Jan 21, 2021 (AmericaNewsHour) -- Based on application, the global SaaS-based human resource market has been segmented into talent acquisition, learning management, workforce management, recruitment management, performance management, compensation benefits and employee collaboration. The best SaaS human resource managements provide clients with variable options for executing designs and practical changes without heavy costs and freedom for modification. This factor is envisioned to strengthen the growth of SaaS-based human resource market .
The global market for SaaS-based HRM is expected to flourish at a CAGR of 10.2% over the forecast period i.e. 2016-2023. Gaining traction among numerous high-end industries such as healthcare, manufacturing and education among others is anticipated to drive the demand for SaaS-based HR market in near future.
In regional segment, North America has accounted for the largest market share in 2015 and is expected to continue its dominance by witnessing the highest growth over forecast period. This can be attributed to rising implementation of SaaS-based HRM systems by the enterprises. Followed by North America, Europe is expected to be the second largest revenue contributor across the globe in the market of SaaS-based HRM.
Moreover, increasing awareness towards the benefits of web-based services among the organizations combined with rising GDP growth in emerging nations is anticipated to boom the demand for SaaS-based HRM systems.
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Rising Complexities to Profit the Market
Growing concern for rising complexities in addition to new business processes in big firms will boom the demand for SaaS-based HRM. Further, to contribute in a long run of competition is making the business players to diversify the business combined with expansion of product range and workforce in organizations. This factor is estimated to swell the demand for SaaS-based HRM during forecast period.
However, presence of competitors, slow rate of adoption of SaaS-based HRM in medium and small enterprises and high cost might dissuade the growth of market in near future.
The report titled "SaaS-based Human Resource Market: Global Demand Analysis & Opportunity Outlook 2023" delivers detailed overview of the SaaS-based human resource market in terms of market segmentation by deployment, by applications, by end users and by region.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.
This report also provides the existing competitive scenario of some of the key players of the SaaS-based human resource market which includes company profiling of Oracle Corp., SAP AG, Ascentis, Halogen Software Inc., Ultimate Software Group Inc., Workday Inc., Ceridian Corp. and Kenexa Corp.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the SaaS-based human resource market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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