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 need to manage remote teams due to ongoing workplace transformation are creating demand for HR professional services.
Growing awareness among enterprises regarding 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 workload of HR personnel. This further offers them sufficient time to invest in strategic decision-making. Moreover, 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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Key Takeaways from the report:
- 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 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 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 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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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
- Talent Management
- Workforce Planning & Analytics
HR Professional Services Deployment Outlook (Revenue, USD Million, 2014 – 2025)
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)
- IT & Telecom
HR Professional Services Regional Outlook (Revenue, USD Million, 2014 – 2025)
- North America
- Asia Pacific
- Hong Kong
- Latin America
- Middle East & Africa (MEA)
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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