Major players in the HR professional services market are Automatic Data Processing Inc., Oracle Corporation, SAP SE, Ultimate Software, Workday Inc., International Business Machines Corporation, Kronos Inc., Skillsoft, Cornerstone On Demand Inc., Capterra Inc., Bizex Management Solutions Pvt Ltd., Zucchetti s.p.a., GRM Information Management, Razorpay Software Private Limited, Napier Healthcare Solutions Pte Ltd.
The global hr professional services market grew from $5.72 billion in 2022 to $6.52 billion in 2023 at a compound annual growth rate (CAGR) of 14.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The hr professional services market is expected to grow to $10.78 billion in 2027 at a CAGR of 13.4%.
The HR professional services market consists of revenues earned by entities by providing various professional services that involve activities to onboarding, and training a service environment.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.
HR professional services refer to services for managing the employee life cycle, which includes recruiting, hiring, onboarding, training, and terminating personnel, as well as administering employee benefits. HR professional services address human resource management tasks and decisions of an organization.
North America was the largest region in the HR professional services market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the HR professional services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of HR professional services are core HR, employee collaboration and engagement, recruiting, talent management, workforce planning, and analytics.Core HR refers to centralizing and consolidating fundamental personnel information and processes.
The various enterprises involved are large enterprises, and small and medium enterprises that are deployed by hosted, and on-premise and are used for academia, banking, financial services, and insurance (BDSI), government, healthcare, it and telecom, manufacturing, retail, and other end-users.
Increasing implementation of information technology is expected to propel the growth of the HR professional services market going forward.Information technology refers to a wide range of terms, including all aspects of computing and telecommunications development and installation, including use.
Technology has significantly altered human resource management.Most firms now give ubiquitous access to HR services via technology and web-based apps.
These adjustments are frequently the outcome of the need to reduce costs while expanding or improving services.For instance, according to Flexera, in 2021, 54% of companies worldwide prioritize digital transformation.
Additionally, in May 2022, Couchbase, a software company, released the results of its fifth annual survey done on 650 IT leaders. It was founded that, the investment in digital transformation will increase by 46% over the next 12 months . Therefore, the increasing implementation of information technology is expected to drive the growth of HR professional services.
Technological advancements are a key trend gaining popularity in HR professional services.Major players operating in the HR professional services market are developing products with advanced technologies to sustain their position in the HR professional services market such as HR automation.
For instance, in January 2021, Jotform, a US-based automated workflows company launched HR automation and replaces manual chores with technology Printed job applications and burdensome employee documentation used to fill file cabinets.Companies are now replacing paper-based systems with digital procedures and migrating everything to the cloud.
The goal of HR process automation is to relieve HR personnel of the most time-consuming manual duties.The impact of automation on the bottom line is apparent.
Employees may spend less time on paperwork and filing and more time on more vital tasks like brainstorming and analyzing data.
In October 2021, GTM Payroll Services, a US-based payroll solutions company acquired Pinnacle Human Resources LLC for an undisclosed amount.Through the acquisition of an experienced team of human resources consultants and Pinnacle Human Resources’ specialized HR support services, GTM Payroll Services would provide even greater benefit to clients by assisting them in lowering costs and streamlining their workflow procedures.
Pinnacle Human Resources LLC is an India-based human resources services company.
The countries covered in the HR professional services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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 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.
The HR professional services market research report is one of a series of new reports that provides HR professional services market statistics, including HR professional services industry global market size, regional shares, competitors with HR professional services market share, detailed HR professional services market segments, market trends, and opportunities, and any further data you may need to thrive in the HR professional services industry. This HR professional services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.