.
The SaaS (Service-as-a-Service)-based HRM comprises the same function as of HRM operates but along with web-based service. These web based service optimize the resources of the business and diversify into several sectors with ease. Moreover, the SaaS- based HRM simplifies operation of business by emphasizing on revenue generating activities and managing workforce efficiently for enhanced productivity. SaaS-based HRM is a flexible and cost-effective business model which provides the advanced less-time consuming processes and eliminated the update issues associated with HRM software.
Organizations across the globe are moving towards advanced technological web-based services for flexibility and to minimize the outlay in order to increase profitability. The ease of management of various processes of an organization through SaaS-based HRM is probably helping the organization to execute the business effectively in a competitive environment.
The Global SaaS-Based HRM Market is segmented on the basis of as follows:
Payroll, Time and attendance, Benefits management, Compliance Management
Talent Acquisition, Learning Management, Workforce Management, Recruitment Management, Performance Management, Compensation Benefits, Employee Collaboration
Healthcare, Corporate, Educational Institutes, Government Sector, Others
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