SAAS Based Human Resource Global Market Report 2024

The SAAS based human resource market size has grown rapidly in recent years. It will grow from $329.92 billion in 2023 to $374.54 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. Historical growth can be attributed to several factors, including the increasing adoption of cloud computing technologies, the necessity for streamlined HR processes, the surge in remote work arrangements, a heightened focus on enhancing employee experience, and the drive for cost reduction and operational efficiency.

The SAAS based human resource market size is expected to see rapid growth in the next few years. It will grow to $631.0 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The anticipated growth in the forecast period can be attributed to several factors, such as the global transition towards hybrid work models, a heightened emphasis on employee well-being, the emergence of AI-driven HR technologies, an increased focus on diversity, equity, and inclusion initiatives, and improved cybersecurity measures. Key trends expected during this period include the integration of artificial intelligence (AI) capabilities in SaaS-based HR solutions, seamless integration with collaboration tools, enhanced data analytics capabilities within SaaS-based HR platforms, greater personalization and customization options, and heightened security and compliance features.

The anticipated rise in remote work adoption is set to drive the growth of the SAAS-based human resource market. Remote work denotes a setup in which employees carry out their job responsibilities outside of a traditional office setting, usually from home or another remote location. This shift towards remote work is attributed to evolving perspectives on work-life balance and the imperative need for business continuity during global events such as the COVID-19 pandemic. SAAS-based HR solutions play a crucial role in establishing and sustaining a successful remote work environment by furnishing the necessary tools and infrastructure for efficiently supporting remote staff. As an example, data from the U.S. Bureau of Labor Statistics in September 2023 indicated an increase in the percentage of individuals telecommuting or working from home, rising from 17.9% in October 2022 to 20% in August 2023. Consequently, the rising adoption of remote work is propelling the expansion of the SAAS-based human resource market.

Leading companies within the SAAS-based human resource market are concentrating on innovating technologies, such as HR Payroll Solutions, to optimize their market revenues. HR payroll solutions encompass software systems or services engineered to streamline and automate payroll processes within human resource management. For instance, Premier Inc., a healthcare solutions company based in the U.S., introduced PINC AITM HR Payroll Solutions tailored for the healthcare sector in July 2023. Utilizing a software-as-a-service (SaaS) model, PINC AI HR Payroll provides functionalities for payroll management, employee records handling, benefits administration, and self-service options for employees and managers. The solution is specifically designed to address the intricate payroll and HR requisites of the healthcare industry, including features for managing multiple job roles per employee with varied pay rates, shift differentials, and overtime regulations.

In June 2021, Info Edge India Ltd., a technology firm based in India, acquired Zwayam Digital Pvt. Ltd. for $8.13 million, anticipating expanding its offerings in the human resources (HR) technology domain and offering comprehensive solutions for enterprises seeking to streamline and automate their recruitment workflows. Zwayam Digital Pvt. Ltd. is an India-based software company specializing in SAAS-based human resource solutions.

Major companies operating in the SAAS based human resource market are International Business Machines Corporation, Oracle Corporation, SAP SE, Automatic Data Processing (ADP) Inc., Workday Inc., TriNet Group Inc., Paychex Inc., Kronsos Inc., Paycom Software Inc., Ceridian HCM Inc., Paylocity, Rippling People Center Inc., Freshteam, Justworks Employment Services LLC, iCIMS Inc., cloudPay Inc., BambooHR LLC, The Ultimate Software Group Inc., Ascentis Corporation, ClearCompany Inc., Talentsoft SA, Apprenda Inc., Cezanne HR Ltd., HR Cloud, Halogen Software Inc.

North America was the largest region in the SAAS-based human resource market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the SAAS based human resource market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the SAAS based human resource market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Software as a Service (SaaS)-based human resource (HR) solutions refer to cloud-hosted tools accessible via the internet on a subscription basis. These tools aid organizations in managing HR functions, streamlining processes, improving efficiency, and enhancing workforce management. SaaS-based HR solutions are known for their scalability, customization options, and accessibility from anywhere with an internet connection, offering flexibility and efficiency to HR departments and enabling better management of workforce-related processes.

The primary types of SaaS-based human resources solutions are cloud-based and on-premise. Cloud-based solutions are hosted and accessed over the internet through third-party provider servers. These are commonly utilized by small and midsize enterprises (SMEs) and large enterprises across various applications such as time and attendance management, absence management, HR and payroll, and integrated solutions. These solutions cater to end-users including information technology (IT) and telecommunications, manufacturing, healthcare, banking, financial services, insurance, government, and logistics sectors.

The SAAS based human resource market research report is one of a series of new reports that provides SAAS based human resource market statistics, including SAAS based human resource industry global market size, regional shares, competitors with a SAAS based human resource market share, detailed SAAS based human resource market segments, market trends and opportunities, and any further data you may need to thrive in the SAAS based human resource industry. This SAAS based human resource market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The SAAS-based human resource market includes revenues earned by entities by providing services such as payroll processing, employee onboarding, performance management, and training and development. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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