11-Feb-2020 | Zion Market Research
Zion Market Researc has authored “Employee Onboarding Software Market – By Deployment Mode (On-premise, Cloud-based) and By By End-User (Small and Medium-Sized Enterprises, Large Enterprises) By Verticals (Automotive, Banking, Financial Services and Insurance (BFSI), Energy and Utility, Government, Healthcare, IT and Telecom, Manufacturing, Media and entertainment, Retail and Consumer Goods, Transportation and Logistics, Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2019 - 2026”. In 2019, the global employee onboarding software market was around USD 774 million and due to rising demand, it is expected to reach almost USD 2,100 million by 2026. The expected CAGR for the employee onboarding software market is around 12% from 2020 to 2026.
The employee onboarding software is a technology that provides a transition for new hires. The employee onboarding software is designed to help employees to adapt themselves to their new workplace in a timely fashion and to introduce employees with a commitment to company culture, employment, and overall comfort. Employee onboarding software works by providing a digital dashboard through which the talent team can get an easy transition to track the progress of the hired employees. It also helps the manager and leadership to address the needs related to their hired without placing a burden on managers or HR. It also ensures that the new hire introduction is appropriate and consistent.
This review is based on a report by Zion Market Research, titled “Employee Onboarding Software Market – By Deployment Mode (On-premise, Cloud-based) and By End-User (Small and Medium Sized Enterprises, Large Enterprises) By Verticals(Automotive, Banking, Financial Services and Insurance (BFSI), Energy and Utility, Government, Healthcare, IT and Telecom, Manufacturing, Media and entertainment, Retail and Consumer Goods, Transportation and Logistics, Others): Global Industry Perspective, Market Size, Statistical Research, Market Intelligence, Comprehensive Analysis, Historical Trends, and Forecasts, 2019–2026” report at https://www.zionmarketresearch.com/report/employee-onboarding-software-market-by-deployment-mode-on
After the hiring of new employees, there is lots of paperwork from the introduction to other documented data related to the employee. With onboarding software, employers can easily carry information from form to form, and place all documents appropriate with minimum time spent on documentation.
Employee onboard software helps in employee compliance by providing in-depth explanation and guidance, it saves the time that needs for compliance. It also helps in background checks, by automatically updating the data which is important for the organization and the new hire. Employee onboard software helps to access the employee critical information. Easy access and minimum time can be a significant driver for the employee onboarding software market. Several organizations have very little funding and thus have to struggle for implementation in digital transformation. Lack of budget can hamper the adaptation of employee onboarding software for numerous organizations. Additionally, the IT system needs modification and maintenance which also require huge investments. This factor can hamper the employee onboarding software market. Employee onboarding software organizes all documents with easy access platform and reduces the time required to search to locate onboarding and training documents. With the adoption of AI-power tools with employee onboard software, employee sourcing and screening will take less time and more time will be spent on employee relationship-building, engagement strategies, developing culture. Such an AI-power tool can create an opportunity for employee onboard software.
HR transformation is taking advantage of the latest technology across all functions of HR and all parts of the organization. By deploymkent mode, the cloud based segment is expected to witness the fastest growth of around 13% over the forecast period. A cloud-based employee onboarding software is maintained by external providers and the employees of an organization. By vertical, retail, consumer goods segment and banking segments are showing the fastest growth and holding the largest shares in the global employee onboarding software market.
Demand for channelizing the overall HR processes, increasing employment rates as well as fast adoption of automation across all departments are some major factors driving the demand for employee onboarding software in North America and Europe. consequently, the global Employee Onboarding Software market is dominated by North America and Europe. Additionally, developing countries including China and India are projected to pose lucrative opportunities in the foreseeable years owing to increasing foreign investments, rising number of MNCs setting up as well as an increasing number of working professionals. Asian countries are projected to foresee the fastest growth over the forecast period.
Key players operating in the Employee Onboarding Software industry are HP Paycom Software, Inc., Ultimate Software Group, Inc., Automatic Payroll Systems, Inc., BambooHR LLC, Ceridian HCM, Inc., SilkRoad Technology, Inc., Oracle Corporation, Workday, Inc., Enborad.Me Pty Ltd., Jobvite, Inc., Appical B.V., Paychex, Inc., Paycor, Inc., Paylocity Holding Corporation, ClearCompany LLC, Saba Software Inc., SAP SE, IBM Corporation, Talmundo, Zoho Corporation Pvt. Ltd.
This report segments the Employee Onboarding Software market as follows:
Global Employee Onboarding Software Market: By Deployment Mode Segment Analysis
Global Employee Onboarding Software Market: By End-User Segment Analysis
Global Employee Onboarding Software Market: By Verticals Segment Analysis
Global Employee Onboarding Software Market: Regional Segment Analysis
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