Global HR Enterprise Performance Management Software Market Size By Company Size (Large Enterprises, Small and Medium Enterprises), By Deployment (On-premise, Cloud-based), By Verticals (BFSI, IT & Telecom, Manufacturing), By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationHR Enterprise Performance Management Software Market Size And Forecast
HR Enterprise Performance Management Software Market size was valued at USD 355.73 Million in 2024 and is projected to reach USD 633.44 Million by the end of 2031, growing at a CAGR of 8.25% from 2024 to 2031.
Global HR Enterprise Performance Management Software Market Drivers
The market drivers for the HR Enterprise Performance Management Software Market can be influenced by various factors. These may include
- Demand for Talent Management SolutionsCompanies are placing a greater emphasis on luring, keeping, and developing elite personnel in light of the fiercely competitive labor market. HR EPM software provides all-inclusive talent management solutions, such as competency management, goal-setting, performance evaluation, and succession planning, all of which are critical for businesses to efficiently manage their staff.
- Emphasize Employee Engagement and ProductivityThe success of an organization depends heavily on employee engagement and productivity. HR EPM software facilitates the process of matching employee goals with company objectives, offering consistent feedback, and cultivating a culture of ongoing enhancement, all of which contribute to increased employee engagement and productivity.
- Transition to Data-Driven Decision MakingIn order to make well-informed decisions, organizations are depending more and more on data-driven insights. HR professionals and business leaders may examine key performance indicators (KPIs), spot patterns, and make data-driven choices about talent development, performance management, and workforce planning by using the analytics and reporting features that HR EPM software offers.
- Compliance Requirements and Regulatory ChangesOrganizations are very concerned about adhering to industry standards, labor laws, and regulations. HR EPM software lowers the risk of non-compliance and corresponding fines by helping to ensure compliance with regulatory standards pertaining to performance management, remuneration, and employee data protection.
- Remote Work and dispersed TeamsAs remote work and dispersed teams have grown in popularity, it has become more difficult for businesses to properly manage and assess employee performance. Flexible work arrangements are supported by HR EPM software, which gives employers the ability to evaluate and manage employee performance from any place thanks to collaboration tools, mobile adaptability, and remote access.
- Integration with ERP and HRIS SystemsFor smooth data exchange and process automation, integration with the current ERP (Enterprise Resource Planning) and HRIS (Human Resource Information System) systems is essential. Those seeking to increase overall productivity and optimize HR procedures use HR EPM software with simple integration features with other enterprise systems.
Global HR Enterprise Performance Management Software Market Restraints
Several factors can act as restraints or challenges for the HR Enterprise Performance Management Software Market. These may include
- High Implementation and Maintenance CostsThe initial outlay for HR EPM software implementation can be significant and includes licensing fees, customisation, integration, and training costs. Furthermore, continuing maintenance expenses, including as infrastructure requirements, software upgrades, and support, can put further burden on an organization’s budget, especially for smaller businesses with tighter budgets.
- Adoption and Resistance to ChangeOrganizational leaders and employees who are resistant to change may make it more difficult for HR EPM software to be adopted. Because of worries about job security, position changes, or more monitoring, employees may be reluctant to new performance management tools or procedures. Organizational executives may also be reluctant to embrace new software because of habit, doubts about its advantages, or a preference for the status quo.
- User experience problems and complexityHR EPM software frequently has sophisticated features and functionalities that may overwhelm users and prevent adoption. Low utilization rates might result from a poor user experience, which includes clumsy interfaces, drawn-out procedures, and a lack of intuitive design. Inadequate training and support resources can further make these usability problems worse, which would further reduce the software’s efficacy.
- Data Security and Privacy IssuesHR EPM software handles sensitive employee data, including as personal information, pay information, and performance reviews. Organizations may be exposed to serious risks as a result of data privacy and security issues, including unauthorized access, data breaches, and compliance with data protection laws (such as the CCPA and GDPR). Inadequately addressing these issues may discourage businesses from purchasing HR EPM software or result in fines and harm to their brand.
- Integration Difficulties with Current SystemsIt can be difficult and time-consuming to integrate HR EPM software with current ERP, HRIS, and other business systems. During the integration phase, compatibility problems, data transfer difficulties, and customisation requirements may surface, postponing implementation and driving up expenses. Furthermore, data silos and disjointed workflows resulting from a lack of compatibility across various software platforms might lower the general efficacy and efficiency of HR procedures.
- Limited Scalability and CustomizationPre-made HR EPM software could not always satisfy the particular requirements and tastes of businesses, particularly those with intricate organizational structures or sector-specific demands. Restrictions on scalability and customization choices might limit the software’s capacity to adjust to changing business needs, resulting in functional compromises or expensive upgrades and customizations for businesses.
- Pressure from Competition and Market ConsolidationThere is fierce competition among the manufacturers providing comparable HR EPM software, making the market more competitive. Organizations may have fewer options and less competition as a result of mergers and acquisitions, which may restrict their capacity to negotiate prices and obtain cutting-edge features. Furthermore, strong businesses can use vendor lock-in or aggressive pricing practices, which would make it difficult for smaller vendors to effectively compete.
Global HR Enterprise Performance Management Software MarketSegmentation Analysis
The Global HR Enterprise Performance Management Software Market is segmented by Company Size, Deployment, Verticals, and Geography.
HR Enterprise Performance Management Software Market, By Deployment
• On-premise• Cloud-based
In 2021, having your software on-premise was the most popular choice, grabbing a whopping 58.57% of the market! That's like USD 647.27 Million worth! And get this – it's expected to keep growing at about 5.97% each year. Now, remember that on-premises software means buying a license for every server or person who uses it. It's the classic way many companies have used applications for ages. Sure, it can cost a bit more than those cloud-based options because you're buying your own server hardware, paying for those licenses, and needing your own IT wizards to keep things running smoothly, and it can take a while to get everything set up. But, a lot of folks think it's the safer bet, especially when you need to keep your data super protected inside your own walls. You're basically running everything—managing everything—from your own hardware. This gives you a feeling of security, which is a big deal for companies like those in the IT and Telecom world who handle really sensitive stuff.
HR Enterprise Performance Management Software Market,
By Company
Size
• Large Enterprises• Small and Medium Enterprises
In 2021, the big guys, we're talking Large Enterprises, really dominated the market, grabbing a whopping 65.34% share, which translates to a market value of USD 722.08 Million. And get this, they're expected to keep growing at a healthy rate of 7.90% each year! These Large Enterprises, you know, the ones with over a thousand employees and offices all over the place, have massive networks and lots of ways to bring in revenue. They're also usually dealing with some pretty complex systems and software. One of the big reasons they're embracing HR enterprise performance management software is because they're trying to get a handle on all that hospital data. Plus, here in North America, we've got tons of these Large Enterprises actively using the platform.
HR Enterprise Performance Management Software Market, By Verticals
• BFSI• IT & Telecom• Manufacturing• Retail• Government• Healthcare• Others
In 2021, the BFSI sector – that’s Banking, Financial Services, and Insurance – really led the pack, grabbing the biggest slice of the market at 25.56%, which was worth a cool USD 282.49 Million! And it's not stopping there! Experts are predicting some serious growth, like an 8.16% CAGR over the next few years. Why the boom? Well, think about itpeople are earning more, companies are coming up with new products, tech is getting more innovative, and it's easier to access these services. Plus, people are just more aware of all the financial options out there! This sector even plays a big role in developing talent within the Banking industry. You'll find that it's used heavily by IT companies, ITES providers, BPO companies, and even those technical and professional service firms that handle things like data processing, application testing, and software development for the industry.
HR Enterprise Performance Management Software Market, By Geography
• North America• Europe• Asia Pacific• Latin America• Middle East & Africa
In the global market split, North America is dominating region-wise while automated is leading according to type. The North American countries have nurtured many opportunities for entrepreneurs in recent years, with the number of small businesses significantly rising. For instance, the number of small businesses in the US reached 32.5 million in 2021 observing a sustained growth of about 2.5% from the previous year and a growth of 9.8 percent over the four years from 2017 to 2021.
Key Players
The prominent players in the HR Enterprise Performance Management Software Market are Oracle, SAP SE, Anaplan, Infor, BearingPoint, Broadcom, International Business Machines Corporation (IBM), Workday Inc., Unicom Systems Inc., Planful, Unit4 Inc., Epicor Software Corporation, Board International, LucaNet, and Prophix.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2021-2031 |
| BASE YEAR | 2024 |
| FORECAST PERIOD | 2024-2031 |
| HISTORICAL PERIOD | 2021-2023 |
| UNIT | Value (USD Million) |
| KEY COMPANIES PROFILED | Oracle, SAP SE, Anaplan, Infor, BearingPoint, Broadcom, International Business Machines Corporation (IBM), Workday Inc., & Others |
| SEGMENTS COVERED | By CompanySize, By Deployment, By Verticals, and By Geography. |
| CUSTOMIZATION SCOPE | Free report customization (equivalent to up to 4 analysts’ working days) with purchase. Addition or alteration to country, regional & segment scope. |
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