Market Research

A glance at the market of the human resource management software market (2020-2025)

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Human resource management is a scientific solution to manage the human capital of a company, organization or enterprise in order to increase productivity in achieving strategic goals. Advances in software development, data science, and the development of cloud-based platforms have all played important roles in the design of human resource management software tools. Changes in recent years have increased the demand for human resource management software due to the acceptance of the existing tools.

Market / Industry segment of human resource management software

Base YearMarket size(B$) Duration(YEAR)CAGR(%) Source Name
201917.15 7 10.08% Verified market research
2020 17.67 7 11.70%Grand view research
20181.736 4.90% Openpr
201713.17 6 11.23%Reports and market
2015 11.938 10.20% Researchnester

Influencing factors that changes market size of human resource management software

The size of the market value changes under the influence of many factors; the increase and decrease in the rate of these influential factors leads to changes in the value of the market size, which is provided by direct and reverse drivers in this market:

Direct drivers:

  1. Artificial intelligence and machine learning in human capital management
  2. Increasing need to reduce the costs of human resource
  3. Prevalence of advanced solutions using data processing and management
  4. Increase of the application of human capital management for employment
  5. Employee analysis

Reverse drivers:

  1. The cost of human resource management software
  2. Unemployment
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This market may also be threatened by following risks:

In all different markets and industries, risk is always one of the factors that business founders should be sufficiently aware of. The first step is risk assessment is identification of risks in the market in order to perform risk management. The market of human resource management software market may also be threatened by following risks:

  1. Technology risk
  2. Management risk
  3. Competition risk
  4. Stage of business

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