Pune, India, June 24, 2021 (GLOBE NEWSWIRE) -- The global human resource (HR) technology market is set to gain impetus from the rising focus of companies on employee experience. As per Josh Bersin, the Founder of Bersin & Associates, employers are nowadays using HR technology tools to enhance the employee experience across their workplaces. In March 2021, for instance, Ceridian acquired Ascender HCM Pty Limited to deliver innovative HR and payroll solutions in Asia Pacific Japan (AJP). This information is given by Fortune Business Insights™ in a report, titled, “Human Resource (HR) Technology Market, 2021-2028.” As per the report, the market size was USD 22.89 billion in 2020. It is projected to grow from USD 24.04 billion in 2021 to USD 35.68 billion in 2028 at a CAGR of 5.8% in the forecast period.
Adoption of New Ways to Cater to Employees’ Needs will Aid Growth amid COVID-19
The outbreak of the COVID-19 pandemic has disturbed the scenario of digital transformation worldwide. HR teams were compelled to utilize new methods of responding to the needs of the employees owing to the changing market dynamics. Therefore, the demand for payroll management, workforce management, talent management, and similar other human resource technology solutions would surge amid the pandemic.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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Segments-
IT and Telecommunication Segment Held 23.3% Share in 2020: Fortune Business Insights™
By components, the is bifurcated into software and service. Based on the deployment, it is segregated into on-premise and cloud. By industry, it is categorized into IT and telecommunication, BFSI, government, retail, healthcare, government, manufacturing, and others. Out of these, the IT and telecommunication segment generated 23.3% in 2020 in terms of the human resource (HR) technology market share globally. This growth is attributable to the changing hiring strategies and high demand for skilled workforces in various companies.
Report Coverage-
The report aims to analyze the market by considering contributions, prospects, and growth trends. It presents detailed profiles of every key player operating in the human resource (HR) technology industry to analyze their core competencies in each segment. Apart from that, it ensures to help our clients better understand the competitive developments.
Drivers & Restraints-
Rising Shift of Companies towards Reporting and Analytics Dashboards to Boost Growth
Numerous organizations across the globe are nowadays rapidly inclining towards unique reporting and analytics dashboards from conventional HR data warehouses. It is not only helping them to increase productivity, but also enabling them to study retention & employee problems and sales productivity. Therefore, various companies are investing huge sums in the development of new software solutions, such as learning, operational, and assessment tools. These factors are expected to drive the HR technology market growth in the near future. However, the procurement of HR technology is an expensive process, which, in turn, may obstruct growth.
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Regional Insights-
Presence of Oracle, IBM, and Ceridian HCM to Help North America Lead
Geographically, North America earned USD 11.06 billion in terms of revenue in 2020 and is likely to dominate through the forthcoming years. The rising presence of multiple prominent human resource (HR) technology providers, such as IBM Corporation, Oracle Corporation, and Ceridian HCM Holding Inc. would drive regional growth. On the other hand, Europe is set to remain in the second position because of the rising initiatives by regulatory bodies to enhance their infrastructure. The European Union, for instance, deployed a talent management strategy for lowering staff overload in 2020. It would further help the HR technology market to grow in this region.
Competitive Landscape-
Key Players Focus on Acquisitions and Rebranding Strategies to Intensify Competition
The global market for HR technology contains a large number of reputed firms. They are majorly focusing on acquiring local companies to gain access to their product portfolios. Some of the other companies are aiming to rebrand to provide novel solutions. Below are two industry developments:
- August 2020: Kronos Incorporated and Ultimate Software rebranded as Ultimate Kronos Group (UKG). It will be given a new tagline- ‘Our Purpose is People’ and would provide the best solutions from each company, such as UltiPro HCM and HR service delivery and Workforce Dimensions, Workforce Ready.
- April 2020: Cornerstone OnDemand, Inc. acquired Saba Software worth USD 1.395 billion to integrate professional and learning development tools in the everyday lives of employees.
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A list of renowned human resource (HR) technology providers operating in the global market:
- Automatic Data Processing (ADP), Inc. (New Jersey, United States)
- Ceridian HCM, Inc. (Minnesota, United States)
- Cezanne HR Ltd. (London, United Kingdom)
- Cornerstone OnDemand, Inc. (California, United States)
- IBM Corporation (New York, United States)
- Infor (New York, United States)
- NetSuite, Inc. (California, United States)
- Oracle Corporation (California, United States)
- SAP SE (Walldorf, Germany)
- Talentsoft (France, Europe)
- Ultimate Software (Florida, United States)
- Workday, Inc. (California, United States)
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Human Resource (HR) Technology Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiles
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Primary Interview and Responses
- Overview
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