The Asia Pacific Human Resource Management Market would witness market growth of 13.6% CAGR during the forecast period (2021-2027).
Several advanced technologies like Machine Learning (ML), predictive analytics, and Artificial Intelligence (AI) are helping in the integration of HRM solutions with various analytics solutions. There are many start-ups companies that are developing various mobile applications and collaboration software to deliver employers and employees more flexible access to the required data with just a click. In addition, by utilizing predictive analytics, companies can derive inferences related to constant employee progress via different charts and infographics. HRM solution providers are aiming at such technological trends and updating their software solutions with the shifting needs of the customers. The development of these sophisticated solutions would bolster the growth of the market over the forecast period.
There are many companies that are adopting deployment & integration services for the installation of the software and integrating it with the current systems over various departments. Such services enable enterprises to visualize and access data and ultimately enhance the decision-making procedures. The increasing organizational demand to improve the potential of the current systems, more focus on automation, and higher adoption of cloud computing are among the key factors propelling the market growth.
The rising digitalization across various emerging nations like China and India is fueling the demand for advanced HRM solutions in this region. In addition, several SMEs are shifting their businesses to the digital platform, which is creating lucrative opportunities for the key market players in the region. The high presence of human resources across these nations is promoting companies to adopt HRM solutions for efficient management of the workforce.
Moreover, companies are getting more aware of the benefits of opting for HRM solutions to streamline their recruitment process, post recruitment process, talent management, and time & leave management. Additionally, the remote working conditions are also encouraging companies to adopt cloud-based HRM solutions, which would further contribute to the overall growth of the regional market.
The China market dominated the Asia Pacific Small & Medium Enterprises Human Resource Management Market by Country 2020, thereby, achieving a market value of $1,390.1 million by 2027. The Japan market is showcasing a CAGR of 14.4% during (2021 - 2027). Additionally, The India market is anticipated to witness a CAGR of 15.6% during (2021 - 2027).
Based on Component, the market is segmented into Software and Services. Software market is bifurcated across Core HR, Recruiting, Workforce Planning & Analytics, Talent Management, Employee Collaboration & Engagement and Others. Based on Deployment Type, the market is segmented into On-premise and Hosted. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on End User, the market is segmented into IT & Telecom, BFSI, Retail, Healthcare, Manufacturing, Government & Public Sector and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Human Resource Management Market is Projected to reach USD 39.5 Billion by 2027, at a CAGR of 11.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Accenture PLC, ADP, Inc., Ceridian HCM Holding, Inc., IBM Corporation, Oracle Corporation, Workday, Inc., Marsh McLennan Companies, Inc. (Mercer LLC), Talentsoft (Cegid), UKG, Inc., and SAP SE
By Component
By Deployment Type
By Enterprise Size
By End User
By Country
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