The international Human resource management market size is expected to reach USD 37.14 billion by 2027, registering a CAGR of 10.1% from 2020 to 2027.
North America tops the Human Resource Software market due to the growing adoption of technologies like automation, cloud-based services, etc. Most of the organizations in the region are very much focused on building progressive technologies and introducing new services in order to remain competitive in the market.
The Human Resource market is majorly driven by the advancements happening in IT, inclusion of predictive analytics in the HR process, growth in the acceptance of cloud among SMEs to efficiently manage field and office personnel, among others. Another critical reason is the demand for automation of HR processes.
Some of the key features of an ideal Human Resource Software include are Employee Data Management, Recruitment, Talent Management, Automated Alerts, Employee self-service, Attendance and Leave Tracking, Data Reconciliation etc.
Human Resource Software facilitates and simplifies the entire process of HR Management right from recruitment to off boarding. Some the major applications are Talent Attraction, Calendar Management, Employee on boarding, Performance Evaluation, Employee Analytics etc.