Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, The Global Human Resource Management Market Size is Expected to Grow from USD 24.15 Billion in 2023 to USD 88.23 Billion by 2033, at a CAGR of 13.83% during the forecast period 2023-2033.
The global human resource management market refers to the worldwide sector that includes creating, deploying, and providing services and technologies for managing human resources in businesses. Various duties are included in this industry, including hiring, workforce planning, payroll, performance management, training and development, employee engagement, and compliance with labor regulations and laws. Key driving factors for the growth of the human resource management market include the increased demand for HR process automation, a growing remote workforce, the growing popularity of cloud-based HR solutions, and the desire for improved staff performance and engagement. Organizations are being encouraged by these developments to invest in innovative HR analytics and alternatives. However, the adoption of new HR technology could be hampered by issues with data privacy, the high implementation costs of sophisticated HRM systems, and organizational resistance to change.
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The software segment accounted for the largest revenue share in 2023 and is projected to grow at a significant CAGR during the forecast period.
On the basis of component, the global human resource management market is divided into software and service. Among these, the software segment accounted for the largest revenue share in 2023 and is projected to grow at a significant CAGR during the forecast period. The segment growth is attributed to the rising utilization of cloud-based HRM systems, automation, and AI integration, and an increasing need for more simplified, scalable, and effective HR processes to maximize employee efficiency.
The on-premise segment accounted for the highest revenue share in 2023 and is anticipated to grow at a substantial CAGR during the forecast period.
On the basis of deployment, the global human resource management market is divided into hosted and on-premise. Among these, the on-premise segment accounted for the highest revenue share in 2023 and is anticipated to grow at a substantial CAGR during the forecast period. The segment growth can be attributed to it provides customized integrations, corresponds with stringent industry laws, and guarantees full data ownership. Data-sensitive industries favor it due to its reliability with requiring internet access.
The large enterprise segment accounted for the highest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.
On the basis of enterprise size, the global human resource management market is divided into large enterprise and small and medium enterprise. Among these, the large enterprise segment accounted for the highest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The segment growth is driven by the demand for effective HRM solutions that facilitate strategic personnel planning at scale, support global operations, streamline complicated HR duties, and ensure regulatory compliance.
North America is anticipated to hold the largest share of the global human resource management market over the predicted timeframe.
North America is anticipated to hold the largest share of the global human resource management market over the predicted timeframe. The regional market growth is driven by the growing demand for innovative human resources solutions, including AI tools and cloud-based platforms. The region's focus on improving labor management, increasing employee engagement, and guaranteeing regulatory compliance is speeding up the adoption of innovative HR solutions across a range of industries.
Asia Pacific is expected to grow at the fastest CAGR in the Global Human Resource Management Market during the forecast period. The regional market growth can be attributed to automation, digitization, and increasing labor regulations. Efficiency is increased by converting to cloud-based HR systems, AI-driven employment, and workforce analytics. This region is experiencing the fastest growth in HRM technology due to the growing popularity of remote work, focus on employee well-being, and talent development tactics.
Company profiling
Major vendors in the global human resource management market are Accenture, ADP, Inc, Cegid, Ceridian HCM Holding, Inc, Cezanne HR, IBM, Mercer LLC, Oracle, PwC, SAP SE, UKG, Inc, Workday, Inc, and Others.
Key Target Audience
Recent Development
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global human resource management market based on the below-mentioned segments:
Global Human Resource Management Market, By Component
Global Human Resource Management Market, ByDeployment
Global Human Resource Management Market, By Enterprise Size
Global Human Resource Management Market, Regional
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