Employee Onboarding Software Global Market Report 2024

The employee onboarding software market size has grown rapidly in recent years. It will grow from $1.48 billion in 2023 to $1.77 billion in 2024 at a compound annual growth rate (CAGR) of 19.4%. The expansion observed in the historic period can be attributed to several key factors: digital transformation initiatives within organizations, increasing diversity within the workforce, stringent regulatory compliance requirements, a notable shift towards remote working models, and a heightened focus on enhancing the employee experience.

The employee onboarding software market size is expected to see rapid growth in the next few years. It will grow to $3.64 billion in 2028 at a compound annual growth rate (CAGR) of 19.8%. The anticipated growth during the forecast period is expected to be driven by the increasing adoption of AI and automation in onboarding processes, the expansion of the gig economy, a stronger emphasis on data security and privacy, as well as the integration of employee onboarding software with HR analytics and insights.

The growing trend of remote work is anticipated to drive the expansion of the employee onboarding software market. Remote work arrangements, where employees fulfill their duties from outside a traditional office setting, generally from home, have gained popularity due to their potential to offer greater flexibility, enhanced work-life balance, and possibilities for increased productivity and cost efficiency. Employee onboarding software facilitates the virtual execution of onboarding processes, including paperwork and training sessions, which is particularly beneficial for remote workers unable to participate in in-person sessions. For example, a study by AT&T in February 2022 highlighted that the adoption of hybrid work models, combining remote and office work, is expected to rise from 42% in 2021 to 81% by 2024, thereby supporting the growth of the employee onboarding software sector.

Leading firms in the employee onboarding software sector are increasingly incorporating AI technologies to develop advanced platforms such as Onboard, to secure a competitive advantage. In May 2021, Betterplace Safety Solution PVT LTD., an India-based software company launched Onboard is an AI-powered platform designed to automate and optimize the integration of new hires into companies. The platform is accessible through both smartphones and desktops and uses advanced technologies and event-driven microservices architecture to ensure scalability and security. It features data encryption, secure private clouds, and tools such as facial recognition and geofencing to address COVID-related concerns. Onboard also provides real-time analytics and insights into employee demographics and attrition rates, thereby facilitating efficient remote employee management.

In April 2023, In a strategic move to enhance its workforce solutions and expand its geographic footprint in Southeast Asia, Betterplace Safety Solutions Private Limited, headquartered in India, acquired Troopers Innovation Sdn. Bhd. The acquisition amount remains undisclosed. Troopers Innovation, based in Malaysia, specializes in digital HR solutions and onboarding services. This acquisition allows Betterplace to strengthen its capabilities in gig fulfillment and Workforce-as-a-Service (WaaS), offering more comprehensive solutions to enterprises in need of skilled gig workers.

Major companies operating in the employee onboarding software market are SAP SE, ADP LLC, Workday Inc., Paychex Inc., Paycom Software Inc., Ceridian HCM Inc., Paylocity Corporation, Monday.com Ltd., Paycor Inc., iCIMS Inc., TriNet Zenefits, Bamboo HR LLC, Namely Inc., ClearCompany Inc., GoCo.io Inc., OrangeScape Technologies Ltd., WalkMe Ltd., Click Boarding LLC, Lessonly Inc., Ultimate Software Group Inc., WorkBright LLC, HR Cloud, Talmundo NV, EmployeeConnect Pty Ltd, HROnboard Pty Ltd.

North America was the largest region in the employee onboarding software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the employee onboarding software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the employee onboarding software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Employee onboarding software is a digital tool or platform aimed at optimizing and automating the process of integrating a new employee into a company. It helps acquaint new hires with the organization's culture, policies, and procedures, ensuring they understand what is expected of them. The main objectives of this software are to make new employees feel welcome, boost their productivity and performance quickly, and support a smooth transition into their new roles within the company.

The primary forms of employee onboarding software are cloud-based and on-premises. Cloud-based software, hosted on remote servers, is accessible over the internet, providing scalability, flexibility, and accessibility from any location with internet connectivity. This type is popular among both small and medium-sized enterprises (SMEs) and large enterprises. On-premises software, on the other hand, is installed and operated from a company's own servers and infrastructure, giving the organization full control over its data and security. These software systems are utilized across various sectors including banking, financial services, and insurance (BFSI), information technology (IT) and telecommunications, government, energy and utilities, healthcare, manufacturing, retail and consumer goods, transportation, logistics, and more.

The employee onboarding software market research report is one of a series of new reports that provides employee onboarding software market statistics, including employee onboarding software industry global market size, regional shares, competitors with an employee onboarding software market share, detailed employee onboarding software market segments, market trends and opportunities, and any further data you may need to thrive in the employee onboarding software industry. This employee onboarding software 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 employee onboarding software market includes revenues earned by entities by providing onboarding software, application tracking system software, reporting and analytical software and training and management systems software. 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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