Global SAAS Based Human Resource Market Size Forecast 2024 - 2033
19 Dec, 2024
What Is The Overview Of The Global SAAS Based Human Resource Market?
Software as a Service (SaaS)-based human resource (HR) refers to cloud-based tools hosted on a cloud platform and accessed by users over the internet on a subscription basis. It provides organizations with tools for managing HR functions to streamline processes, improve efficiency, and enhance workforce management. SAAS-based HR solutions are often scalable, customizable, and accessible from anywhere with an internet connection, providing flexibility and efficiency to HR departments and enabling better management of workforce-related processes.
SAAS Based Human Resource Global Market Report 2024 provides data on the global saas based human resource market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The SAAS Based Human Resource market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Forecasted Market Size And Growth Rates For Global SAAS Based Human Resource?
The SAAS based human resource market size has grown rapidly in recent years. It will grow from $329.92 billion in 2023 to $374.54 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The growth in the historic period can be attributed to the increasing adoption of cloud computing technologies, the need for streamlined HR processes, the rise in remote work, the rise in focus on employee experience, and cost reduction and operational efficiency. The SAAS based human resource market size is expected to see rapid growth in the next few years. It will grow to $631.00 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The growth in the forecast period can be attributed to the global shift towards hybrid work, emphasis on employee well-being, the rise of AI-driven HR technologies, a rise in focus on diversity, equity, and inclusion, and enhanced cybersecurity measures. Major trends in the forecast period include adopting artificial intelligence (AI) in SAAS-based HR solutions, integration with collaboration tools, data analytics capabilities within SAAS-based HR solutions, personalization and customization, and enhanced security and compliance.
What Factors Are Driving Growth In The SAAS Based Human Resource Market?
Increasing adoption of remote work is expected to propel the SaaS-based human resource market going forward. Remote work refers to a work arrangement where employees perform their job duties outside of a traditional office environment, typically from home or another location away from the employer's premises. The surge in remote work is due to changing attitudes towards work-life balance and the necessity for business continuity during global events such as the COVID-19 pandemic. SaaS-based HR solutions are essential for establishing and maintaining a successful remote work culture by providing the necessary tools and infrastructure to support remote employees effectively. For instance, in September 2023, according to the U.S. Bureau of Labor Statistics, a US-based federal agency that collects and disseminates data on the U.S. economy and labor market, the percentage of people who teleworked or worked at home increased from 17.9% in October 2022 to 20.0% in August 2023. Therefore, the increasing adoption of remote work is driving the growth of the SaaS-based human resource market. The market sizes for 2023, 2024, and 2028 are crucial to understanding this market's expansion.
Get Your Free Sample of the Global SAAS Based Human Resource Market ReportWhat Are The Main Segments Of The Global SAAS Based Human Resource Market?
The SAAS based human resource market covered in this report is segmented –
1) By Type: Cloud Based, On Premise
2) By Organization: Small And Midsize Enterprises (SMEs), Large Enterprises
3) By Application: Time And Attendance Management, Absence Management, Human Resource (HR) And Payroll, Integrated Solutions
4) By End User: Information Technology (IT) And Telecommunication, Manufacturing, Healthcare, Banking Financial Services And Insurance, Government, Logistics
What Emerging Trends Are Influencing The Growth Of The SAAS Based Human Resource Market?
Leading companies in the SaaS-based human resource market are advancing technologies like HR Payroll Solutions to maximize revenue. These solutions are designed to automate and streamline payroll processes within human resource management. For instance, in July 2023, Premier Inc., a US-based healthcare solutions provider, launched PINC AI HR Payroll Solutions tailored for the healthcare sector. This SaaS-based solution offers features for payroll, employee records management, benefits administration, and self-service for employees and managers. PINC AI HR Payroll addresses the complex payroll needs of the healthcare industry, including managing multiple job roles per employee with varying pay rates, shift differentials, and overtime rules.
What Is The Largest Region In The SAAS Based Human Resource Market?
North America was the largest region in the SAAS-based human resource market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the SAAS based human resource market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.