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Report
Global Human Resource Management Market Report and Forecast 2024-2032
Market Report I 2023-12-22 I 227 Pages I EMR Inc.
Global Human Resource Management Market Report and Forecast 2024-2032
Market Outlook
According to the report by Expert Market Research (EMR), the global human resource management market is projected to grow at a CAGR of 10.5% between 2024 and 2032. Aided by the evolving HR practices, the market is expected to grow significantly by 2032.
Human Resource Management is the art and science of optimising human potential to achieve organisational objectives. It encompasses a vast array of functions, from recruitment, training, and development, to compensation, benefits, and employee relations. With the world becoming a global village and businesses expanding their horizons, the role of HRM in fostering a diverse, inclusive, and efficient workforce becomes pivotal.
One of the drivers of the human resource management market growth is the deepening integration of technology. The rising trend of digitisation has led to the adoption of Human Resource Management Systems (HRMS) and Artificial Intelligence (AI) in recruitment and talent management processes. These tools not only streamline administrative tasks but also provide insightful analytics, helping organisations make informed decisions.
Another transformative trend in the global HRM landscape is the emphasis on employee well-being and work-life balance. The seismic shifts in work patterns, amplified by the global pandemic, have led to the popularisation of remote work and flexible work schedules. As a result, HRM strategies are now more holistically geared, focusing on both employee productivity and well-being. Employee engagement programs, wellness initiatives, and mental health support have become standard offerings in progressive organisations.
Moreover, with the increasing complexity of global operations, there's a burgeoning human resource management market demand. Beyond its traditional administrative role, HRM has now emerged as a strategic partner, playing an instrumental role in business strategy formulation and implementation. By analysing workforce data, HRM can provide insights into market trends, operational bottlenecks, and future talent requirements, thus contributing to the organisation's long-term vision and growth.
The realm of talent acquisition and talent management, too, has seen shifts. There is a significant move towards continuous learning and development. With the rapid pace of technological advancements, skills become obsolete faster than ever. Progressive HRM practices, therefore, focus on continuous upskilling and reskilling of employees, ensuring they remain relevant and productive in a changing environment.
Furthermore, the rise of the gig economy and the increasing popularity of freelance and contractual work have influenced the human resource management market outlook. Talent is no longer bound by geographies or long-term employment contracts. HRM practices are evolving to accommodate this fluid workforce, focusing on short-term goals, project-based evaluations, and dynamic team structures.
Market Segmentation
The market can be divided based on component, deployment model, industry verticals, and region.
Market Breakup by Component
- Core HR
- Recruiting
- Workforce Management
- Compensation and Payroll
- Services
- Professional Service
- Others (Learning, Applicant Tracking and Onboarding)
Market Breakup by Deployment Model
- Cloud
- On-Premises
Market Breakup by Industry Verticals
- Banking Financial Services and Insurance (BFSI)
- Retail
- IT and Telecommunication
- Healthcare
- Hospitality
- Government
- Manufacturing
- Others (Education, Transportation, Energy and Utilities and Media and Entertainment)
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global human resource management market. Some of the major players explored in the report by Expert Market Research are as follows:
- SAP SE
- Oracle Corp.
- Kronos Incorporated
- Infor Inc.
- Cornerstone OnDemand, Inc.
- Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Human Resource Management Market Analysis
8.1 Key Industry Highlights
8.2 Global Human Resource Management Historical Market (2018-2023)
8.3 Global Human Resource Management Market Forecast (2024-2032)
8.4 Global Human Resource Management Market by Component
8.4.1 Core HR
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Recruiting
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Workforce Management
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Compensation and Payroll
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Services
8.4.5.1 Historical Trend (2018-2023)
8.4.5.2 Forecast Trend (2024-2032)
8.4.6 Professional Service
8.4.6.1 Historical Trend (2018-2023)
8.4.6.2 Forecast Trend (2024-2032)
8.4.7 Others (Learning, Applicant Tracking and Onboarding)
8.5 Global Human Resource Management Market by Deployment Model
8.5.1 Cloud
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 On-Premises
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Human Resource Management Market by Industry Verticals
8.6.1 Banking Financial Services and Insurance (BFSI)
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Retail
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 IT and Telecommunication
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Healthcare
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Hospitality
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
8.6.6 Government
8.6.6.1 Historical Trend (2018-2023)
8.6.6.2 Forecast Trend (2024-2032)
8.6.7 Manufacturing
8.6.7.1 Historical Trend (2018-2023)
8.6.7.2 Forecast Trend (2024-2032)
8.6.8 Others (Education, Transportation, Energy and Utilities and Media and Entertainment)
8.7 Global Human Resource Management Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America Human Resource Management Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Human Resource Management Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Human Resource Management Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Human Resource Management Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Human Resource Management Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter's Five Forces Analysis
14.2.1 Supplier's Power
14.2.2 Buyer's Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 SAP SE
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Oracle Corp.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Kronos Incorporated
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Infor Inc.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Cornerstone OnDemand, Inc.,
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Human Resource Management Market: Key Industry Highlights, 2018 and 2032
2. Global Human Resource Management Historical Market: Breakup by Component (USD Million), 2018-2023
3. Global Human Resource Management Market Forecast: Breakup by Component (USD Million), 2024-2032
4. Global Human Resource Management Historical Market: Breakup by Deployment Model (USD Million), 2018-2023
5. Global Human Resource Management Market Forecast: Breakup by Deployment Model (USD Million), 2024-2032
6. Global Human Resource Management Historical Market: Breakup by Industry Verticals (USD Million), 2018-2023
7. Global Human Resource Management Market Forecast: Breakup by Industry Verticals (USD Million), 2024-2032
8. Global Human Resource Management Historical Market: Breakup by Region (USD Million), 2018-2023
9. Global Human Resource Management Market Forecast: Breakup by Region (USD Million), 2024-2032
10. North America Human Resource Management Historical Market: Breakup by Country (USD Million), 2018-2023
11. North America Human Resource Management Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Europe Human Resource Management Historical Market: Breakup by Country (USD Million), 2018-2023
13. Europe Human Resource Management Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Asia Pacific Human Resource Management Historical Market: Breakup by Country (USD Million), 2018-2023
15. Asia Pacific Human Resource Management Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Latin America Human Resource Management Historical Market: Breakup by Country (USD Million), 2018-2023
17. Latin America Human Resource Management Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Middle East and Africa Human Resource Management Historical Market: Breakup by Country (USD Million), 2018-2023
19. Middle East and Africa Human Resource Management Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Global Human Resource Management Market Structure
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