Human Resource Management Market Worth $56.15 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, Sept. 7, 2022 /PRNewswire/ -- The global human resource management market size is expected to reach USD 56.15 billion by 2030, registering a CAGR of 12.8% from 2022 to 2030, according to a new report by Grand View Research, Inc. Digitalization in human resource management (HRM) technologies and software such as analytics, mobile, and cloud-based technologies are expected to drive the growth of the market.

Key Industry Insights & Findings from the report:

• The need to solve the difficulty of identifying the right personnel is likely to fuel the expansion of the talent management software industry in the coming years. The segment is predicted to increase at a CAGR of more than 14% in the years ahead.
• The post-COVID impacts are expected to positively impact because some establishments have been given the option of working remotely with their workforces even after the pandemic is over. Such developments are expected to upsurge the distribution of HRM software, thus driving the segment growth over the estimated period.
• Advancements in modern technologies such as cloud-based HR technology, the Internet of Things (IoT), artificial intelligence (AI), and the constant deployment of these technologies in HR analytics are likely to fuel market demand over the forecasted period.
• HR analytics and its incorporation with HRM solutions to make informed decisions are vital in propelling the HRM industry.

Read 171-page market research report, "Human Resource Management Market Size, Share & Trends Analysis Report By Component (Software, Service), By Software, By Service, By Deployment, By Enterprise Size, By End-use, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Human Resource Management Market Growth & Trends

Future trends are the shift towards full-time remote work post-COVID-19 and the goal-oriented model's incorporation into workforce operations. Companies have also learned that developing corporate culture among employees can help them achieve their collective goals.

The HRM functions have developed rapidly in the COVID-19 pandemic because of the shift towards automation; the companies have started using software such as automated onboarding and remote recruiting and are embraced towards making the HR process virtual. For instance, Cegid Talentsoft has designed Cegid Talensoft Talent Acquisition software, which helps companies source better candidates and simplify the recruitment process. The software saves time and enriches the recruitment process for the candidates. A hybrid workplace model and automated workforce optimization with the help of cloud-based HR tools have gained importance across all industries. Its verticals in the COVID-19 pandemic are expected to emerge as a preferred option post-pandemic era.

Automated workforce optimization has also gained popularity across all industries. Verticals are predicted to emerge as the preferred option in the COVID-19 pandemic even in the post-pandemic. AI-based workforce optimizaion enables AI to generate employee schedules, estimate demand changes, and match workers to workloads. Artificial intelligence, the gig economy, diversity, productivity skills, and cloud-based HR technology are expected to drive post-pandemic HR management. HRM solution providers are focusing on enhancing their software solutions in order with the customers changing requirements and leveraging the advances in technology. Companies are also investing in R&D activities to develop HRM solutions that are simple to implement and understand and can potentially improve work efficiency. Key market players, such as SAP SE and Oracle Corp., have started offering their products on the cloud to eliminate the need for frequent system upgrades.

Human Resource Management Market Segmentation

Grand View Research has segmented the global human resource management market based on component, software, service, deployment, enterprise size, end-use, and region:

HRM Market - Component Outlook (Revenue, USD Million, 2018 - 2030)

• Software
• Service

HRM Market - Software Outlook (Revenue, USD Million, 2018 - 2030)

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

HRM Market - Service Outlook (Revenue, USD Million, 2018 - 2030)

• Integration & Deployment
• Support & Maintenance
• Training & Consulting

HRM Market - Deployment Outlook (Revenue, USD Million, 2018 - 2030)

• Hosted
• On-premise

HRM Market - Enterprise Size Outlook (Revenue, USD Million, 2018 - 2030)

• Large Enterprise
• Small & Medium Enterprise (SME)

HRM Market - End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Academia
• BFSI
• Government
• Healthcare
• IT & Telecom
• Manufacturing
• Retail
• Others

HRM Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• France
• Germany
• U.K.
• Asia Pacific
• Australia
• China
• India
• Japan
• Singapore
• Thailand
• Hong Kong
• Latin America
• Brazil
• Mexico
• Middle East & Africa (MEA)

List of Key Players in Human Resource Management (HRM) Market

• Accenture
• ADP, Inc.
• Cezanne HR Limited.
• Ceridian HCM, Inc.
• International Business Machines Corp. (IBM)
• Kronos Incorporated
• Mercer LLC
• Oracle
• PwC
• SAP SE
• Cegid
• UKG, Inc.
• Workday, Inc.

Check out more related studies published by Grand View Research:

• HR Analytics Market - The global HR analytics market size is expected to reach USD 8.59 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 14.3% from 2022 to 2030. The increasing adoption of automation and digitization of HR operations to create agile and effective approaches is expected to drive the market demand over the forecast period.
• Human Resource Professional Services Market - The global HR professional services market size is expected to reach USD 7.47 billion by 2025 at a 12.4% CAGR during the forecast period, according to a new study by Grand View Research, Inc. Increasing demand for human resource (HR) processes and the need to manage remote teams due to ongoing workplace transformation are creating demand for HR professional services.
• Talent Management Software Market - The global talent management software market size is expected to reach USD 24.03 billion by 2025 according to a new report by Grand View Research, Inc. The talent management software industry is anticipated to undergo a series of changes owing to various factors such as decreasing employment rate, changing work environment, the rise of freelancing and contract work, and a globalized workforce.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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