New York, June 13, 2023 (GLOBE NEWSWIRE) -- According to MarketResearch.Biz, By 2032, the estimated worth of the Generative AI in HR Market is expected to exceed USD 1669.3 Million, with a registered compound annual growth rate (CAGR) of 15.40% from 2023 to 2032.
AI commonly referred to as generative AI, is a rapidly growing field that involves instructing computers to create new content such as text, video as well as photos. because it can help automate many of the time-consuming and laborious processes associated with managing human resources, generative AI has recently gained popularity in the HR sector. Recruitment is one of the most important uses of generative AI in HR. The process of finding as well as screening applicants for open positions can be automated with the use of this technology. HR managers may save time and effort by using generative AI to discover the top candidates for a vacancy by reviewing resumes and job applications.
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Key Takeaway:
- By application, the Recruiting and Hiring Segment Dominates the Global Generative AI in HR Market, due to its increased usage.
- By deployment mode, the Cloud-based segment dominates the market with 68%. Since businesses no longer need to invest in costly equipment and infrastructure, cloud based solutions are often more cost-effective.
- By technology, The Machine Learning Segment Dominates the Global Generative AI in HR Market.
- In 2022, North America dominated the market with the highest revenue share of 47%.
- APAC is anticipated to have the highest CAGR among all the regions.
- APAC is expected to grow at a greater pace owing to Natural language processing (NLP), machine learning, and other cutting-edge technologies that have been increasingly adopted throughout the APAC area.
Factors affecting the growth of Generative AI in HR Market?
There are several factors that can have an impact on the growth of generative AI in HR market. Some of these factors include:
- Technological advancements: As AI technology advances quickly, generative AI solutions are getting more complex and efficient at assisting HR activities. This involves activities like hiring talent, fostering employee engagement, and optimizing the workforce.
- Increased adoption of automation: To increase efficiency and accuracy, HR departments are increasingly attempting to automate tedious and time-consuming processes. Automating processes like resume screening, candidate matching, and interview scheduling can be done with the aid of generative AI.
- Growing demand for personalized experiences: HR departments are looking for methods to give their employees experiences that are more individualized as the importance of the employee experience grows. The creation of customized information, such as job descriptions, training materials, and performance evaluations, can be assisted by generative AI.
- Rising need for diversity and inclusion: Businesses are becoming more conscious of the value of inclusion and diversity in the workplace. In order to assist businesses, and establish more diverse and inclusive teams, generative AI can help remove hiring prejudices and produce inclusive job descriptions.
- Cost reduction: In addition to enhancing the precision and speed of HR procedures, generative AI can assist lower the expenses of hiring and training HR workers.
- Regulatory compliance: Compliance with numerous labor rules and regulations is required by HR departments. Automating compliance-related processes, like recording and reporting on employee data, can help to lower the risk of mistakes and non-compliance.
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Top Trends
One of the primary developments in the application of generative AI in the HR market is a greater emphasis on ethics and prejudice. Because of concerns about potential bias in AI systems, organizations are taking efforts to ensure that their use of generative AI in HR is moral and impartial. This entails taking steps like vetting data sets for bias, evaluating AI performance using fairness standards, and increasing the transparency of AI decision-making. An important development in the application of generative AI in the HR sector is the increased emphasis on the employee experience. As they compete for the attention and loyalty of top employees, businesses are turning to generative AI to improve the work experience.
This entails utilizing AI to construct personalized worker development programs, offer real-time feedback, and generate customized benefits packages. The emergence of intelligent automation is a crucial advance in the application of generative AI in the HR sector. By automating time-consuming and repetitive tasks like resume screening and interview scheduling, generative AI can increase HR personnel productivity and allow them to focus on more crucial duties. due to the possible time savings.
Market Growth
HR departments want to automate routine processes to increase accuracy and productivity. This is anticipated to accelerate the uptake of generative AI tools in HR. The adoption of generative AI solutions in HR is anticipated to be sparked by the desire to provide employees with more personalized experiences. To enhance the employee experience, generative AI can assist in creating customized information, such as job descriptions, training materials, and performance reports.
The adoption of generative AI solutions in HR is anticipated to be accelerated by the quick advancement of AI technology. Generative AI solutions are likely to be more useful in assisting HR duties as AI technology grows more advanced and effective. The adoption of generative AI solutions in HR is anticipated to be fuelled by the value of workplace inclusion and diversity. To assist businesses, and establish more diverse and inclusive teams, generative AI can help remove hiring prejudices and produce inclusive job descriptions.
Regional Analysis
Due to the presence of many significant market participants in this area, including IBM Corporation, Oracle Corporation, and SAP SE, the generative AI in the HR market is anticipated to dominate the market with a 47% market share. Infrastructure in the area is well-developed, and advanced technologies are widely used. The area has a strong infrastructure that facilitates the deployment of cutting-edge technology like AI-driven HR solutions. Natural language processing (NLP), machine learning, and other cutting-edge technologies have been increasingly adopted throughout the APAC area. The market for generative AI in HR in the region is anticipated to increase as a result of this trend in the years to come. The market for generative AI in HR is growing as a result of a steady rise in the adoption of cloud-based HR solutions in the APAC region.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | US$ 413.1 Mn |
| Market Size (2032) | US$ 1669.3 Mn |
| CAGR (from 2023 to 2032) | 15.4% |
| North America Revenue Share | 47% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Decision-making in the HR market can be improved with generative AI. By evaluating vast amounts of data and providing insights and recommendations, generative AI may help HR managers make more informed decisions about hiring, performance management, and employee engagement. This could lead to better outcomes for the company, such as more productivity, higher revenue, and fewer turnover. Along with increasing productivity, reducing costs, and making decisions, generative AI can also enhance the applicant experience. By automating the application process and improving the applicant experience, generative AI can help employers find top talent more quickly and reduce the length of the hiring process. This can be crucial in industries with fierce competition where keeping the best employees is crucial to success.
Market Restraints
The implementation of generative AI in the HR industry is significantly hampered by technical issues. AI systems can be created and maintained in a highly technical and complex manner. To build and run generative AI systems, there could not be enough trained employees available, and HR professionals might not have the necessary technical knowledge. Resistance to change is a significant impediment to the implementation of generative AI in the HR industry. If HR specialists are satisfied with their current practice, they could be hesitant to adopt new technologies or modify tried-and-true procedures. There may also be worries about how AI will impact jobs and the future of HR professionals.
Market Opportunities
One of the key advantages associated with the adoption of generative AI in the HR industry is increased efficiency. By automating time-consuming and repetitive tasks, generative AI can increase HR employees' productivity and free them up to focus on other crucial tasks. HR personnel might be able to finish more work in less time as a result of the possible time savings. A big possibility for the application of generative AI in the HR sector is improved decision-making. By analyzing vast amounts of data and providing insights and recommendations, generative AI may help HR managers make better-informed decisions regarding hiring, performance management, and employee engagement.
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Report Segmentation
Application Insight
Based on application, recruiting and hiring segment dominates the global generative AI in the HR market with 28% of the market share, from applicant sourcing to candidate matching, AI is being utilized to automate as well as streamline different aspects of the recruitment process. AI algorithms can evaluate job description and resume to identify suitable candidate as well as reduce the time and financial source of candidate sourcing and screening. Performance management is a key component of the AI in HR market since it enables businesses to assess as well as enhance their personnel in an efficient manner. The usage of AI-based performance management solutions is increasing, notably in sectors like IT, healthcare, and finance, according to segment research of this market.
Deployment Mode Insight
Since businesses no longer need to invest in costly equipment and infrastructure, cloud based solutions are often more cost-effective. Additionally, they are more adaptable and expandable, enabling businesses to quickly change their consumption and storage requirements. Additionally, due to they can be accessible from any location with an internet connection cloud based solutions provide enhanced accessibility and mobility. Larger organizations have traditionally chosen on-premise AI solutions for the HR sector because of their high level of control and security. This solution gives businesses total control over the data and security by requiring them to install and maintain the software on their server.
Technology Insight
In the HR industry machine learning is a key component of AL that enables businesses to use massive amounts of data to guide their decision. Machine learning algorithms are used for analyzing data in a variety of fields, including performance management. employee engagement talent acquisition. These algorithms can find patterns and trends in data, allowing businesses to forecast outcomes and offer suggestions for enhancing HR procedures.
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Market Segmentation
Based on the Application
- Recruiting and hiring
- Onboarding
- Performance management
- Improved efficiency
- Other Applications
Based on the Deployment Mode
- Cloud-based
- On-premises
Based on the Technology
- Machine learning
- Natural Language Processing
- Deep learning
- Computer vision
- Robotic Process Automation
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
Several major businesses with cutting-edge solutions for talent management, employee engagement, and HR automation have emerged in the AI in the HR industry. By offering cutting-edge AI-powered solutions to assist HR departments in improving their operations and achieving better business results, these players are fuelling the market's expansion.
Some of the major players include:
- IBM Watson
- Oracle
- SAP SE
- Workday Inc.
- ADP
- Cornerstone
- Other Key Players
Recent Development of the Generative AI in HR Market
- In March 2021, SAP SE announced the acquisition of Signavio, a top supplier of business process management (BPM) systems The acquisition is anticipated to improve SAP's HR product offerings by giving the company access to a wider range of HR process automation solutions.
- In January 2021, SAP SE announced a new collaboration with Microsoft to integrate SAP Success Factors with Microsoft Teams. This integration makes it simpler for HR departments to cooperate and remain productive by giving them easy access to HR data and resources within Teams. Listed below are some of the most prominent bio-based surface disinfectant industry players.
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