Pune, April 07, 2023 (GLOBE NEWSWIRE) -- Maximize Market Research, a global Information Technology and Telecommunication market research firm, has published competitive intelligence market research report on “Human Resource Technology Market“. The Global Human Resource Technology market size was valued at USD 23.90 Bn in 2022. The total Human Resource Technology Market revenue is expected to grow at a CAGR of 7.7 percent from 2023 to 2029, reaching USD 39.60 Bn during the forecast period.
| Market Size in 2021 | USD 23.90 Bn |
| Market Size in 2029 | USD 39.60 Bn |
| CAGR | 7.7 percent (2023-2029) |
| Forecast Period | 2023-2029 |
| Base Year | 2021 |
| Number of Pages | 278 |
| No. of Tables | 126 |
| No. of Charts and Figures | 119 |
| Segment Covered | By Type, Deployment Mode, Organization size, and End-User |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Human Resource Technology Market Scope and Research Methodology
The report includes the detailed analysis of the Human Resource Technology Market. The competitive analysis of the Human Resource Technology Market report includes the profile of the major market players including company overview, financial performance, product portfolio, and strategies. Key insights provided in the report include the major drivers of the Human Resource Technology Market, the challenges faced by the market participants and growth prospects in the Human Resource Technology industry across the world. The report covers the Human Resource Technology market strategies with their analysis based on growth in the last few years in the industry which helps investors and major companies decide their investments and to make data-driven decisions.
The segments covered in the report are Type, Deployment Mode, Organization size, and End-User. Primary and Secondary research method was used to collect data from the Human Resource Technology market. Primary research was conducted to validate the finding from the secondary research method. Bottom Up approach was used to estimate the Human Resource Technology market size. The report acts as a guide for investors in the market.
Human Resource Technology Market Overview
Human resource technology is software as well as hardware used for automating and streamlining HR processes. It is necessary for maintaining the regulatory framework of human capital in the organization. The technology includes payroll and compensation, management, administration benefits, and workforce analytics. Human Resource technology helps managers and specialists to work effectively with a better employee experience.
Artificial Intelligence and Machine Learning Algorithms to boost the Human Resource Technology Market Growth
Use of Artificial Intelligence applications such as Bots and Virtual assistants helps to automate the recruitment process and is expected to influence the Human Resource Technology market growth. To recognize user requests and communicate with a business system for desired output some logics are used by bots. The technology is a cost-effective tool for business and enables to hire of employees with up-skill staffing process. The technology allows to optimize recruitment process with adoption of AI and machine learning and are expected to boost the Human Resource Technology Market growth. Increased need for employee productivity and use of application across HR functions is contributing for the growth for the market. Companies equipped with this technology present opportunities for market growth. However, threat to privacy and limits of Data Integration are expected to hamper the market growth.
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Trends in the market are:
- Responsible Artificial Intelligence for Recruiting
- Technology that Supports a Hybrid Work Model
- Blockchain Integration
- Augmented Analytics
- Learning Market Demand and Development
- Employee Experience Platform
North American region is expected to dominate the Human resource Technology Market over the forecast period
North America dominated the regional market in 2022 and is expected to continue the dominance over the forecast period. Focus on the improvement of business process and enhancing HR analytics offered by the vendors of human resource technology are expected to influence the regional market growth.
Asia Pacific region is expected to grow at the highest growth rate during the forecast period. Need for companies to navigate HR tasks including talent management and administrative work are factors expected to fuel the Asia Pacific regional Human Resource Technology Market size. Small and medium-sized businesses major players in the region are investing, funding and doing partnerships.
Human Resource Technology Market Segmentation
By Type:
- Talent Management
- Payroll Management
- Performance Management
- Workforce Management
- Others
Based on type, the market is segmented based on Talent Management, Payroll Management, Performance Management, Workforce Management, and Others. Talent management segment is expected to hold the largest Human Resource Technology Market share over the forecast period. Solution provided by talent management helps to manage recruitment and retention processes.
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By Deployment- mode:
- On-Premises
- Cloud
By Organization Size:
- Large Enterprises
- Small and Medium Sized Enterprises (SMEs)
Based on Organization size, the market is segmented by Large Enterprises, and Small and Medium Sized Enterprises (SMEs). Demand for cloud solution among SMEs and startups is expected to fuel the market growth.
By End-User:
- BFSI
- IT and Telecom
- Healthcare
- Retail
- Manufacturing
- Government
- Others
Human Resource Technology Market Key Players Include:
- ADP Inc.
- Cegid
- Ceridian HCM
- Cornerstone OnDemand, Inc
- IBM Corporation
- Oracle Corporation
- Workday Inc.
- SAP SE
- Hi Bob, Inc
- Automatic Data Processing(ADP),Inc
- The Access Group
- Infor, Inc
- UKG Inc
- SumTotal system
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Key questions answered in the Human Resource Technology Market are:
- What is Human Resource Technology?
- What was the Human Resource Technology market size in 2021?
- What is the expected Human Resource Technology market size by 2029?
- What is the growth rate of the Human Resource Technology Market?
- Which are the factors expected to drive the Human Resource Technology market growth?
- Which segment dominated the Biopolymers market growth?
- What is the demand pattern for the Human Resource Technology market?
- Which region held the largest share in the Human Resource Technology market?
- Who are the key players in the Human Resource Technology market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by Type, Deployment Mode, Organization size, and End-User
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
Maximize Market Research is leading Information Technology & Telecommunication research firm, has also published the following reports:
Human Capital Management (HCM) SaaS Market: The total market size is expected to reach USD 33.53 Bn by 2029, at a CAGR of 6.9 percent during the forecast period. Increasing adoption of HRM software and HCM provides accurate results regarding salary and other benefits is expected to boost the market growth.
Human Resource Management Software Market: The total market size is expected to reach USD 51.90 Bn in 2029 and is estimated to grow at a CAGR of 10.10 percent over the forecast period. Integration of AI and ML in HCM suites and adoption of cloud-based software solutions is expected to boost market growth.
Software as a Service (SaaS) based human resource management (HRM) Market: The total market size is expected to reach USD 699.82 Bn by 2029, at a CAGR of 12.5 percent during the forecast period. The importance of the utilization of employee-centric systems to improve human resource activities is expected to boost market growth.
Human Resource Professional Services Market: The total market size is expected to reach USD 12.15 Bn by 2029, at a CAGR of 12.4 percent during the forecast period. Increasing demand for flexibility in accessing data about leaves, attendance, work schedule, and training modules is expected to influence the market growth.
Human Capital Management Market: The total market size was valued at USD 19.40 Bn in 2021 and is expected to grow at a CAGR of 9.3 percent reaching USD 39.51 Bn by 2029. It attracts and hire talent that supports the organization reach its goals and this factor is expected to influence the market growth.
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