Human Resource Management System (HRMS) Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
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.
What Information does this report contain?
Customize this Report
Our Market Research Reports Include:
- Market snapshot
- Market Segmentation
- Value Chain Analysis
- Growth Dynamics
- Potential Market Opportunities
- Regulatory Overview
- Technology Evolution
- Innovation & Sustainability
Benefits of Association
Data Coverage & Quality
GMI reports provide the most comprehensive coverage of any focus industry, ensuring a holistic and deep understanding of the market, along with actionable and granular data. We also take pride in our commitment to quality and strive to ensure that our clients get their moneys worth.
Client Trust & Security
GMI maintains strict code of conduct as a business and is committed to ensure that the privacy and trust of our clients are always maintained. As an organization, we also strive to be fully compliant with privacy laws, PCI and information security guidelines.
Our customers rely on us to produce accurate, reliable and timely information. Service orientation is a key mission for us as an organization; our process is guided by the desire to ensure that our clients are provided the best possible solutions in optimal timeframe. GMI stands by its commitment to service, providing timely assistance in both pre-sales and post-sales support for our clients.