SAAS-based Human Resource Industry - Regional Synopsis
North American Market Forecast
North America industry is likely to hold largest revenue share of 40% by 2037, impelled by the growing number of enterprises. This has led to an increase in the adoption of HR & Payroll Software in the region. For instance, more than 33 million small firms operated in the US in 2023, accounting for around 99% of all US businesses. According to research, it was revealed that more than 3 million utilize HR management software .
In addition, the increasing efforts to adopt automation and various strategies to implement cost reduction in human resource management activities by several organizations, along with the expansion of the HRM software industry. For instance, in the United States, the number of businesses in the HR and payroll software industry grew by about 10% each year on average during 2017–2022.
APAC Market Statistics
The Asia Pacific SAAS-based human resource market is estimated to the second largest, during the forecast period, led by the presence of a constantly developing IT industry and rising economies such as India, China, Japan, and Singapore. According to estimates, the Chinese software industry is estimated to have around 39,000 software companies in 2021. Moreover, various government initiatives and rising investments are also estimated to drive SAAS-based human resource market growth in the region. According to the India Brand Equity Foundation data, about USD 11.58 billion has been allocated to India's IT and telecom sector in the Union Budget 2022–23.
