Dublin, April 10, 2023 (GLOBE NEWSWIRE) -- The "Human Resource Technology Market By Type, By Deployment Mode, By Organization Size, By End-User: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global human resource (hr) technology market was valued at $32.58 billion in 2021, and is estimated to reach $76.5 billion by 2031, growing at a CAGR of 9.2% from 2022 to 2031.
HR technology is defined as the technology that is adopted to attract, hire, retain, and maintain human resources, support HR administration, and optimize HRM.
This technology can be used in different types of human resource information systems (HRIS) and by various stakeholders, such as managers, employees, and HR professionals. This technology has the potential to reduce the administrative burden on the HR department by focusing on more meaningful HR activities, such as providing managers with the expertise to take more effective decisions.
Key factors driving the growth of the human resource technology market include increase in automation of HR operations, surge in the trend of hybrid working models across various organizations and rise in need for cost-effective HR technologies.
Rise in implementation of a human capital management system with the current HR technology is driving the market, as it improves business results and lowers costs for organizations. An integrated HR software solution helps to reduce routine administration and paperwork, automate core HR business processes, easily create accurate, timely reporting and analysis, increase retention with a high level of employee engagement, and reduce the cost of compliance and risk management. Such factors are further pushing the market for rapid growth.
Furthermore, HR professionals observe that technology is vitally important in the digital transformation that helps to make better, faster-hiring decisions. In addition, HR technology solutions improve the organization to initiate talent acquisition for searching the new employees with an aim of reducing skillset gaps, which empowers businesses.
Moreover, automated scheduling facilitates HR teams with an advanced HR system to take the burden, automating the common process of the recruitment journey, sending out automatic letters of rejection to unsuccessful candidates, and scheduling follow-up interviews with potential new hires. All these automation trends within the field of HR technology help in enhancing recruitment process and ultimately lower the cost, which is aiding the market growth.
The market also offers growth opportunities to the key players in the market. Increasing innovation and decentralized HR evolve new management skills due to the implementation of new ideas, methods, and technologies to better meet the requirements of the organization and its workforce.
For instance, in September 2022, Paychex, Inc. introduced a new the company SaaS-based HR software solution, namely Paychex Flex, which enhances user experience. This product often enables payroll admins to run payroll through any Google Assistant-compatible device for a hands-free experience, simplifying and automating the payroll process with the sound of a verified user's voice.
Capabilities of the feature include starting a pay period or acting on one already in progress, applying standard pay, adjusting, reviewing totals, and submitting payroll for processing through a robust and resilient AI assistant with built-in verifications for user authentication.
Furthermore, the use of innovative technology for various HR operations, including augmented writing technology, chatbot, AI-powered multi-assessment platform and others, has enabled large and small HR teams to improve their overall resource management and cross-functional strategy management, enabling tech-driven organizations with agile decision-making capabilities. This, in turn, is expected to influence market growth.
Key Benefits
- The study provides an in-depth analysis of the global Human Resource (HR) Technology market forecast along with the current & future trends to explain the imminent investment pockets.
- information about key drivers, restraints, & opportunities and their impact analysis on global Human Resource (HR) Technology market trends is provided in the report.
- Porter's five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the market from 2022 to 2031 is provided to determine the market potential.
Key Market Segments
By Type
- Talent Management
- Payroll Management
- Performance Management
- Workforce Management
By Deployment Mode
- On-Premises
- Cloud
By Organization Size
- Large Enterprises
- Small and Medium Sized Enterprises (SMEs)
By End-User
- BFSI
- IT and Telecom
- Healthcare
- Retail
- Manufacturing
- Government
Market Dynamics
Drivers
- Increase in automation of HR Operations
- Surge in the trend of hybrid working models across various organizations
- Rise in need for cost-effective HR technologies
Restraints
- Limitations of data integration and threat to data privacy hinder the market growth
- Malfunctions & unauthorized Access, and requires highly specialized skilled operators
Opportunities
- Surge in innovation and decentralized HR evolving new management skills
- Increase in the integration of Robotic Process Automation (RPA) in HR management
Key Market Players
- Cegid
- Hi Bob, Inc.
- Infor
- SAP SE
- Workday, Inc.
- Ceridian HCM, Inc.
- IBM Corporation
- Oracle Corporation
- ADP, Inc.
- Cornerstone OnDemand, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/kn0ooi
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
