Human resource department operates various functions like recruitment, salary hikes, vacation leaves, bonus, training, management and payment benefits management. This Human resource (HR) software maintains the confidential data like information of employee, address, contact number and financial data. HR software is only software that provides Software-as-a-Service (SaaS) model which is useful in total employee life-cycle management capabilities and is a key driver for growth of Healthcare Human Resources Software market. It offers various benefits like document control and security. Introduction of the new tools in the software like advertisement management, candidate searching, and linkup with Facebook and LinkedIn contribute for the growth of HR software market.
The healthcare HR software streamlines and simplifies the processes and enables the healthcare professionals to deliver quality patient care. Increase in automation of healthcare fuel the growth of HR software market. HR software helps in minimizing the time exhausted on administration, increasing popularity and awareness regarding the benefits of HR software led to the ameliorating HR software market during the forecasted period. But rapid increase in cybercrime which may harm data security and complexity of software increases as the size of organization increase are some of the factors restraining the market growth.
Human resource software market in healthcare is around 1 billion and it is expected to reach USD 1.4 billion till 2023 and is expected to grow at a slow CAGR of 2.3% from 2017-2023. According to a recent study report published by the Market Research Future, the global Healthcare Human Resources (HR) Software market is expected to gain eminence over the forecast period. The market is forecasted to demonstrate a steady growth by 2023, surpassing its previous growth records in terms of value with a constant CAGR during the anticipated period.
Global Healthcare Human Resources (HR) Software Market - Competitive Analysis
The market for Healthcare Human Resources (HR) Software is characterised by the presence of several well-established and small players, the global market of Healthcare Human Resources (HR) Software appears to be highly competitive and fragmented. Major players are increasingly expanding their footprint in the emerging nations, making it putting pressure on the regional players, especially in terms of features such as type, product portfolios, and pricing. The market is witnessing intensified competition which is expected to get more intensified further during the forecast period. The Healthcare Human Resources (HR) Software market appears to be highly competitive owing to the presence of several large and small key players accounting for a substantial market share. These vendors have adopted different types of growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their offerings in the core HR software market.
In September 2016, Paychex, Inc., a leading provider of integrated human capital management solutions has showcased their new Paychex Flex enhancements that will address two of the HR industry’s biggest trends – mobile user experience (UX) and HR analytics.
Additionally, in October 2015, Ceridian has launched a Dayforce Software Partner Program (DSPP) – a software partner ecosystem aimed at helping organizations easily connect other HCM-related solutions with Dayforce HCM. This will help the company to strengthen its position in the global market by increasing the customer base.
Furthermore, in October 2017, Oracle launched new additions to the Oracle Human Capital Management (HCM) Cloud portfolio. Part of Oracle Cloud Applications Release 13, the latest release of Oracle HCM Cloud introduces three new applications, major user experience enhancements, and extensions to existing HR modules.
Moreover, May 2017, Saba Software Inc., Vector Capital and its affiliates, and Michael Slaunwhite completed the acquisition of all of the issued and outstanding common shares of Halogen Software Inc.
Therefore, the growing key business startegies will help the key competitors to expand their presence in various parts of the globe for their competitive products and will has spurred the growth of the market.
Paychex, Inc. (US), Paycom Software, Inc. (US), SumTotal Systems Inc. (US), SAP SE (Germany), Ceridian HCM, Inc. (US), Taleo Corporation(US), PeopleAdmin(US), Kenexa Corporation(US), Workday, Inc. (US), Halogen Software Inc(Canada), SuccessFactors (US), CoreHR (Ireland), Ultimate Software (US), International Business Machine (IBM) Corporation (US), EmployWise (India) and Oracle Corporation (US) are some of the prominent players at the forefront of competition in the Global Healthcare Human Resources (HR) Software Market and are profiled in MRFR Analysis.
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