The Global market for employee on boarding software is forecast to reach $1.34 billion by 2025, growing at a CAGR of 6.4% from 2020 to 2025. The market growth is attributed to the factors such as technological advancements, growing digitization, growing demand from organizations for planning, budgeting, improving efficiency and others boosts the market growth.
Employee on boarding software Market Report Coverage :
The report: “Employee on boarding software Market – Forecast (2020-2025)”, by IndustryARC covers an in-depth analysis of the following segments of the employee off boarding software market.
By Deployment type: On Premise, Cloud
By Organization Size: Large enterprises, Small & Medium Enterprises
By End Users: BFSI, Government & Public Sector, Healthcare, IT & Telecommunication, Manufacturing, Retail, Others
By Geography: North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe(Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, South korea, Australia and Others), and ROW (Middle East and Africa)
Key Takeaways :
The rising investments and growth of IT infrastructure leverages a positive impact on the market growth of employee off boarding software.
Moreover, growing digital transformations across all end users verticals and rising demand from small & medium enterprises also contributes to the market growth.
Employee on boarding software Market Segment Analysis – By Deployment Type :
Cloud deployment type held the highest market share of employee on boarding software in 2019. Moreover, it is anticipated to witness the significant market growth during the forecast period 2020-2025. Every HR Manager uses different programs to handle day-to-day activities such as payroll processing and benefit administration. Cloud-based on-board workforce applications provide numerous opportunities in today’s workplace that can help to streamline a variety of job management activities. Time and resources are saved with easy access to essential business records and employee details. Cloud-based on-board employee applications include convenience and device usability regulation. Easily set up correct user controls to guarantee that only important individuals have access to confidential employee and business info. Since labour management is cloud-based, that implies access from any system at any time, wherever. By combining payroll and timekeeping functions, employees can leverage many of the functionality and advantages of a streamlined, cloud-based employee off boarding system. All these factors propels the market growth.
Employee on boarding software Market Segment Analysis – By Organization :
Employee on boarding software market is segmented into Large enterprise, Small and medium enterprise on the basis of organization size. Large enterprise segment held the highest market share in 2019 and is anticipated to witness the significant market growth during the forecast period 2020-2025. Large corporations provide a number of moving pieces that need to be attended to. As any company, workers are the most important commodity, but when a big organization becomes ever bigger, it can be challenging to keep track on all aspects of HR and retain appropriate policies and procedures in place. On boarding software may assist with these problems, but it is crucial to make sure that the chosen program provides the appropriate features. Many papers need to be treated at the time of recruitment. There would be too many forms, such as information transfer, business asset submission form, distribution of official email IDs, and so on. When all is handled online, it’s more time-saving and simplified. Easier to handle while many workers are on-board at the same time. It removes uncertainty from the situation, requiring the hired employee to compile the records and to maintain a detailed folder accessible for auditing. Physical activities are not necessary and workers are able to meet all their recruiting procedures.
Employee on boarding software Market Segment Analysis – By Geography :
North America region held the highest market share in 2019. The market growth is owing to technological developments, presence of developed countries and key manufacturers in this region. Moreover, growing automotive, BFSI, healthcare, manufacturing and other verticals in this region is dominating the employee off boarding software market. In June 2020, Humi a Toronto based start-up raised $15 Million Series A to further develop HR, payroll software for small and medium-sized businesses. In March 2019, Global human capital management (HCM) Leader Ceridian acquired assets of Clearview Logix and Paysa. Intellectual property from these two deals optimizes the control of the whole workplace lifecycle, including recruiting, employing, charging, deploying and producing employees. Such investments and acquisitions leads to boosts the market growth. Furthermore APAC region is anticipated to have the significant market growth during the forecast period 2020-2025. The market growth is due to rapid urbanisation, industrialisation, and others. Additionally, rising deployment of cloud technologies also boosts the market growth in this region.
Employee on boarding software Market Drivers :
Intuitive workforce management:
Recruiting and attracting quality performers are two of the biggest challenges for companies. This calls for coordinated recruiting programs, on boarding programs, efficient corporate coordination and the creation of workers. Lots of paperwork are involved when any employee is recruited in the organisation. With the application of software the work becomes easier and digital thereby propelling the market growth.
Employee on boarding software Market Challenges :
High cost With the technological advancements, software are also advanced. Consequently, high cost of software hampers the market growth in region with low per capita income. Cost factor, thereby, matters for the market growth in developing countries with people having low purchasing power.
Employee on boarding software Market Landscape :
Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the employee offboarding software market. As of 2019, the market for employee offboarding software market is consolidated with the top players including Oracle, SAP, ADP, Accenture Plc, Ceridian HCM Inc., Kenexa Corporation (IBM), Cognizant Technology Solutions, Halogen Software Inc., PeopleAdmin, and SumTotal Systems Inc., and among others.
Acquisitions/Technology Launches/Partnerships :
In November 2019, Launchways entered into partnership with Rippling for helping customers streamline their HR and IT tasks. This partnership provide a centralized software layer, robust service offerings, improving the overall user experience for customers.
In September 2018, LumApps entered into a partnership with ProcessMaker. The partnership was made to deliver joint solutions, combining ProcessMaker’s easy to use workflow automation and LumApps’ proven ability to engage employees and leverage all internal communications in a central hub.