HR Software Market by Deployment and Geography - Forecast and Analysis 2022-2026

Published: Sep 2022

Pages: 123

SKU: IRTNTR74483

Snapshot

The HR software market share is expected to increase by USD 11.17 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 10.68%.

This HR software market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the HR software market segmentation by deployment (cloud and on-premise) and geography (North America, Europe, APAC, the Middle East and Africa, and South America). The human resource (HR) software market report also offers information on several market vendors, including Accenture Plc, Automatic Data Processing Inc., Automatic Payroll Systems Inc., Bamboo HR LLC, Ceridian HCM Holding Inc., Cornerstone OnDemand Inc., EmployWise, Epicor Software Corp., HR Bakery Ltd, International Business Machines Corp., isolved HCM LLC, Oracle Corp., PATRIOT SOFTWARE LLC, Paycom Software Inc., Paycor Inc., Paylocity Holding Corp., Rippling People Center Inc., SAP SE, UKG Inc, and Workday Inc. among others.

What will the HR Software Market Size be During the Forecast Period?

Download Report Sample to Unlock the HR Software Market Size for the Forecast Period and Other Important Statistics

HR Software Market: Key Drivers, Trends, and Challenges

Increased HR software budgets are notably driving the HR software market growth, although factors such as data privacy and security concerns may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the HR software industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key HR Software Market Driver

Increased HR software budgets are one of the key drivers fueling the human resource (HR) software market growth. Large companies are spending almost 10% of their HR budgets on advanced technologies, such as human capital management (HCM) and human resource management system solutions. The adoption of cloud-based solutions has fueled huge growth in cloud-based HR technologies. The HR software market is radically changing, with more venture capitalists investing in new HR software sold by market vendors, including tools for payroll processing, tax management, customized dashboards, and analytics. Therefore, the market is expected to grow significantly during the forecast period as much of the old software will be replaced by agile, easy-to-use mobile applications.

Key HR Software Market Trend

The rising adoption of digital HR technology is one of the key human resource (HR) software market trends propelling market growth. Mobile phones have become the most preferred channel for work among employees, and this has provided organizations with an opportunity to adopt mobile HR technologies. Organizations are increasingly focusing on improving the employee experience by digitalizing their HR processes and systems using new digital platforms. Advanced technologies that are playing a key role in this transformation are mobile applications, social media, analytics, and the cloud. Digital HR technology provides a single platform for improving employee and candidate experience by integrating analytics, social media websites, mobile platforms, and cloud technologies. Such factors will drive market growth during the forecast period.

Key HR Software Market Challenge

Data privacy and security concerns are one of the factors limiting the human resource (HR) software market's growth. The benefits of cloud-based solutions include the simplified management of software maintenance and upgrades, low upfront costs, and others to overcome any functional gaps in existing systems and processes. However, organizations will transfer their data or information to the cloud only if the services are reliable and secure. Organizations have less control over such data as they have become more dependent on cloud computing service providers. Many end-users are also concerned about data security policies governing cloud-based solutions because cloud storage acts as a gateway for security threats and privacy issues. Such factors are anticipated to hinder the growth of the market during the forecast period.

This HR software market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global HR software market in the banking, financial services, and insurance (BFSI) sector as a part of the global application software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the human resource software market during the forecast period.

Who are the Major HR Software Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

This statistical study of the human resource software market encompasses successful business strategies deployed by the key vendors. The human resource software market is fragmented, and the vendors are deploying growth strategies such as price, quality, innovation, reputation, brand identity, and distribution to compete in the market.

Product Insights and News

Automatic Data Processing Inc. - The company offers HR software that is used for payroll, HR, talent management, and time and benefits administration.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.

The human resource software market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

HR Software Market Value Chain Analysis

Our In-house experts produce extensive information on the value chain and parent market of the HR software market, which vendors can leverage to gain a competitive advantage during the forecast period. The Value Chain information provides an end-to-end understanding of product insight and profit and also optimization and evaluation of business strategies The players across the value chain includes selective data and analysis from entire research findings as per the scope of the report.

Which are the Key Regions for the HR Software Market?

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33% of the market’s growth will originate from North America during the forecast period. The US is the key market for the HR software market in North America. Market growth in this region will be faster than the growth of the market in APAC.

The increasing penetration of social media will facilitate the HR software market's growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID-19 Impact and Recovery Analysis

The regional market witnessed a slowdown in growth owing to the COVID-19 outbreak in early 2020. However, with the lifting of lockdown restrictions in the second half of 2020 owing to large-scale vaccination drives, the demand for on-premises HR software solutions also increased. These factors are expected to propel the growth of the market during the forecast period.

What are the Revenue-generating Deployment Segments in the HR Software Market?

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The HR software market share growth in the cloud segment will be significant during the forecast period. Cloud-based HR software solutions are becoming more popular, especially among small businesses, due to their cost-effectiveness. This, in turn, will drive the growth of the market in the cloud-based deployment segment during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the human resource software market size and actionable market insights on the post-COVID-19 impact on each segment.

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HR Software Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 10.68%
Market growth 2022-2026	$11.17 billion
Market structure	Fragmented
YoY growth (%)	9.84
Regional analysis	North America, Europe, APAC, the Middle East and Africa, and South America
Performing market contribution	North America at 33%
Key consumer countries	US, Japan, India, Germany, and UK
Competitive landscape	Leading companies, Competitive Strategies, Consumer engagement scope
Key companies profiled	Accenture Plc, Automatic Data Processing Inc., Automatic Payroll Systems Inc., Bamboo HR LLC, Ceridian HCM Holding Inc., Cornerstone OnDemand Inc., EmployWise, Epicor Software Corp., HR Bakery Ltd, International Business Machines Corp., isolved HCM LLC, Oracle Corp., PATRIOT SOFTWARE LLC, Paycom Software Inc., Paycor Inc., Paylocity Holding Corp., Rippling People Center Inc., SAP SE, UKG Inc, and Workday Inc.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this HR Software Market Report?

CAGR of the market during the forecast period 2022-2026
Detailed information on factors that will drive HR software market growth during the next five years
Precise estimation of the HR software market size and its contribution to the parent market
Accurate predictions on upcoming trends and changes in consumer behavior
The growth of the HR software industry across North America, Europe, APAC, the Middle East and Africa, and South America
A thorough analysis of the market’s competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of HR software market vendors

We can help! Our analysts can customize this report to meet your requirements. Get in touch

Table of Contents

1 Executive Summary

1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Global Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Deployment
- Exhibit 06: Executive Summary – Chart on Incremental Growth
- Exhibit 07: Executive Summary – Data Table on Incremental Growth
- Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem
- Exhibit 09: Parent market
- Exhibit 10: Market Characteristics

3 Market Sizing

3.1 Market definition
- Exhibit 11: Offerings of vendors included in the market definition

3.2 Market segment analysis
- Exhibit 12: Market segments

3.3 Market size 2021

3.4 Market outlook: Forecast for 2021-2026
- Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
- Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
- Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
- Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

4.1 Five forces summary
- Exhibit 17: Five forces analysis - Comparison between 2021 and 2026

4.2 Bargaining power of buyers
- Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026

4.3 Bargaining power of suppliers
- Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

4.4 Threat of new entrants
- Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026

4.5 Threat of substitutes
- Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026

4.6 Threat of rivalry
- Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026

4.7 Market condition
- Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by Deployment

5.1 Market segments
- Exhibit 24: Chart on Deployment - Market share 2021-2026 (%)
- Exhibit 25: Data Table on Deployment - Market share 2021-2026 (%)

5.2 Comparison by Deployment
- Exhibit 26: Chart on Comparison by Deployment
- Exhibit 27: Data Table on Comparison by Deployment

5.3 Cloud - Market size and forecast 2021-2026
- Exhibit 28: Chart on Cloud - Market size and forecast 2021-2026 ($ million)
- Exhibit 29: Data Table on Cloud - Market size and forecast 2021-2026 ($ million)
- Exhibit 30: Chart on Cloud - Year-over-year growth 2021-2026 (%)
- Exhibit 31: Data Table on Cloud - Year-over-year growth 2021-2026 (%)

5.4 On-premise - Market size and forecast 2021-2026
- Exhibit 32: Chart on On-premise - Market size and forecast 2021-2026 ($ million)
- Exhibit 33: Data Table on On-premise - Market size and forecast 2021-2026 ($ million)
- Exhibit 34: Chart on On-premise - Year-over-year growth 2021-2026 (%)
- Exhibit 35: Data Table on On-premise - Year-over-year growth 2021-2026 (%)

5.5 Market opportunity by Deployment
- Exhibit 36: Market opportunity by Deployment ($ million)

6 Customer Landscape

6.1 Customer landscape overview
- Exhibit 37: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

7.1 Geographic segmentation
- Exhibit 38: Chart on Market share by geography 2021-2026 (%)
- Exhibit 39: Data Table on Market share by geography 2021-2026 (%)

7.2 Geographic comparison
- Exhibit 40: Chart on Geographic comparison
- Exhibit 41: Data Table on Geographic comparison

7.3 North America - Market size and forecast 2021-2026
- Exhibit 42: Chart on North America - Market size and forecast 2021-2026 ($ million)
- Exhibit 43: Data Table on North America - Market size and forecast 2021-2026 ($ million)
- Exhibit 44: Chart on North America - Year-over-year growth 2021-2026 (%)
- Exhibit 45: Data Table on North America - Year-over-year growth 2021-2026 (%)

7.4 Europe - Market size and forecast 2021-2026
- Exhibit 46: Chart on Europe - Market size and forecast 2021-2026 ($ million)
- Exhibit 47: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
- Exhibit 48: Chart on Europe - Year-over-year growth 2021-2026 (%)
- Exhibit 49: Data Table on Europe - Year-over-year growth 2021-2026 (%)

7.5 APAC - Market size and forecast 2021-2026
- Exhibit 50: Chart on APAC - Market size and forecast 2021-2026 ($ million)
- Exhibit 51: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
- Exhibit 52: Chart on APAC - Year-over-year growth 2021-2026 (%)
- Exhibit 53: Data Table on APAC - Year-over-year growth 2021-2026 (%)

7.6 Middle East and Africa - Market size and forecast 2021-2026
- Exhibit 54: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
- Exhibit 55: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
- Exhibit 56: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
- Exhibit 57: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)

7.7 South America - Market size and forecast 2021-2026
- Exhibit 58: Chart on South America - Market size and forecast 2021-2026 ($ million)
- Exhibit 59: Data Table on South America - Market size and forecast 2021-2026 ($ million)
- Exhibit 60: Chart on South America - Year-over-year growth 2021-2026 (%)
- Exhibit 61: Data Table on South America - Year-over-year growth 2021-2026 (%)

7.8 US - Market size and forecast 2021-2026
- Exhibit 62: Chart on US - Market size and forecast 2021-2026 ($ million)
- Exhibit 63: Data Table on US - Market size and forecast 2021-2026 ($ million)
- Exhibit 64: Chart on US - Year-over-year growth 2021-2026 (%)
- Exhibit 65: Data Table on US - Year-over-year growth 2021-2026 (%)

7.9 Germany - Market size and forecast 2021-2026
- Exhibit 66: Chart on Germany - Market size and forecast 2021-2026 ($ million)
- Exhibit 67: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
- Exhibit 68: Chart on Germany - Year-over-year growth 2021-2026 (%)
- Exhibit 69: Data Table on Germany - Year-over-year growth 2021-2026 (%)

7.10 UK - Market size and forecast 2021-2026
- Exhibit 70: Chart on UK - Market size and forecast 2021-2026 ($ million)
- Exhibit 71: Data Table on UK - Market size and forecast 2021-2026 ($ million)
- Exhibit 72: Chart on UK - Year-over-year growth 2021-2026 (%)
- Exhibit 73: Data Table on UK - Year-over-year growth 2021-2026 (%)

7.11 Japan - Market size and forecast 2021-2026
- Exhibit 74: Chart on Japan - Market size and forecast 2021-2026 ($ million)
- Exhibit 75: Data Table on Japan - Market size and forecast 2021-2026 ($ million)
- Exhibit 76: Chart on Japan - Year-over-year growth 2021-2026 (%)
- Exhibit 77: Data Table on Japan - Year-over-year growth 2021-2026 (%)

7.12 India - Market size and forecast 2021-2026
- Exhibit 78: Chart on India - Market size and forecast 2021-2026 ($ million)
- Exhibit 79: Data Table on India - Market size and forecast 2021-2026 ($ million)
- Exhibit 80: Chart on India - Year-over-year growth 2021-2026 (%)
- Exhibit 81: Data Table on India - Year-over-year growth 2021-2026 (%)

7.13 Market opportunity by geography
- Exhibit 82: Market opportunity by geography ($ million)

8 Drivers, Challenges, and Trends

8.1 Market drivers

8.2 Market challenges

8.3 Impact of drivers and challenges
- Exhibit 83: Impact of drivers and challenges in 2021 and 2026

8.4 Market trends

9 Vendor Landscape

9.1 Overview

9.2 Vendor landscape
- Exhibit 84: Overview on Criticality of inputs and Factors of differentiation

9.3 Landscape disruption
- Exhibit 85: Overview on factors of disruption

9.4 Industry risks
- Exhibit 86: Impact of key risks on business

10 Vendor Analysis

10.1 Vendors covered
- Exhibit 87: Vendors covered

10.2 Market positioning of vendors
- Exhibit 88: Matrix on vendor position and classification

10.3 Accenture Plc
- Exhibit 89: Accenture Plc - Overview
- Exhibit 90: Accenture Plc - Business segments
- Exhibit 91: Accenture Plc - Key news
- Exhibit 92: Accenture Plc - Key offerings
- Exhibit 93: Accenture Plc - Segment focus

10.4 Automatic Data Processing Inc.
- Exhibit 94: Automatic Data Processing Inc. - Overview
- Exhibit 95: Automatic Data Processing Inc. - Business segments
- Exhibit 96: Automatic Data Processing Inc. - Key news
- Exhibit 97: Automatic Data Processing Inc. - Key offerings
- Exhibit 98: Automatic Data Processing Inc. - Segment focus

10.5 Ceridian HCM Holding Inc.
- Exhibit 99: Ceridian HCM Holding Inc. - Overview
- Exhibit 100: Ceridian HCM Holding Inc. - Business segments
- Exhibit 101: Ceridian HCM Holding Inc. - Key news
- Exhibit 102: Ceridian HCM Holding Inc. - Key offerings
- Exhibit 103: Ceridian HCM Holding Inc. - Segment focus

10.6 Cornerstone OnDemand Inc.
- Exhibit 104: Cornerstone OnDemand Inc. - Overview
- Exhibit 105: Cornerstone OnDemand Inc. - Product / Service
- Exhibit 106: Cornerstone OnDemand Inc. - Key offerings

10.7 International Business Machines Corp.
- Exhibit 107: International Business Machines Corp. - Overview
- Exhibit 108: International Business Machines Corp. - Business segments
- Exhibit 109: International Business Machines Corp. - Key offerings
- Exhibit 110: International Business Machines Corp. - Segment focus

10.8 Oracle Corp.
- Exhibit 111: Oracle Corp. - Overview
- Exhibit 112: Oracle Corp. - Business segments
- Exhibit 113: Oracle Corp. - Key news
- Exhibit 114: Oracle Corp. - Key offerings
- Exhibit 115: Oracle Corp. - Segment focus

10.9 Paycom Software Inc.
- Exhibit 116: Paycom Software Inc. - Overview
- Exhibit 117: Paycom Software Inc. - Product / Service
- Exhibit 118: Paycom Software Inc. - Key offerings

10.10 SAP SE
- Exhibit 119: SAP SE - Overview
- Exhibit 120: SAP SE - Business segments
- Exhibit 121: SAP SE - Key news
- Exhibit 122: SAP SE - Key offerings
- Exhibit 123: SAP SE - Segment focus

10.11 UKG Inc
- Exhibit 124: UKG Inc - Overview
- Exhibit 125: UKG Inc - Product / Service
- Exhibit 126: UKG Inc - Key offerings

10.12 Workday Inc.
- Exhibit 127: Workday Inc. - Overview
- Exhibit 128: Workday Inc. - Product / Service
- Exhibit 129: Workday Inc. - Key offerings

11 Appendix

11.1 Scope of the report

11.2 Inclusions and exclusions checklist
- Exhibit 130: Inclusions checklist
- Exhibit 131: Exclusions checklist

11.3 Currency conversion rates for US$
- Exhibit 132: Currency conversion rates for US$

11.4 Research methodology
- Exhibit 133: Research methodology
- Exhibit 134: Validation techniques employed for market sizing
- Exhibit 135: Information sources

11.5 List of abbreviations
- Exhibit 136: List of abbreviations

Methodology

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

Manufacturers and suppliers
Channel partners
Industry experts
Strategic decision makers

Secondary sources

Industry journals and periodicals
Government data
Financial reports of key industry players
Historical data
Press releases

DATA ANALYSIS

Data Synthesis

Collation of data
Estimation of key figures
Analysis of derived insights

Data Validation

Triangulation with data models
Reference against proprietary databases
Corroboration with industry experts

REPORT WRITING

Qualitative

Market drivers
Market challenges
Market trends
Five forces analysis

Quantitative

Market size and forecast
Market segmentation
Geographical insights
Competitive landscape

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Key Questions Answered

What are the key global market and the regional market share?
What are the revenue-generating key market segments?
What are the key factors driving and challenging this market’s growth?
Who are the key market vendors and their growth strategies?
What are the latest trends influencing the growth of this market?
What are the variables influencing the market growth in the primary regions?
What are the factors influencing the growth of the parent market?

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