Global Software as a Service (SaaS) based HRM Market was valued US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of 11.4% during the forecast period.
Global Software as a Service (SaaS) based HRM Market, By Region
Global Software as a Service (SaaS) based HRM Market Overview:
Software as a Service (SaaS) based HRM denotes to the human resource software functioned in cloud computing environment. SaaS-based HRM applications play an important role to manage and control phases of human resource operations. It maintains data related to each employee within an organization right from employee joining, regular activities, and performance till retirement. Furthermore, human resource activities performed by SaaS-based HRM applications include application tracking, payroll management, electronic forms processing, directory management, time & attendance management and leave management. With all these benefits SaaS-based HRM applications empower human resource staff to enhance the productivity by offering self-service web interfaces. Additionally, SaaS-based HRM permits organization to access and manage their employee information efficiently on a real time basis. Several small & large players in software development are focusing on enhancement of SaaS-based HRM applications by incorporating value added operations such as human resource compliance management tools, workforce analytics and process design control.The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Global Software as a Service (SaaS) based HRM Market Dynamics:
The market demand is supplemented by the rising importance for the utilization of employee-centric systems to improve the human resource activities. The global SaaS-based HRM market is largely driven by the growing demand for cost saving solutions in HRM. Likewise, the growing globalization of workforce is estimated to boost the large-scale adoption of SaaS-based HRM application by several companies and vendors worldwide. The growing demand for advance mechanism for recruiting and monitoring talent functions is driving to the rise in integration of SaaS-based HRM models like, employment application processing, employee verification and employee benefit administration. The major challenge for SaaS-based HRM is uninterrupted internet connectivity. It is an essential requirement as without internet availability it is challenging to operate the SaaS-based HRM application.
Also, security of authenticated data of employees and safety other information is an area of concern in SaaS-based HRM application as the data is stored on cloud platform and vulnerable to the cyber intrusion. All these factors associated to connectivity, data security and threat of cyber intrusion are anticipated to hinder the growth of SaaS-based HRM market during the forecast period. The increasing demand for automation and focus towards improving human resource activities along with the economic cost across the organizations are expected to provide lucrative opportunities for SaaS-based HRM market in the forecast period.
Global Software as a Service (SaaS) based HRM Market Regional Analysis:
The popularity of SaaS-based HRM software across North America and Europe is growing predominantly due to priority preference for the maximum automation and cost reduction in human resource activities by the numerous organizations. North America is expected to contribute the largest share in market growth with US$ XX Bn growing at CAGR of XX%. In addition, Europe is anticipated to reach US$ XX Bn by 2027 growing with CAGR XX% during forecast period. Besides, rising emphasize on implementation of employee-centric systems in human resource activities across Asia Pacific is anticipated to bring prominent growth in SaaS-based HRM market at CAGR XX% and reach US$ XX Bn by 2027. The report covers the detail analysis of all the regions such as, Latin America, and Middle East & Africa. Their growth rate and the reason for growth along with the expected value to be reached by end of the 2027 are mentioned in the final report.
Global Software as a Service (SaaS) based HRM Market Segmentation Analysis:
Global SaaS-based HRM market is categorized by enterprise size, and further classified into small and middle enterprise, and large enterprises. Since recent times, all these enterprises are witnessing speedy growth but among all, large enterprises contributed the largest share with US$ XX Bn in 2019 and expected to remain dominant in forecasted period too, growing with CAGR XX %. The reason for this higher contribution is large enterprises are always ready for implementing superior applications and advance technologies in their organization. Their focus towards improving more in shorter time drives the demand for Saas based HRM, resulting in segment growth.
Based on deployment, SaaS-based HRM market is classified into time & attendance management, payroll, benefits management and compliance management. All these provided solutions by Saas based HRM play a vital role in any organization as without which no organization can meet the desired results in human resource management. All these segments provide lucrative opportunities for the market growth and are expected to experience a huge growth in forecast period. Pay roll and time & attendance management segments are anticipated to contribute to the market largely, growing with CAGR XX% and XX% respectively in forecast period. Similarly, all the segments and their sub segments with their current market share, expected growth percentage, factors boosting & hampering the growth and region wise anticipated market share during the each year in forecast period along with their graphical representation are illustrated in the report.
Objective of the Report:
The objective of the report is to present a comprehensive analysis of the Global Software as a Service (SaaS) based HRM Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Software as a Service (SaaS) based HRM Market dynamics, structure by analyzing the market segments and projects the Global Software as a Service (SaaS) based HRM Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Software as a Service (SaaS) based HRM Market make the report investor’s guide.
Scope of the Global Software as a Service (SaaS) based HRM Market Report:
Global Software as a Service (SaaS) based HRM Market, By Enterprise Size
• Small & Middle Enterprise
• Large Enterprise
Global Software as a Service (SaaS) based HRM Market, By Deployment
• Time and attendance
• Benefits management
• Compliance Management
Global Software as a Service (SaaS) based HRM Market, By End-user
• IT and Telecom
• Banking, Financial Services & Insurance (BFSI)
• Others (Government, Logistics, Etc.)
Global Software as a Service (SaaS) based HRM Market, By Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in the Global Software as a Service (SaaS) based HRM Market
• Talentsoft SA
• Cezanne HR Ltd.
• CloudPay, Inc.
• Oracle Corporation
• SAP SE
• Kronos, Inc.
• Ceridian HCM, Inc.
• ADP, LLC
• Ascentis Corporation
• The Ultimate Software Group, Inc.
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