July 26th, 2022
The Employee Management Software Market was valued at USD 1.44 billion in 2021 and is projected to reach USD 4.65 billion by 2028, registering a CAGR of 18.23%.
Employee management software is defined as the extensive set of employee management tools that are used in various organizations to manage employee information, engagement, and performance, for the growth of the business. These tools not only store and manage confidential employee data, but they can also effortlessly handle all employee-centric HR processes from recruitment to performance and offboarding. Employee management software act as HR’s co-captain. This software provides various types of automated services such as Onboarding, Payroll, Performance review evaluations, Two-way employee-manager feedback, Employee recognition functions, and Company policy communication. The key features of employee management software include activity analysis, smart rules and warnings, live views, recording keystroke logging, and file transfer tracking. Because of this software organizations exhibit greater performance work and high productivity. This also increases the communication among the employees and managers of an organization and make a unified company culture.
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Major Key Players for Employee Management Software Market:
· Oracle (PeopleSoft)
· Employee Navigator
Market Dynamics and Factors:
The business sectors are rapidly increasing across the world. The use of the different kinds of software for proper tracking software is a key factor that drives the growth of the market. Rising the adoption of various software, advanced technology, and installing the various applications for high production increase the competition among the companies. Employee management software offers multiple benefits such as promoting high efficiency and productivity, raising the skills of employees, cost-saving, reducing errors, regulatory compliance, attendance monitoring, securing the data regards the employee, improving the employee engagement, and also improving the decision-making. This increase the adoption of employee management software in a different organization which propels the growth of the market in the forecast year. Rising the cyber-threats and privacy issues can involve hampering the growth of the employee management software market in the projected timeframe.
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Employee Management Software Market Report Highlight:
· By type, the cloud segment is expected to have the maximum market share in employee management software during the projected period. Cloud, centralize the all the data of employees is easy to access for the company which propels the growth of the market.
· By application, the BFSI and government segment is expected to have the maximum market share in employee management software during the forecast period. The companies involved in the BFSI and government sector manage the huge data of customer and requires new software to manage data which propels the growth market.
· By enterprise size, the large enterprise segment is predicted to expand the most in the employee management software market during the forecast year. Large enterprises have a huge employee base to maintain the relationship with employees use this software that drives the growth of the market.
· By region, North America is expected to dominate the employee management software market, during the projection period. The rising business sectors with a growing number of adoptions of multiple software support the growth of the employee management software market in North America.
Key Industry Development:
· In March 2022, BambooHR is the industry's leading cloud-hosted software provider launched Employee Wellbeing. The new features of this software help to survey employees and measure overall wellbeing and career fulfillment.
· In April 2022, Oracle announced a complete employee experience platform Oracle ME that helps organizations increase employee engagement and ensure employee success.
Employee Management Software Market Segmentation:
· IT & Telecom
· BFSI & Government
· Small Enterprise
· Medium Enterprise
· Large Enterprise
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For this report, Introspective Market Research has segmented the Employee Management Software Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
Rest of Europe
Rest of Asia-Pacific
Middle East & Africa
Rest of MEA
Rest of LATAM
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Scope of the Report:
The objective of the research is to provide the market knowledge and strategic insights to assist decision-makers in making informed investment decisions and identifying potential gaps and growth opportunities. Historical revenue and sales volume are reported, and additional data is triangulated using top-down and bottom-up methodologies to predict forecast numbers for important regions covered in the research, as well as classified and well-known Types and end-use industries. The Employee Management Software Market study explores the competitive landscape of the global market. In addition to rival market share research, in-depth profiling, product/service, and business overviews, the study focuses on BCG matrix, heat map analysis, and SWOT analysis to better correlate market competitiveness. Five forces analysis, Ansoff matrix, PESTEL analysis, and value chain analysis are used to better understand market conditions.
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