Human Resource Management Market Worth $38.17 Billion By 2027 “The global human resource management market size is projected to touch USD 38.17 billion by the end of 2027. It is estimated to grow with a CAGR of 11.7% over the estimated duration. Factors such as the rising requirement for managing the diverse workforce, need for replacing old HRM systems, and incorporating new HRM solutions are predicted to bode well for the market growth.�
The global human resource management market size is projected to touch USD 38.17 billion by the end of 2027. It is estimated to grow with a CAGR of 11.7% over the estimated duration. Factors such as the rising requirement for managing the diverse workforce, need for replacing old HRM systems, and incorporating new HRM solutions are predicted to bode well for the market growth. HRM service providers emphasize the development of software that can be used in smartphones, thereby, allowing employers and employees to access data easily, monitor attendance, leaves, and evaluate performance from their smartphones. Technological advancements in artificial intelligence, big data analytics, Internet of Things, and machine learning are predicted to fuel the HRM market growth from 2020 to 2027. Several service providers are focusing on the development of advanced solutions that combine upcoming technologies into HRM systems for improved organizational performance. The technological advancement and latest features enhances the transparency and accountability across the organization and offer mobility and flexibility to access information anytime. The growing penetration of cloud based technologies across various industries is projected to boost the demand for HRM solutions in the upcoming years. The application of cloud technology allows various SMEs to adapt to the latest HRM solutions at affordable prices without continuous replacement or upgrades of the systems. In today’s workforce, organizations are incorporating advance technologies that can help in enhancement, recruitment, and management of human resources. North America led the market in 2019, owing to the operation of several service providers in the region. Organizations in the U.S. are emphasizing on boosting the labor competency and productivity by implementing latest HRM solutions. On the other hand, Asia Pacific is projected to grow with a steady CAGR from 2020 to 2027, owing to increasing government undertakings for promoting the digitalization of HR functions across various industries.
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