Human Resource Management Market Report and Forecast 2024-2032

According to the report, the global human resource management market is projected to grow at a CAGR of 10.5% between 2024 and 2032. Aided by the evolving HR practices, the market is expected to grow significantly by 2032.

Human Resource Management is the art and science of optimising human potential to achieve organisational objectives. It encompasses a vast array of functions, from recruitment, training, and development, to compensation, benefits, and employee relations. With the world becoming a global village and businesses expanding their horizons, the role of HRM in fostering a diverse, inclusive, and efficient workforce becomes pivotal.

One of the drivers of the human resource management market growth is the deepening integration of technology. The rising trend of digitisation has led to the adoption of Human Resource Management Systems (HRMS) and Artificial Intelligence (AI) in recruitment and talent management processes. These tools not only streamline administrative tasks but also provide insightful analytics, helping organisations make informed decisions.

Another transformative trend in the global HRM landscape is the emphasis on employee well-being and work-life balance. The seismic shifts in work patterns, amplified by the global pandemic, have led to the popularisation of remote work and flexible work schedules. As a result, HRM strategies are now more holistically geared, focusing on both employee productivity and well-being. Employee engagement programs, wellness initiatives, and mental health support have become standard offerings in progressive organisations.

Moreover, with the increasing complexity of global operations, there's a burgeoning human resource management market demand. Beyond its traditional administrative role, HRM has now emerged as a strategic partner, playing an instrumental role in business strategy formulation and implementation. By analysing workforce data, HRM can provide insights into market trends, operational bottlenecks, and future talent requirements, thus contributing to the organisation's long-term vision and growth.

The realm of talent acquisition and talent management, too, has seen shifts. There is a significant move towards continuous learning and development. With the rapid pace of technological advancements, skills become obsolete faster than ever. Progressive HRM practices, therefore, focus on continuous upskilling and reskilling of employees, ensuring they remain relevant and productive in a changing environment.

Furthermore, the rise of the gig economy and the increasing popularity of freelance and contractual work have influenced the human resource management market outlook. Talent is no longer bound by geographies or long-term employment contracts. HRM practices are evolving to accommodate this fluid workforce, focusing on short-term goals, project-based evaluations, and dynamic team structures.

Market Segmentation

The market can be divided based on component, deployment model, industry verticals, and region.

Market Breakup by Component

• Core HR
• Recruiting
• Workforce Management
• Compensation and Payroll
• Services
• Professional Service
• Others (Learning, Applicant Tracking and Onboarding)

Market Breakup by Deployment Model

• Cloud
• On-Premises

Market Breakup by Industry Verticals

• Banking Financial Services and Insurance (BFSI)
• Retail
• IT and Telecommunication
• Healthcare
• Hospitality
• Government
• Manufacturing
• Others (Education, Transportation, Energy and Utilities and Media and Entertainment)

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global human resource management market. Some of the major players explored in the report are as follows:

• SAP SE
• Oracle Corp.
• Kronos Incorporated
• Infor Inc.
• Cornerstone OnDemand, Inc.
• Others