Top Players in HR Technology Market are Automatic Data Processing (ADP), Inc. (New Jersey, United States), Ceridian HCM, Inc. (Minnesota, United States), Cezanne HR Ltd. (London, United Kingdom), Cornerstone OnDemand, Inc. (California, United States), IBM Corporation (New York, United States), Infor (New York, United States), NetSuite, Inc. (California, United States), Oracle Corporation (California, United States), SAP SE (Walldorf, Germany), Talentsoft (France, Europe), Ultimate Software (Florida, United States), Workday, Inc. (California, United States)
According to a recent report published by Fortune Business Insights, titled, “HR Technology Market” Size, Share and COVID-19 Impact Analysis, By Component (Software and Services), By Deployment (Cloud and On-premise), By Industry (BFSI, IT and Telecom, Government, Manufacturing, Retail, Healthcare, and Others), and Regional Forecast, 2021-2028” the global HR Technology Market Size was valued at USD 22.89 billion in 2020, and is projected to reach USD 35.68 billion by 2028, growing at a CAGR of 5.8% from 2021 to 2028.
Significant Development:
August 2020: Kronos Incorporated and Ultimate Software rebranded as Ultimate Kronos Group (UKG). It will be given a new tagline- ‘Our Purpose is People’ and would provide the best solutions from each company, such as UltiPro HCM and HR service delivery and Workforce Dimensions, Workforce Ready.
April 2020: Cornerstone On Demand, Inc. acquired Saba Software worth USD 1.395 billion to integrate professional and learning development tools in the everyday lives of employees.
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A human resources management system (HRMS) is a form of HR Technology software that combines a number of systems and processes to ensure the easy management of human resources, business processes and data. Human resources software is used by businesses to combine a number of necessary HR functions, such as storing employee data, managing payroll, recruitment, benefits administration, time and attendance, employee performance management, and tracking competency and training records.
A human resources management system ensures everyday human resources processes are manageable and easy to access. It merges human resources as a discipline and, in particular, its basic HR activities and processes with the information technology field, whereas the programming of data processing systems evolved into standardized routines and packages of enterprise resource planning (ERP) software. On the whole, these ERP systems have their origin from software that integrates information from different applications into one universal database. The linkage of its financial and human resource modules through one database is the most important distinction to the individually and proprietarily developed predecessors, which makes this software application both rigid and flexible.
The report on the Human Resource Technology Market includes:
- Authoritative insights into the HR Technology Market Size
- Key industry trends
- Strategies adopted by major players
- Dominating regions
Segmentation-
By Component Software, Services
By Deployment Cloud, On-premise
By Industry– BFSI, IT and Telecommunication, Government, Manufacturing, Retail, Healthcare
By Region- North America, Europe, Asia Pacific, The Middle East and Africa, South America
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Drivers and Restraints-
Rising Shift of Companies towards Reporting and Analytics Dashboards to Boost Growth
Numerous organizations across the globe are nowadays rapidly inclining towards unique reporting and analytics dashboards from conventional HR data warehouses. It is not only helping them to increase productivity, but also enabling them to study retention and employee problems and sales productivity. Therefore, various companies are investing huge sums in the development of new software solutions, such as learning, operational, and assessment tools. These factors are expected to drive the HR technology market growth in the near future. However, the procurement of HR technology is an expensive process, which, in turn, may obstruct growth.
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Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit Global HR Technology Market Expected to Reach USD 35.68 Billion by 2028
