Pune, Jan. 10, 2025 (GLOBE NEWSWIRE) -- Human Resource (HR) Technology Market Size Analysis:
“The SNS Insider report indicates that the Human Resource (HR) Technology Market was valued at USD 38.1 billion in 2023 and is projected to grow to USD 84.7 billion by 2032, expanding at a CAGR of 9.3% over the forecast period of 2024-2032.”
Rising Adoption of Cloud-Based HR Solutions
One major factor contributing to the growth of the market will be the increasing adoption of cloud-based HR technologies. Cloud solutions offer scalability, cost-effectiveness, and on-demand data accessibility, allowing organizations to optimize HR functions like payroll, recruitment, and personnel performance management. For remote and hybrid workplaces, these platforms are especially useful as they offer HR teams the freedom to perform HR operations from anywhere. Besides, cloud-based solutions require far less swash of IT infrastructure so they are budget-friendly options for the SMEs. The increasing focus of businesses on digital transformation will provide a big thrust to the adoption of cloud-based HR technologies, which rely heavily on automation and analytics, thus propelling market growth.
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Major Players Analysis Listed in this Report are:
- Workday Inc. (Workday Human Capital Management, Workday Recruiting)
- SAP SE (SAP SuccessFactors, SAP Litmos)
- Oracle Corporation (Oracle HCM Cloud, Oracle Recruiting Cloud)
- ADP, LLC (ADP Workforce Now, ADP Vantage HCM)
- Ceridian HCM, Inc. (Dayforce, Powerpay)
- Ultimate Kronos Group (UKG) (UKG Pro, UKG Dimensions)
- Cornerstone OnDemand, Inc. (Cornerstone Learning, Cornerstone Performance)
- Paycom Software, Inc. (Paycom Talent Management, Paycom Payroll)
- Zoho Corporation (Zoho People, Zoho Recruit)
- BambooHR LLC (BambooHR Core HR, BambooHR ATS)
Human Resource (HR) Technology Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 38.1 Bn |
| Market Size by 2032 | US$ 84.7 Bn |
| CAGR | CAGR of 9.3% from 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • The adoption of AI in HR processes enhances efficiency and decision-making, leading to increased demand for AI-driven HR solutions. • The rise of remote and hybrid work models necessitates advanced HR technologies for virtual collaboration, employee engagement, and performance management. |
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Segmentation Analysis
By Enterprise Type
In 2023, the large enterprises segment dominated the market and accounted for the largest share of the revenue, due to the highly complex and vast human resource requirements. Large organizations usually include various groups of people; thus, they will need large-scale, extensive HR systems with the capacity to combine existing enterprise systems as well as comply with multiple regulatory requirements. The high revenue share of this segment can be attributed to their larger budgets and focus on the optimization of HR processes and analytics.
The small and medium enterprises segment is expected to grow at the highest CAGR during the period 2024-2032, as a result of the rise in digital adoption among SMEs. These businesses want to improve HR functionality and automate processes without significant capex, so are looking for flexible, low-cost HR web software.
By Type
The talent management segment is expected to register the fastest CAGR during the forecast period, owing to the growing need for efficient workforce performance and development, organizations are ramping up investments into more sophisticated talent management solutions using these tactics to attract, retain, and develop the best talent. They improve recruitment, employee development, and performance evaluation, thereby integrating talent strategy with business strategy and creating more effective organizations. This rapid growth is largely due to an increase in awareness of the importance of talent management in business success.
By Deployment
Cloud-based deployments account for the largest market share of 62% in 2023 and are projected to grow with the fastest CAGR over the forecast period, as more SMEs are adopting these cloud technologies. Key market players are adopting cloud applications instead of on-premise software because of cloud storage, which allows for storing, quick and easy data report access. Cloud technology removes the burden of hiring IT experts to maintain systems and allows access to data from anywhere across the globe.
Human Resource (HR) Technology Market Segmentation:
By Type
- Talent Management
- Workforce Management
- Recruitment
- Payroll Management
- Performance Management
- Others
By Enterprise Type
- Small and Medium Sized Enterprises (SMEs)
- Large Enterprises
By Deployment
- Cloud
- On-premise
By Industry
- BFSI
- IT and Telecommunication
- Government
- Manufacturing
- Retail
- Healthcare
- Others
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Regional Landscape
North America dominated the HR Technology Market with 39% in revenue share in 2023, driven by rapid digital adoption and significant investments in HR innovation. U.S.-based companies are at the forefront, supported by government initiatives like the Workforce Innovation and Opportunity Act, which funds tech-driven HR solutions. Europe also plays a pivotal role, with countries such as Germany and the U.K. focusing on compliance-driven HR tools to navigate complex labor laws.
The Asia-Pacific region is projected to experience the fastest CAGR during the forecast period, fueled by government initiatives like China's Digital Silk Road and India's workforce digitization. A young, tech-savvy workforce, coupled with growing IT infrastructure investments, positions the region for rapid growth. Additionally, government funding for HR technologies is boosting productivity, particularly in small and medium enterprises. Japan’s "Society 5.0" initiative, which integrates digital HR platforms for workforce planning, exemplifies these trends, signaling Asia-Pacific's emergence as a key player in the HR technology market.
Recent Developments
February 2024: Workday introduced a new AI-driven talent marketplace to help organizations match employees with internal opportunities based on skills and career aspirations.
May 2024: Oracle launched an enhanced version of its cloud-based HCM suite, featuring advanced analytics and integrated wellness programs.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Human Resource (HR) Technology Market Segmentation, By Type
8. Human Resource (HR) Technology Market Segmentation, By Enterprise Type
9. Human Resource (HR) Technology Market Segmentation, By Deployment
10. Human Resource (HR) Technology Market Segmentation, By Industry
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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