The term employee onboarding is a program where newly hired employees are trained to understand business process and their roles in the company. And likewise to enable the employee to be more productive and integrate into their team quicker. Such softwares allow both the employees and the hiring managers to track paperwork and training progress, among many other jobs. Thus, this is driving the adoption of employee onboarding software market. For instance – with the advent of latest available technology, HR functions are evolving across various organizations. Hence one can find an increasing demand for automated HR process and the growing cloud-based deployment solution which is further expected to accelerate the growth of the employee onboarding software market.
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Large corporations have a number of moving pieces that need to be attended to and workers are the most important to any company. However, when a big organization further expands, it can be challenging to keep track on all aspects of HR and retain appropriate policies and procedures in place. This is when on boarding software comes in handy to assist with these problems, but it is crucial to make sure that the chosen program provides the appropriate features. For instance - at the time of recruitment there may be many papers which would need to be checked upon, such as information transfer, business asset submission form, distribution of official email IDs, and so on. When such forms are handled online via software, it becomes more time-saving and simplified, whilst also removing uncertainty from the situation. An increasing use of such software among small and medium-sized businesses is further expected to rise. For instance - In June 2020, Humi a Toronto based start-up raised $15 Million Series A to develop HR, payroll software. This software aside from the newly hired employees also assists tenured or internally transferred employees. For instance - many companies transfer employees to different departments for the sake of providing career opportunities and maximizing career growth. With such software’s, internal hires can have access to their newly added responsibilities. They will also be able to automatically gain access to the organizational structure in new departments. These factors are driving the demand of employee onboarding software market.
The detailed research study provides qualitative and quantitative analysis of employee onboarding software market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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Key Findings of the Report:
- The employee onboarding software market was valued at US$ 927.51 Mn in 2020 and is anticipated to reach US$ 2574.15 Mn by 2029 growing at a CAGR of12.2% over the forecast period (2021 – 2029).
- By deployment, on-premise segment recorded the highest share in the employee onboarding software market in 2020.
- In terms of organization, large enterprises accounted for the highest market share in 2020, while small and medium enterprises is expected to be the fastest growing over the forecast period.
- By industry vertical, banking financial service and insurance accounted for the highest market share in 2020.
- The annual revenue model accounted for the highest market share in 2020.
- By region, North America accounted for the highest market share in the employee onboarding software market in 2020.
- Some of the players operating in the employee onboarding software market are ADP, Inc., Asana, Inc., Bamboo HR LLC, ClearCompany, Collage, Freshworks Inc., GoCo, Gusto, HROnboard Pty Ltd., iCIMS, Kissflow Inc., Lessonly, Inc., Namely, Inc., Oracle, SAP SE, Scoro Software, Tasytt Inc., Ultimate Software, WorkBright, Zoho Corporation Pvt. Ltd, Other Market Participants.
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Global Employee Onboarding Software Market:
- On Premise
By Organization Size:
- Small and Medium Enterprises
- Large Enterprises
By Industry Vertical:
- Banking Financial Service and Insurance (BFSI)
- IT and Telecommunication
- Media and Entertainment
- Marketing and Advertising
- Retail and Consumer Goods
- Travel and Hospitality
By Revenue Model:
- North America
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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