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SaaS-based HRM demand to expand at >10% CAGR by 2023

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Global SaaS-based Human Resource (HRM) Market is principally uplifted by the advancement in IT Sector, according to our research report  “Global SaaS-based Human Resource (HRM) MarketOutlook 2023”.

The global SaaS-based human resource (HRM) market is segmented into end-user industries. Among these types, corporate segment is expected to be the fastest growing market in end-use industries. Various corporate enterprises are implementing on web-based services for the management of several functions of business. These web-based services help the enterprises to reduce complexities and improve the productivity. Large and medium enterprises are shifting towards advanced SaaS-based HRM systems to manage the workflow, staff and resources associated with them.

The market of SaaS-based HRM was accounted for USD 11.93 Billion in 2015 and the market is further expected to register a CAGR of 10.2% over the forecast period i.e. 2016-2023. The global SaaS-based HRM market is uplift on the back of rising number of multinational companies across the globe which are adopting advanced web-based integrated HR services to introduce flexibility in business processes. 

North-America accounted for the largest market share in 2015 of SaaS-based HRM market globally. The market of North America region is expected to continue its dominance by witnessing the highest growth over the forecast period i.e. on account of rising implementation on SaaS-based HRM systems by the enterprises in the region.   

Advancements in IT sector:

Growing needs of integrated and flexible web-based services for the management of numerous business functions are likely to foster the demand for SaaS-based HRM systems over the forecast period i.e. 2016-2023. Availability of advanced web-based management systems, user friendly interfaces and elimination of updates in SaaS-based HRM systems are some of the major factors which has stimulated the market of SaaS-based HRM globally.

Apart from this, rising trends in business including adoption of advanced systems in enterprises in order to simplify the learning and training of workforce, management of workforce are some of the major key factors which are expected to boost the market of SaaS-based HRM in near future.

Enhancement in HRM:

In order to generate more revenue and enhancing the functions of human resources of organizations, SaaS-based HRM are growing its importance. Growing need for effective workforce and talent acquisition management in multi-national companies is expected to spur the demand for SaaS-based HRM across the globe. Moreover, organizations across the globe are moving towards advanced technology web-based services for flexibility and to minimize the outlay in order to increase profitability. These prime factors are expected to foster the market of SaaS-based HRM systems during the forecast period i.e. 2016-2023.

The report titled "Global SaaS-based Human Resource (HRM) Market Outlook 2023" delivers detailed overview of the Global SaaS-based Human Resource (HRM) Market in terms of market segmentation by Deployment Type, by Application Type, by End-user Type.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

This report also provides the existing competitive scenario of some of the service providers of the Global SaaS-based Human Resource (HRM) Market which includes company profiling of Oracle Corp., SAP AG, Ascentis, Halogen Software Inc., Ultimate Software Group Inc. and Workday Inc., etc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview on the Global SaaS-based Human Resource (HRM) Market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stake holders to align their market centric strategies according to the ongoing and expected trends in the future.

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