V. Competitive Analysis

Competitor 1
Competitor 1 is an American developer and marketer of software products and is also a SaaS-based HR software provider. It offers features such as personnel tracking, payroll, benefits, recruiting and onboarding, training, and many more that help companies ease their HR process. The system is easy-to-use, offering all the needed basic functionalities.

Competitor 2
Competitor 2 is an American Cloud-based HR software company headquartered in [insert location]. The company was founded in [xx] by [Founder1], together with [Founder2], as a software as a service (SaaS) company. It is a cloud-driven HR software for SMEs with features such as case management, payroll, workforce management, analytics, talent acquisition, onboarding, employee self-service, etc.

Competitor 3
Competitor 3 is a cloud-driven enterprise with a major focus on providing HR software. The company provides HR software used to automate and improve the core recruitment process, staffing operations, and day-to-day operations of an organization's workforce and automate key workforce management tasks. 

Strengths

• Unified SaaS-based HRMS software that helps organizations create a more flexible, efficient, and agile HR function while providing valuable employee experiences and insights.
• The organization will become the go-to alternative for its target market by providing quality service at an affordable price.
• Customization in accordance with customer needs.
• Founder’s extensive experience.

Weakness

• A large marketing and outreach budget may be required to break into the targeted market.
• Being new to the market can cause a significant lag in establishing goodwill and trust.

Opportunities

• The growing implementation of advanced technologies such as artificial intelligence, the internet of things, connected devices, and big data are expected to fuel the software's demand.
• The global HR software market size was valued at $15.59 billion in 2020 and is projected to reach $33.57 billion by 2028, growing at a CAGR of 10.10% from 2021 to 2028.

Threats

• The industry already has established players in the market.
• Competitors could look to copy the company’s business model