Global SaaS-based Human Resource (HRM) Market Overview
Human resource management deals with hiring, training, managing, retaining and acquiring processes in an enterprise in order to run the business efficiently. The lead on workforce and their management is ensured by the HRM to contribute effectively for various business processes of an enterprise.
Human resource management systems enhance the efficiency of human resource divisions. It reduces the operational cost and increase the employee-centric culture in the organization which further benefits them in various business processes. HRM ensures the use of resource and optimize them for the competitive advantage. It is principally used to enumerate the talent present in an enterprise and further helps to restructure the workforce with the purpose to maintain position of the business.
Market size and forecast
The Global SaaS-based HRM Market is projected to expand at a CAGR of 10.2 % over the forecast period i.e. 2016-2023. The market further estimated to reach from USD 11.93 Billion in 2015 to USD 20.3 Billion by 2023. These SaaS-based HRM systems and services are gaining traction among various end-use industries such as healthcare, manufacturing, education, etc. This factor is expected to fuel the demand for SaaS-based HRM in near future.
North-America accounted for the largest market share in 2015 in 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 due to rising implementation on SaaS-based HRM systems by the enterprises in the region. On the other hand, Europe is expected to be the second largest revenue contributor across the globe in the market of SaaS-based HRM. Rising awareness towards the benefits of web-based services among the organizations and positive GDP growth in emerging nations present in the regions are expected to spur the demand for SaaS-based HRM systems.CLICK TO DOWNLOAD FREE SAMPLE REPORT
The SaaS (Service-as-a-Service)-based HRM comprises the same function as of HRM operates but along with web-based service. These web based service optimize the resources of the business and diversify into several sectors with ease. Moreover, the SaaS- based HRM simplifies operation of business by emphasizing on revenue generating activities and managing workforce efficiently for enhanced productivity. SaaS-based HRM is a flexible and cost-effective business model which provides the advanced less-time consuming processes and eliminated the update issues associated with HRM software.
Organizations across the globe are moving towards advanced technological web-based services for flexibility and to minimize the outlay in order to increase profitability. The ease of management of various processes of an organization through SaaS-based HRM is probably helping the organization to execute the business effectively in a competitive environment.
The Global SaaS-Based HRM Market is segmented on the basis of as follows:
Global SaaS-Based HRM Market is further classified on the basis of region as follows:
Growth Drivers and challenges
Rising complexities and addition of new business processes in big organizations across the globe are growing need for SaaS-based HRM. The business players are focusing on diversification of business, expansion of product portfolio and workforce in the organization in order to participate in a long run of competition. These enterprises will further swell the demand for SaaS-based HRM in near future. The enterprises which have limited budgets for infrastructure and staff are shifting towards SaaS-based HRM systems with the aim to optimize the use of resources and management of various function of business. The market of SaaS-based HRM is majorly driven by the rising number of enterprises across the globe and adoption of advanced web services in these enterprises to reduce the lags of business.
Apart from this, presence of advanced management software and tools for human resource management and shifting of traditional production systems to mass customization are some of the key factors for the growth of SaaS-based HRM in near future. Rising penetration of business and increasing complexities related to various business functions and systems are growing importance of SaaS-based HRM systems in organizations across the globe. Besides this, growing trend for e-recruiting and learning management of workforce through web-based services are swelling the demand for SaaS-based HRM.
Although, high cost of SaaS-based HRM services, presence of international key players with expensive services and slow adoption of SaaS-based HRM in medium and small enterprises are expected to hinder the growth of SaaS-based HRM market across the globe over the forecast period. Moreover, lack of awareness towards the benefits of SaaS-based HRM and web-based services in undeveloped nations is likely to hamper the market growth for SaaS-based HRM in near future.
The Key Players of SaaS-Based HRM Market are as follows:
Scope and Context
Overview of the Parent Market
The Global SaaS-Based HRM Market is segmented as follows:
Supply and Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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