HRMS : Market analysis Market overview The India

Transcript:HRMS : Market analysis Market overview The India:
HRMS : Market analysis Market overview The India HRMS market was valued at USD 344.45 million in 2023 and is expected to grow at a CAGR of 26.16% through 2029. 2023 2029 1.375 +26% Values in Million USD Market Size and Expected growth Digital Transformation: Driven by Industry 4.0 principles and technologies like AI and automation, HRMS solutions modernize HR processes, offering benefits such as enhanced efficiency and predictive workforce planning. Data Security and Privacy: With the advent of GDPR and India's Personal Data Protection Bill, HRMS focus on enhancing data protection features to comply with regulations. GST Compliance: GST implementation in India has increased payroll and taxation complexity, driving the adoption of HRMS solutions with GST-compliant modules. Mobile Accessibility and Remote Work Trends: As remote work becomes prevalent, HRMS platforms with mobile interfaces support accessibility and user convenience, aligning with the tech-savvy nature of the workforce. SME Adoption: HRMS adoption among SMEs is rising due to tailored solutions that offer a cost-effective way to modernize HR operations, automate tasks, and ensure compliance. Key Drivers promoting HRMS software: Indian Market Size and Growth: STARTUPS AND SMEs In india Sector wise distribution OF STARTUPS NO OF STARTUPS AND SMEs in key cities Distribution of MSME’s In india The Indian MSME sector is the backbone of the national economic, the Micro sector with 630.52 lakh estimated enterprises accounts for more than 99% of the total estimated number of MSMEs. The Small sector with 3.31 lakh and the Medium sector with 0.05 lakh estimated MSMEs account for 0.52 % and 0.01 % of total estimated MSMEs, respectively. Out of 633.88 estimated numbers of MSMEs, 324.88 lakh MSMEs (51.25%) are in the rural area, and 309 lakh MSMEs (48.75%) are in urban areas. BENEFITS OF HRMS Software Streamlining HR Processes: HRMS software automates routine tasks such as payroll processing, leave management, attendance tracking, and employee onboarding/offboarding. By automating these processes, it reduces manual errors, saves time, and increases operational efficiency. Improved Decision Making with Analytics: HRMS software generates insightful analytics and reports on various HR metrics such as employee turnover, performance ratings, and training effectiveness. By analyzing these data, organizations can make data-driven decisions to optimize workforce management strategies and improve organizational performance. Centralized Employee Data Management: HRMS provides a centralized database to store employee information, including personal details, employment history, performance records, and training certifications. This ensures data accuracy, easy access to information,