Pune, India, Aug. 30, 2023 (GLOBE NEWSWIRE) -- Global Human Resource Technology Market size was valued at USD 22.90 billion in 2021 and is projected to reach USD 39.90 billion by 2029, exhibiting a CAGR of 7.5% during the forecast period. Fortune Business Insights™ mentioned this in a report titled Human Resource Technology Market Forecast, 2023-2029.
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.
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Key Industry Development-
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.
Key Takeaways-
- Human Resource Technology Market is expected to flourish & reach USD 39.90 Billion in 2029
- Companies are looking for new ways to hire talent and deliver new services at lower costs.
- The adoption of AI and ML algorithms across the human resource (HR) technology software enables to optimize the recruitment process.
- Human resource management solutions offer efficient digital management of employee data.
- Human Resource Technology Market Size in North America was USD 11.28 Million 2021
Discover the Leading Players Featured 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.)”
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 Size, Industry, |
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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.
Segmentation-
By Type
- Talent Management
- Workforce Management
- Recruitment
- Payroll Management
- Performance Management
- Others (Employee Collaboration & Engagement)
By Deployment
- Cloud
- On-premise
By Enterprise Size
- SMEs
- Large Enterprises
By Industry
- BFSI
- IT and Telecommunication
- Government
- Manufacturing
- Retail
- Healthcare
- Others (Education)
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.
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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.
FAQ’s
How big is the Human Resource Technology Market?
Human Resource Technology Market size was USD 22.90 billion in 2021.
How fast is the Human Resource Technology Market growing?
The Human Resource Technology Market will exhibit a CAGR of 7.5% during the forecast period, 2022-2029
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Robotic Process Automation (RPA) Market Size, Share And Development By 2030
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