Global Higher Education Financial and HRM Market 2016-2020

Overview of the higher education financial and human resource management (HRM) software market

Technavio’s market research analyst predicts the global higher education financial and human resource management (HRM) software market to grow at a CAGR of more than 15% by 2020.  Growing digitization in education has led to the implementation of advanced technological learning methods such as interactive whiteboards and 3-D printing to increase student interactivity and knowledge retention. The educational institutions are spending more on the collaboration, assessment, and ERP systems in their delivery methods. This has prompted several vendors worldwide to invest in the educational software for content creation and management and for providing instructional support to educators. The surging adoption of this software will boost the market for financial and HRM software during the forecast period.

The financial and HRM software solutions act as a data source that collects and provides raw data for analysis. With a significant focus on the learning outcomes, several colleges and universities are using analytical tools to gain deep insights into the performance of the faculty and staff. Therefore, the rising demand for learning analytics will also increase the software requirements in the educational institutions. For instance, Workday offers Workday Big Data Analytics, which has pre-built analytic templates to help higher education HR and finance departments to address key business issues related to workforce planning, retention, pay-for-performance, payroll cost analysis, compensation, and other pertinent HR functions.

Segmentation by product and analysis of the higher education financial and HRM software market

• Financial management software
• HRM software

The financial management software segment will dominate the market by 2020 and is expected to occupy 61% of the total market share. The segment is growing at a consistent rate as several higher education institutions are deploying this technology to obtain information regarding allocation, management, and forecasting of funds and resources. The software solutions help in efficient budget planning and execution, risk management, and also ensure cost transparency. With vendors offering various cloud-based financial management software solutions, the segment will witness steep growth in the coming years.

Geographical segmentation and analysis of the higher education financial and HRM software market

• APAC
• Europe
• North America
• ROW

North America is the largest region in the higher education financial and HRM software and is expected to account for around 47% of the total market share by 2020. Much of this region’s growth comes from the rise in education technology investments in the higher education segment. The educational institutions in the region are incorporating the latest technologies and methodologies in the courses which include simulations, virtual and remote labs, and inquiry-based learning. The growing number of student enrolments in the region will demand efficient management of finance as well as human capital in the institutions, thereby leading to the growth of the market in this region.

Competitive landscape and key vendors

The market is expected to grow immensely by the end of the forecast period as a large number of higher education institutions are adopting on-premises as well as cloud-based software solutions to effectively manage their personnel and finances. The market includes a large number of new players as well as specialized providers that focus on specific applications and offerings in their packages. Several vendors are also offering easily customized services at affordable prices to address the unique needs of their target customers.

Key vendors in the market include -

• Ellucian
• Oracle
• SAP
• Workday

Other prominent vendors in the higher education financial and HRM software market are IBM, Infor, Halogen Software, Unit4, and Lexmark International.

Key questions answered in the report include

• What will the market size and the growth rate be in 2020?
• What are the key factors driving the global higher education financial and HRM software market?
• What are the key market trends impacting the growth of the global higher education financial and HRM software market?
• What are the challenges to market growth?
• Who are the key vendors in the global higher education financial and HRM software market?
• What are the market opportunities and threats faced by the vendors in the global higher education financial and HRM software market?
• Trending factors influencing the market shares of APAC, Europe, North America, and ROW.
• What are the key outcomes of the five forces analysis of the global higher education financial and HRM software market?

Technavio also offers customization on reports based on specific client requirement.

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