- HR software enables the efficient management of recruitments, trainings, time and leave policies, work performance, succession planning, and other HR operations. A recent study by Grand View Research, Inc. estimates the worldwide HR software market at more than USD 9.8 billion by 2022.
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Promotion of cloud computing technologies will drive market growth. HR software offers customized solutions that meet organizational needs. New-age HR software can be integrated with LinkedIn, Facebook, etc.
HR software is not only used for administrative tasks. It also helps modern organizations with talent management, learning management, applicant tracking, etc. The rising trend of BYOD – Bring Your Own Device in HR department will fuel the market. Moreover, availability of HR application software on smartphones is a favorable factor.
Modern organizational dynamics demand sound succession plans. These plans allow accurate identification and grooming of future leaders. Growing need for effective performance and succession management systems will also prove beneficial for the HR software market.
HR software maintains critical employee information like residential address, compensation, social security number, etc. It runs the risk of being hacked with cyber crimes rising globally. This is perceived to hinder market growth. Understanding a customer’s technical needs is not easy. Customization of software that caters to diverse industrial sectors requires great expertise. This may adversely affect the revenues of market operators.
The HR software market can be divided into three categories. These are solutions, organization size, and regions. Solutions are split into human resource administrators, and talent management. Many players are investing in talent management.
Based on organization size, the market is sliced on the basis of small, medium, and large. Bigger the size of business, higher is the complexity of the software. The regional segments include North America, Europe, Asia Pacific, and ROW – Rest of the World.
North America will be the largest HR software market in the forthcoming years. This may be attributed to high demand from services and businesses in the Silicon Valley. Asia Pacific would witness lucrative growth owing to large-scale industrialization. Higher need for mobility in India and China will also contribute to market sales.
Leading players in the HR software market are SuccessFactors, Accenture PLC, Taleo Corporation, ADP LLC, and Cognizant Technology Solutions.
Information Source: Grand View Research
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