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Human Resources Information System (HRIS) Software Present Market and Future Scope – A Complete Overview

The modern world, powered and driven by technology, has opened doors to diverse and rewarding growth opportunities for companies. There is a tech-powered solution for every corporate problem. Extensive automation and the use of robust software to manage the operations across a business has made running a business much simpler than it was a few decades ago. Leveraging such tech tools to eliminate manual, tedious tasks saves companies from draining their budgets and resources.

While, on one hand, it can be said that the corporate sector is being saved, there is a need to look at the other end of the table where possibilities of a dehumanized workplace are arising. Dehumanization due to the automation of tasks in a company is a real threat that the world is dealing with presently.

This is where the Human Resources Information System (HRIS) comes into the picture. HRIS software helps companies efficiently manage employee data and prevent workplace dehumanization. The Human Resources Information System Software is a tech solution that companies use to maintain and manage all employee details while ensuring compliance with all human resources-related policies and procedures. It eliminates manual, paper-based HR tasks to facilitate a smooth and streamlined relationship between the employee and the company.

The HRIS software is made of two pillars, including organizational design and employee data management. The organizational detail aspect of this software is used to establish a clear path towards smooth operational functionality and consistency.

The HRIS Software Market Undergoes a Revolution

There are several challenges that the HRIS market is facing. The key to success in this modern era associated with high risks of dehumanization is understanding these challenges and looking for HRIS software that meets the company’s needs.

The major challenge when it comes to the HRIS market is security. This is an element that really hinders the growth of the market. Even though HRIS software brings significant benefits, models run on cloud-based systems can expose the company to security issues. In addition to these challenges, there are other drivers that push software developers to create much more comprehensive solutions than ever before. One major driver of this market is the growing demand for cloud-based solutions

To address these challenges and the demand, the industry has welcomed several new technologies. Companies such as SAGE, SAP, Oracle (NetSuite) are changing the game. Thanks to their contributions, the HRIS software market has come a long way from being the $14-plus billion industry. Starting talent management tools and coming to integrated talent management, there is a lot that has changed for the human resources industry, and with it, the HRIS market is undergoing a revolution.

As of 2019, the global HRIS market reached $8 billion, with a growth rate of 9%. The industry is growing, and with the help of major players, including SAGE, SAP, and NetSuite, things will only get better for the employees in the corporate sector. Considering the present growth rate of this industry, it is expected that the market size will reach $38.17 billion by 2027, with an anticipated CAGR of 11.7% for seven years, starting from 2020.

The Key Players in the Market

While the HRIS software industry is growing rapidly, several companies play a key role in this growth. As discussed earlier, there are three major contributors of this industry – SAGE, SAP, and NetSuite – each of them bringing a unique set of benefits to the companies adopting HRIS software to prevent the spread of dehumanization.

SAP – Efficiently Automating Record-Keeping

SAP, a German business technology platform, came into the picture way before SAGE and NetSuite made their way into the industry. The company has long been known for developing enterprise software to make business management convenient and stress-free.

With its human resources module, the SAP HR software is making strides in the world of HRIS software. It is one of the most useful modules of the SAP as it is playing a key role in helping companies streamline their HR processes and strengthen their relationship with the employees.

Be it administration data management or payroll documentation; SAP HR helps automate the entire HR record-keeping system. The sub-modules of SAP HR include organizational management, personnel administration, time management, travel management, and payroll accounting.

SAGE – One-Stop Business Management Solution

SAGE, a British enterprise software company, came after SAP and NetSuite disrupted the market. Ever since this software company came into existence, it has been introducing efficient business management solutions.

Like all other business management operations, SAGE is disrupting the HRIS market with its Sage HRMS software. It is a one-stop HR solution that has been specifically developed for small and medium-sized companies.

From employee record management to risk mitigation and compliance management, this software offers it all.

Oracle NetSuite – The King in the World of Business Management

NetSuite, an American cloud-computing company, came into existence in 2016. It has, since then, proved as the ultimate business management solution. The software company provides comprehensive solutions to make business management easy by streamlining all operations. No other software has been able to surpass the features and benefits offered by NetSuite.

Even in the HRIS market, NetSuite is ranking high by bringing to the industry more engaging and insightful people management options, Oracle NetSuite is adopted by companies all across the world. It is flexible and offers role-based security with unified access.

Companies are using Oracle NetSuite to simplify payroll processing, redefine the employee experience, and allowing them to manage a diverse workforce easily. It can be said that NetSuite is one of the strongest tools for companies against dehumanization.

The Ending Notes

The HRIS software market is ever-growing. As the world advances and welcomes an increased number of tech solutions, there will be a rise in dehumanization risks. In the fight against dehumanization, these tech-powered HR systems can really change the game. In the end, it is the people who make companies work and prosper!

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