Human Resource Management System (HRMS) Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2197
Human Resource Management System (HRMS) Market size is buoyed by increasing adoption of cloud-based (SaaS) applications and demand for performance and succession management. HRMS is a software application used to execute various HR functions such as recruiting, training, payroll processing, benefits administration and performance analysis and review. HRMS reduces the burden of manual record keeping related to every employee associated with the company.
HRMS consists of different modules to process distinct HR (Human Resource) functions. For instance, the payroll module automates the payment processing function by gathering data related to employee attendance and working hours. The administration module processes and tracks different employee benefit programs involving compensation, profit-sharing, insurance and retirement benefits. Similarly, a recruitment module assists the HR department to identify potential candidates for available positions in an organization. Online recruitment through HRMS has become dominant model used by HR professionals for recruiting potential employees.
The HRMS technology offers benefits such as automatic updation and document control while securely maintaining confidential information such as personal details, financials and company related data. It aids an organization in maximizing its utilization of HR thereby, enhancing its competitiveness in the HRMS market. With integration across various business functions, it provides organization with control, forecasting and planning tools to take informed decisions and eventually maximize operational efficiency.
HRMS systems are becoming increasingly advanced owing to consistent technological breakthroughs. Faster information processing, enhanced program development, improved information accuracy and effective employee communication are some of the key value propositions of HRMS that have evolved over the years. With increasing adoption of cloud based applications by SMEs, the demand for these systems is expected to increase significantly over the forecast period.
North America is expected to dominate the HRMS market over the forecast period owing to significant technological advancements and rapid adoption of cloud based platforms. With the service sector in the U.S. exhibiting a sustainable growth, the adoption of this technology will grow further. The Asia Pacific human resource management system market is projected to witness lucrative growth throughout the forecast period due to increasing industrialization in developing countries such as China and India.
Some of the key players operating in the HRMS market are Oracle, SAP, Kronos, Ultimate Software, ADP, Accenture, IBM, BambooHR, Zenefits, Cezanne OnDemand, BizMerlin, Optimum HR, Talmetrix, Intellect, Deskera HRMS, Gusto, and Halogen Software. These players focus on product development and innovation to incorporate advanced functionalities in the system.
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