The North America human resource management software market is expected to grow from US$ 6.04 Bn in 2018 to US$ 9.6 Bn by the year 2027. This represents a CAGR of 5.4% from the year 2018 to 2027. In a tight recruitment and talent market, retaining talent is one of the greatest concerns as employees are the most valuable business assets of any organization.
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The percentage or number of workers leaving an organization and being replaced by new employees indicates an employee turnover of that particular organization. The employee turnover of companies nowadays is high, which might negatively impact the company’s profits and organizational performance. Human resource management software is used to overcome the abovementioned challenges regarding employee turnover as it automates business tasks, along with enhancing the return on investment (ROI).
Therefore, companies across various industry verticals are adopting human resource management software Companies across the world recognize the importance of Big Data in the human resource industry. To stay competitive in the market, organizations need to take extra efforts to be ahead of their competitors. Big Data, which refers to data collected from huge groups, empowers the HR professionals.
Information collected from Big Data can be used by companies to create employee wellness programs, improve their health care policies, and enhance the effectiveness of their internal promotions. The growing popularity of big data for HR functions is creating an opportunity for companies operating in the human resource management software market to gain a strong customer base by offering advanced solutions. The human resource management software market is highly competitive in nature with the presence of well-established players as well as emerging players.
The North America human resource management software market by enterprise size is segmented into SMEs and large enterprises. Selection and recruitment practices are the primary purposes for which human resources are required, which describe the success and sustainability of SMEs. Human resources in SMEs comprise an essential area of study. Earlier, it was feasible for only large enterprises to invest in human resource-based technologies; however, the rising capabilities of SMEs regarding technologies allow them to assign a higher weight to human resource operations. Thus, SMEs are ready to implement human resource management software in their organizations. The growing popularity of HRMS across SMEs is expected to drive the growth of the human resource management software market in the forecast period. Large enterprise holds a significant market share of human resource management software market however, the SMEs segment is expected to grow at a significant CAGR.
The overall human resource management software market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the North America human resource management software market. It also provides an overview and forecast for the North America human resource management software market based on all the segmentation provided with respect to the North America region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis.
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The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North America human resource management software industry. Some of the players present in North America human resource management software market are Accenture PLC, Automatic Data Processing, Inc., Ceridian HCM Holding Inc., IBM Corporation, Kronos Incorporated, Oracle Corporation, Paycom Software, Inc., SAP SE, Ultimate Software Group Inc., Workday, Inc.
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