HR management software is changing the landscape of managing human resources in an organization. The market is growing at a significant CAGR of 10.3% for the forecasted year 2023-2030. The growth of the market is attributed to the changing digital landscape, the increasing need for workforce automation, and the rapidly growing competitive landscape. HR management software is driven by the incorporation of cloud, AI, and automation technologies. To reduce the manual work of the HR department, increase the hybrid work culture, and cost-effectiveness of overall management of the organization, HR management software is used. These are the key driving factors of the market and due to growing technological innovations, and rising demand market is expected to grow higher.
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Key Developments around Global HR Management Software Market
- Various organizations are partnering up with the HRM software providing companies to automate their HR management process. For instance, in October 2023, EY.ai and IBM launched an artificial intelligence solution designed to help increase productivity and drive efficiencies within HR called EY.ai Workforce.
- Latest integration of technologies and constant updates provided by the software firms are driving the market growth. Innovation and updates are important to stay relevant in the competition. For instance, in February 2024, BambooHR launched its All-in-One human resource information software with features like employee community and total rewards.
- Various mergers, acquisitions, and partnerships are happening around the global HR management software market. The market is highly competitive and opportunistic for big brands to expand and explore in different fragmented geographies. For instance, in January 2024, Investcorp signed a deal of $3.3 billion to buy a majority stake in Veda, an HR software and payroll-as-a-service provider company. With this deal, Investcorp intends to enter into a large and fragmented DACH market.
- Governments around the globe are bringing laws and legislation related to data protection to safeguard the personal information of the people. These laws may hinder the market growth of HRM software if not followed by the companies strictly. For instance, in December 2023, the Council presidency and the European Parliament’s negotiator introduced a provisional “Artificial Intelligence Act” to safeguard fundamental rights and EU values of European people.
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- The key concern and market barrier faced by the HR management software market is the risk of data breach and data theft. Even after growing encryption and data security structures in HR software, every year many software face data breaches causing hurdles in the market growth. For instance, in November 2023, the HR management platform myrocket.co was exposed for the leak of personal information of 9 million+ employees and job candidates.
The key market players in the global HR management software market are Workday Inc., SAP SE, Automatic Data Processing Inc., Oracle Corp., Cognizant Technology Solutions, PeopleAdmin, Cornerstone OnDemand, Inc., and IBM Corp., among others. These market players are constantly evolving their product offerings by integrating the latest technologies to ease the work of their clients. For instance, in July 2023, Oracle Corp. introduced its business-oriented HRM software by integrating generative AI capabilities.
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