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How Has the Human Resource (HR) Software Market Size Changed, over the years?

The market size for human resource (HR) software has seen robust growth in the last few years. It’s projected to rise from $50 billion in 2024 to $54.64 billion in 2025, yielding a compound annual growth rate (CAGR) of 9.3%. The expansion observed in the historic phase can be traced back to factors such as the rising demand for automation, the growth in the usage of cloud-based solutions, the increased incorporation of AI, the escalation in globalization, and the surging requirement for mobile-compatible solutions.

How Much Will the Human Resource (HR) Software Market Be Worth in 2029?

Rapid expansion is anticipated in the human resource (HR) software market in the upcoming years, with size predicted to reach $76.94 billion by 2029 and a compound annual growth rate (CAGR) of 8.9%. The predicted growth can be credited to the broadening adoption of blockchain technology, a surging interest in gamification, and a growing use of chatbots. Additionally, there is an increasing demand for HR software offering flexible scheduling, and a mounting interest in virtual reality. The forecast period is also expected to see trends like generative AI, technological integration, mobile-centric HR solutions, and further technological advancements.

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Which is the Largest Company in the Human Resource (HR) Software Market?

Major companies operating in the human resource (HR) software market are Oracle Corporation, SAP SE, Automatic Data Processing Inc., Workday Inc., UKG Inc., Paycom Software Inc., Ceridian HCM Holding Inc., Epicor Software Corporation, Paylocity Holding Corporation, Cornerstone OnDemand Inc., Paycor Inc., MoBerries GmbH, isolved HCM LLC, Rippling People Center Inc., Personio GmbH, BambooHR LLC, Hibob Inc., Automatic Payroll Systems Inc., Chronus Corp, Patriot Software LLC, EmployWise LLC, Cezanne HR Limited

What Are the Main Market Drivers in the Human Resource (HR) Software Industry?

The surge in the requirement for remote work is set to boost the expansion of the human resource (HR) software market. Remote work implies individuals working outside the confines of a conventional office environment, usually from their homes or other distant locales from a central office. This evolving pattern of remote work is linked to various factors, including access to international talent, flexibility, and the equilibrium between work and life. HR software provides a platform for virtual recruitment, induction, performance evaluation, communication, and cooperation among individuals working remotely, ensuring smooth HR tasks irrespective of geographical location. For instance, The Office for National Statistics, a British non-ministerial department, tracked that between September 2022 to January 2023, 16% of individuals claimed to be exclusively working from home in Great Britain, while 28% hinted at a blend of working from home and commuting to their workplace. Consequently, the escalating demand for remote work is catalyzing the growth of the human resource (HR) software market.

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How Is the Human Resource (HR) Software Market Segments Structured?

The human resource (HR) software market covered in this report is segmented –

1) By Component: Software, Services

2) By Deployment Type: On-Premises, Cloud

3) By Enterprise Size: Small And Medium-Sized Enterprises, Large Enterprises

4) By End User: Government, Manufacturing, Consumer Goods And Retail, Healthcare, Telecom And Information Technology, Banking, Financial Services, And Insurance, Other End Users

Subsegments:

1) By Software: Core Hr Software ( Hrms, Hris), Recruitment And Applicant Tracking Systems (Ats), Employee Onboarding Software, Performance Management Software, Payroll And Compensation Management Software, Learning And Development (L And d) Software, Time And Attendance Management Software, Employee Self-Service And Portal Software, Employee Benefits Management Software, Other Types

2) By Service: Consulting Services, Implementation And Integration Services, Customization And Configuration Services, Training And Support Services, Managed Hr Services, Cloud Hr Software Deployment Services, Hr Analytics And Strategy Advisory Services, Outsourcing Services ( Payroll Outsourcing, Recruitment Outsourcing), Hr Process Automation Services, Compliance And Regulatory Advisory Services

What Strategic Trends Are Transforming the Human Resource (HR) Software Market?

Leading firms in the human resource (HR) software market are emphasizing the development of sophisticated solutions such as AI-based HR solutions to enhance their service provision in HR and secure a competitive advantage. AI in HR implies the incorporation of technologies like automation, predictive analytics, and natural language processing which expedite HR processes, augment employee experiences, and foster data-centric decision making. For instance, in January 2024, a technology firm based in the US, Pipefy Inc., unveiled Pipefy AI for HR, a comprehensive solution that employs configurable chatbots and AI-propelled automation for enhancing HR procedures. This software simplifies processes such as policy reading, vacation time or reimbursement requests and searching for solutions to common HR issues by providing employees with round-the-clock access to HR services and information.

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Which Global Regions Offer the Highest Growth in the Human Resource (HR) Software Market?

North Americawas the largest region in the human resource (HR) software market in 2023. Asia-Pacificis expected to be the fastest-growing region in the forecast period. The regions covered in the human resource (HR) software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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This Report Delivers Insight On:

1. How big is the human resource (hr) software market, and how is it changing globally?

2. Who are the major companies in the human resource (hr) software market, and how are they performing?

3. What are the key opportunities and risks in the human resource (hr) software market right now?

4. Which products or customer segments are growing the most in the human resource (hr) software market?

5. What factors are helping or slowing down the growth of the human resource (hr) software market?

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