The global healthcare human resources software market is set to reach valuation of USD 1.4 billion by 2023, confirms Market Research Future (MRFR) in its new report. The global market will be expanding at a very sluggish CAGR of 2.3% during the forecast period (2016-2023). Errors in management of HR, organizational complexity and compounded inefficiency results in healthcare industry seeking solution in the form of healthcare human resources software. The global market is thriving on the back of complex healthcare industry in dire need of a simplified software to minimize errors. The software offers various benefits that include document control and data security along with functions like recruitment, salary hikes, vacation leaves, bonus, training, and management. Hence, on account of these benefits, the demand for the HR software has increased in the healthcare industry. Moreover, added features in the software such as advertisement management, candidate searching, and link up with social media such as LinkedIn make the software more appealing to the consumers, hence positively influencing the sale globally. In addition, growing automation and rise in demand for simplification of employee data nurtures the healthcare human resources software market.
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On the other hand, increase in cyber-crime incidences may deter the market growth in the coming years. On the contrary, the HR software is highly automated, which reduces the time spent on manual data entry work as well as other time consuming administrative work. This feature aides the market gain immense popularity elevating the market growth.
Also to be noted are few trends changing the dynamics of the global market. One of these trends is adoption of cloud-based software systems. This type of software is easier to navigate and enables employees to use it wherever and whenever needed. This results in HR staff gaining extra time to complete large number of administrative tasks.
The global healthcare HR software market has been segmented on the basis of administration software, software types, organization types and end-users.
The administration software is sub-segmented into payroll, time and attendance, benefits management and others. The software, when used for tracking payroll, proves to be highly advantageous in an organization as it tracks salaries and deductions. This helps in managing employee insurance premiums, gratuity, and retirement programs.
The software type is sub-segmented into recruiting, software-as-a-service (SaaS), core HR and others. The SaaS software offers many potential advantages over the traditional software, such as easy upgrades, low up-front cost, quick set-up and high scalability. Therefore, on the basis of these benefits, SaaS finds many applications in the healthcare human resources platform.
The organizations type is sub-segmented into medium businesses, large enterprises, and small business.
The end-users in the global market are pharmaceuticals, hospital and laboratories and other. Large number of hospitals adopt the HR software as it is an ideal solution to reduce the organization complexity, increase productivity and reduce cost with easy-to-use administrative self-serve platform. It helps create a communication-rich environment, keeps track of every kind of data and aligns the workforce efficiently.
According to the report, the global market for healthcare HR software is established in the regions of North America, Europe, Asia-pacific and Middle East and Africa.
Among all regions, North America holds the largest market share of the global market. Vast development of healthcare sector has resulted in this growth. In the region, Canada and United States (U.S) are the prominent countries to contribute to the market. The need to reduce the labor costs and growing demand for operational efficiency catalyzes the market growth in the region. Moreover, intense competition amongst market players also shapes the market size positively.
On the other hand, the Asia Pacific market is anticipated to grow at the highest rate owing to rapid industrialization and growing number of healthcare organizations. The developing countries such as India and China are major contributors to the regional market. Heavy reliability on technology and increasing digitization has been observed in the region which has, in turn, led to massive market expansion.
Next in line is the Europe market which is expected to witness promising growth due to growing number of numerous corporate offices in healthcare sectors. Need for simplified and strategic human resource management, increasing awareness pertaining to the benefits of the software and sophisticated healthcare infrastructure has ameliorated the market size in the region.
The markets in Middle East and Africa are growing steadily. The regions are heavily burdened with onslaught of diseases. This has increased the investments and expenditures for healthcare services, leading to market expansion.
The key players mentioned in the Healthcare Human Resources (HR) Software Market report include PeopleAdmin (US), Kenexa Corporation (US), SAP SE (Germany), EmployWise (India) and Oracle Corporation (US).
India-based MEngage Technologies Pvt. Ltd has raised USD 175,000 million in funding to enhance its technology platform. The company connects doctors with patients through software-as-a-service (SaaS) app. The software stores a patient’s medical history on the cloud and allows doctors to manage appointments in real time, and then set automated reminders. It also has features such as sharing prescriptions, a chat facility, and notifications. Moreover, the software also provides doctors with digital notepads for prescriptions. Technological innovation is a strategic plan adopted by the company that will help make the product more appealing to the consumers and also help the company establish itself further in the global healthcare HR software market.
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