The global HR professional services market size is expected to reach USD 7.47 billion by 2025 at a 12.4% CAGR during the forecast period, according to a new study by Grand View Research, Inc. Increasing demand for human resource (HR) processes and the need to manage remote teams due to ongoing workplace transformation are creating demand for HR professional services.
Growing
awareness among enterprises regarding the benefits of advanced Human Resource
Management (HRM) services, particularly HR professional services, is playing a
key role in improving employee retention and promoting satisfactory work-life
balance.
Advancements
in the field of big data analytics and Artificial Intelligence (AI) over the
last decade have prompted numerous organizations to integrate these
technologies into their business processes. Adoption of these advanced
technologies aids organizations in gaining tactical conclusions regarding
future market trends by analyzing HR data.
Automation
of HR operations enables a reduction in the workload of HR personnel. This
further offers them sufficient time to invest in strategic decision-making.
Moreover, the use of predictive analytics in crucial processes such as talent
management, succession planning, and career management makes management tasks
easy. Benefits such as improved performance and ease of upgrading technology
are expected to lead to extensive adoption of hosted HR professional services.
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HR Professional
Services Market Report Highlights
- By type, the core HR segment
generated the highest revenue in 2017 and is expected to exhibit a CAGR of
11.7% over the forecast period. This is attributed to the growing use of
business analytics and artificial intelligence in HR professional services
to enhance workflow, increase productivity, and offer employee work-life
balance
- The talent management
segment is estimated to expand at the highest CAGR over the forecast
period. This can be attributed to the rising need to guarantee employee
retention by managing career and succession planning, and also by managing
workforce and employee benefits
- By deployment, on-premise is
expected to remain the most adopted method of deployment of HR
professional services and the segment is expected to register a CAGR of
9.7% over the forecast period
- The hosted deployment
segment is anticipated to expand at the highest CAGR of 15.6% over the
forecast period
- On the basis of end use, the
IT and telecom and retail segments are expected to exhibit strong growth
as enterprises aim to reduce their efforts on manually carrying out HR
operations such as conducting appraisals, performance evaluation, and
providing feedbacks
- North America is expected to
dominate the market over the forecast period and valued USD 1.08 billion
in 2017 owing to the presence of a large number of leading HR professional
services providers in the region
- ADP, Inc.; Oracle
Corporation; SAP SE; Ultimate Software; Workday, Inc.; IBM Corporation;
Kronos, Inc.; Skillsoft; and Cornerstone On Demand, Inc. are some of the
key players in the HR professional services market.
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HR Professional
Services Market Segmentation
Grand View Research has segmented
the global HR professional services market based on type, deployment,
enterprise size, end use, and region:
HR Professional
Services Type Outlook (Revenue, USD Million, 2014 - 2025)
- Core HR
- Employee Collaboration &
Engagement
- Recruiting
- Talent Management
- Workforce Planning &
Analytics
- Others
HR Professional
Services Deployment Outlook (Revenue, USD Million, 2014 - 2025)
- Hosted
- On-premise
HR Professional
Services Enterprise Size Outlook (Revenue, USD Million, 2014 - 2025)
- Large Enterprises
- Small & Medium
Enterprises
HR Professional
Services End-Use Outlook (Revenue, USD Million, 2014 - 2025)
- Academia
- BFSI
- Government
- Healthcare
- IT & Telecom
- Manufacturing
- Retail
- Others
HR Professional
Services Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- The U.S.
- Canada
- Europe
- France
- Germany
- The U.K.
- Asia Pacific
- Australia
- China
- Hong Kong
- India
- Japan
- Singapore
- Thailand
- Latin America
- Brazil
- Middle East & Africa
(MEA)
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company, registered
in the State of California and headquartered in San Francisco. The company
provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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