Software as a Service (SaaS) based human resource management (HRM) refers to the human resource software operated in cloud computing environment. SaaS-based HRM applications enables to manage and control aspects of human resource activities to maintain all employees’ data from joining to retirement. In addition, SaaS-based HRM applications include human resource activities such as application tracking, directory management, electronic forms processing, time & attendance management, and others such as leave management, and payroll management. SaaS-based HRM applications enables to enhance the productivity of human resource staff by offering self-service web interfaces. Moreover, SaaS-based HRM allows organization to access and manage their employee information effectively on a real time basis. Many software development companies and vendors are emphasizing on enhancement of SaaS-based HRM applications by integrating value added functionalities such as workforce analytics, human resource compliance management tools, and other features such as process design control.
The global SaaS-based HRM market is predominantly driven by the increasing demand for cost saving solutions in HRM. The market demand is also supported by the growing importance for the deployment of employee-centric systems to enhance the human resource activities. Furthermore, the increasing workforce globalization is anticipated to supplement the large-scale adoption of SaaS-based HRM application by small and large enterprises worldwide. The growing demand for enhanced architectures for recruiting and talent functions is leading to the increasing implementations of SaaS-based HRM models such as employee verification, employment application processing, and employee benefit administration. Presently, internet connectivity is an essential requirement for SaaS-based HRM, as without internet accessibility it is challenging to operate the SaaS-based HRM application. In addition, security of employees information is a major concern in SaaS-based HRM application as the data is stored on cloud platform and vulnerable to the cyber intrusion. All these factors related to connectivity and data security are expected to restrain the growth of SaaS-based HRM market during the forecast period. The increasing automation and cost savings in human resource activities across the organizations are anticipated to provide prominent opportunities for SaaS-based HRM market in the long-term.
Global SaaS-based HRM market is categorized by enterprise size, by solution, by industry, and by geography. By enterprise size, SaaS-based HRM market has been classified into small and middle enterprise, and large enterprises. Based on solution, SaaS-based HRM market is classified into time & attendance management, absence management, HR & payroll, integrated solutions, and others (scheduling, hiring). By industry, SaaS-based HRM market is segmented into IT and telecom, manufacturing, healthcare, banking, financial services & insurance (BFSI), and others (government, logistics, etc.). On the basis of geography, SaaS-based HRM market is divided into Europe, North America, Asia Pacific, South America and Middle East & Africa. The use of SaaS-based HRM software across North America and Europe is increasing primarily due to growing organizations preferences towards the automation and cost reduction in human resource activities. In addition, SaaS-based HRM market is anticipated to witness prominent growth due to rising emphasize on implementation of employee-centric systems in human resource activities across Asia Pacific and Middle East & Africa.
The major players in global SaaS-based HRM market include Talentsoft SA, Cezanne HR Ltd., CloudPay, Inc., Oracle Corporation, Benrekia.com, SAP SE, Kronos, Inc., Ceridian HCM, Inc., ADP, LLC, Ascentis Corporation, and The Ultimate Software Group, Inc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.