Pune, India, Oct. 21, 2022 (GLOBE NEWSWIRE) -- The global Human Resource (HR) technology market size was valued at USD 22.90 billion in 2021 and is projected to reach a valuation of USD 23.98 billion by 2022. The market is expected to reach USD 39.90 billion by 2029 with a CAGR of 7.5% during the forecast period. Rising employment opportunities owing to increasing adoption of technologies is anticipated to drive market growth. Increasing adoption of AI and machine learning in businesses is expected to propel the market course. Integration of Robot Process Automation (RPA) is one of the key trends expected to facilitate market development. Fortune Business Insights™ shares this information in its report titled “Human Resource (HR) Technology Market, 2022-2029.”
Key Industry Development
March 2022- The Access Group acquired FastTrack, a cloud-based recruitment platform. The platform aims to help enterprises in payroll, billing, and timesheets. It will support Access Recruitment’s suite of software. The acquisition will help in the expansion of international reach of the Access Group.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 7.5% |
| 2029 Value Projection | USD 39.90 Billion |
| Base Year | 2021 |
| Human Resource Technology Market Size in 2021 | USD 22.90 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 140 |
| Segments covered | Type; Deployment; Enterprise; Industry; |
| Human Resource Technology Market Growth Drivers | Increased Adoption of Artificial Intelligence and Machine Learning to Drive the Market |
| Limitations of Data Integration and Threat to Data Privacy to Impede the Market Growth |
COVID-19 Impact:
Adoption of Human Resource (HR) Technology During the Pandemic to Boost Market Growth
Due to the COVID-19 pandemic, there was shift toward work from home culture which propelled the adoption of Human Resource (HR) technology software. The software helped professionals to manage employee-management communication and handle payroll functions efficiently.
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Drivers and Restraints
Integration of AI and Machine Learning Algorithms to Boost Market Growth
Integration and adoption of AI and Machine Learning algorithms in HR technology software are anticipated to drive the Human Resource (HR) technology market growth. It helps in the optimization of the recruitment process. The integration helps automation of recruitment processes such as interview scheduling, interview performance analyzing, and answering basic questions through bots and virtual assistants. This is set to pose opportunities for market growth.
However, limitations of data integration and threat to data privacy are estimated to limit the market growth.
Regional Insights
North America to Lead Market Share Due to Presence of Majority of Market Players
North America is expected to have maximum part in the Human Resource (HR) technology market share due to presence of majority market players such as Oracle Corporation, Ceridian HCM Holding Inc., Automatic Data Processing (ADP), Inc., Cornerstone OnDemand, Inc., Workday, Inc., and others. The region reached a valuation of USD 11.28 billion in 2021. Increasing number of employment opportunities and demand for talent acquisition in the U.S. and Canada is anticipated to drive market development.
Europe is also expected to witness considerable market growth due to demand for workforce automation solutions. They are in demand due to their ability to automate and improve workforce management.
Asia Pacific is anticipated to have a steady growth due to increasing adoption of technologies such as cloud, AI, and ML.
Competitive Landscape
Strong Acquisition Strategies by Key Players to Advance Market Trajectory
Strong acquisition strategies by the market players is anticipated to gain market traction. In October 2021, Ceridian launched Dayforce Talent Intelligence, a novel set of AI and data-driven talent management solutions. It will help companies to have more fair, equitable, and efficient hiring decisions and also assess the impact of diversity, equity, and inclusion activities. It will propel proper hiring decisions for the companies.
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Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Segmentation
Talent Management to Dictate Due to its Various Benefits
On the basis of type, the market is segmented into talent management, workforce management, recruitment, payroll management, performance management, and others. Talent management accounts for a large part as it is helpful in assisting enterprises in evaluating employee performance, development, progression, and rewards. Payroll management is expected to have considerable growth due to increasing adoption amongst large enterprises.
Cloud-based HR Technology Software to Govern the Segment Due to Adoption of Cloud Technology
Based on deployment, market is categorized into on-premises and cloud. Cloud-based deployments are expected to witness faster growth in the coming years due to the increasing adoption of cloud technology among SMEs. The prominent market players are shifting from on-premise HR software toward cloud in response to rise in demand for cost-effective cloud-based HR solutions across industries. Similarly, COVID-19 pandemic has forced companies to shift from on-premise solutions to the cloud. These factors are expected to propel the cloud deployment during the forecast period.
SMEs to Have Fastest CAGR Due to Large Number of Investments
On the basis of enterprise size, market is categorized into Small & Medium Enterprises (SMEs) and large enterprises. SMEs are set to have the fastest CAGR due to growing number of investments and funding.
Healthcare to Lead the Segment Due to Adoption of HR Solutions
Based on industry, the market is divided is categorized into BFSI, IT & telecommunication, government, manufacturing, retail, healthcare, and others. Healthcare industry is set to hold the largest share in the segment due to the adoption of HR solutions due to high demand to hire right talent and employees.
Regionally, the market is segmented into North America, South America, Europe, the Middle East & Africa, and Asia Pacific.
List of Key Players Profiled in the Report
- SAP SE (Germany)
- Oracle Corporation (U.S.)
- Automatic Data Processing (ADP), Inc. (U.S.)
- Cornerstone OnDemand, Inc. (U.S.)
- Ceridian HCM Holding Inc. (U.S.)
- Workday, Inc. (U.S.)
- Infor, Inc. (U.S.)
- Cegid Group (France)
- Hi bob Inc. (U.K.)
- The Access Group (U.K.)
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- 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, 2021
- Global Human Resource (HR) Technology Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Talent Management
- Workforce Management
- Recruitment
- Payroll Management
- Performance Management
- Others (employee collaboration, & engagement)
- By Enterprise Size (USD)
- SMEs
- Large Enterprises
- By Deployment (USD)
- Cloud
- On-premise
- By Industry (USD)
- BFSI
- IT and Telecommunication
- Government
- Manufacturing
- Retail
- Healthcare
- Others (Education etc.)
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- North America Human Resource (HR) Technology Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Talent Management
- Workforce Management
- Recruitment
- Payroll Management
- Performance Management
- Others (employee collaboration, & engagement)
- By Enterprise Size (USD)
- SMEs
- Large Enterprises
- By Deployment (USD)
- Cloud
- On-premise
- By Industry (USD)
- BFSI
- IT and Telecommunication
- Government
- Manufacturing
- Retail
- Healthcare
- Others (Education etc.)
- By Country (USD)
- U.S.
- By Industry
- Canada
- By Industry
- Mexico
- U.S.
- By Industry
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