Human Resource Management Market Size, Share & Trends Analysis Report By Component, By Software, By Service, By Deployment, By Enterprise Size, By End-use, By Region, And Segment Forecasts, 2023 - 2030

Human Resource Management Market Size, Share & Trends Analysis Report By Component, By Software, By Service, By Deployment, By Enterprise Size, By End-use, By Region, And Segment Forecasts, 2023 - 2030

Human Resource Management Market Growth & Trends

The global human resource management market size is expected to reach USD 56.15 billion by 2030, expanding at a CAGR of 12.7% from 2023 to 2030, according to a new report by Grand View Research, Inc. The trend of digitization in Human Resource Management (HRM) for increased efficiency and integration of technologies for analytics, mobile application, and cloud-based deployment is expected to drive the growth of the market. The trend of full-time remote work post pandemic is anticipated to drive the market demand. Moreover, as enterprises are expanding, it is anticipated that they will use HRM for efficient tracking and monitoring of human resources to reduce loss of time on idleness and increase productivity.

Furthermore, most of the buyers of HRM solutions include small & medium enterprises opting for HRM solutions due to the trend of switching from conventional HR activities to software based to aid in strategic decision-making processes. The popularity of HRM solutions is growing as organizations are emphasizing on talent acquisition and workforce planning to address the challenges associated with retaining human capital. Subsequently, large enterprises are exploring for a single solution for all their HR functionalities to integrate all departments and have a centralized control and monitoring function. For instance, in March 2023, Workday, Inc. announced its partnership with EZCORP, a U.S. based key supplier of pawn transactions having operations across the U.S., Canada, and Latin America. In this partnership, EZCORP aims to Automate its financial processes using the Workday Financial Management tool, use the Workday Adaptive Planning solution to make informed and data-driven decisions and leverage the Workday Human Capital Management tool to enhance employee experience.

Additionally, advances in the field of AI, ML, and predictive analytics have resulted in the integration of HRM solutions with analytics. Startups are developing mobile applications and collaboration software that can provide employers and employees the flexibility required to access the information on the go. On the other hand, the use of predictive analytics is expected to increase demand for HRM software as it helps in deriving inferences regarding continuous employee progress through various charts and infographics.

Human Resource Management Market Report Highlights

• Based on component, the software segment accounted for the largest market share of around 70% in 2022 due to growing trend of digitization and analytical based HRM software
• Based on deployment, the on-premise segment accounted for the largest market share of more than 55% in 2022 as a result of the greater control and privacy over enterprise data
• Based on enterprise size, the small and medium enterprise segment is expected to expand at the highest CAGR over the forecast period to improve employee retention and increase workforce efficiency
• Based on geography, North America recorded the highest market share of around 35% in 2022 due to the trend of cloud-based technology in the region and demand for HRM solutions to address payroll, attendance, talent management, and other queries

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