New York, United States , May 17, 2024 (GLOBE NEWSWIRE) -- The Global Human Resource Technology Market Size is to Grow from USD 37.43 Billion in 2023 to USD 88.38 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 8.97% during the projected period.
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Human Resource Technology (HR Tech) refers to the use of technology to manage human resource tasks and processes. It offers a range of software and hardware solutions for human resources management (HCM), payroll, employee self-service, benefits administration, application tracking, tracking performance, and learning and development management. The aging of traditional HR solutions, as well as enterprises' increasing acceptance of the HR software ecosystem, are driving the global market for HR technology. Human resource software solutions make it easier and less expensive to manage a large number of human resources. Furthermore, as companies focus more on boosting employee experience and engagement, there will be a greater demand for HR technology solutions that enhance communication and streamline processes. This trend is expected to boost the human resource technology market by driving the adoption of similar solutions. However, the growth of the human resource (HR) technology sector may be hampered by a lack of data protection and privacy.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Human Resource Technology Market Size, Share, and COVID-19 Impact Analysis, By Type (Talent Management, Workforce Management, Recruitment, Payroll Management, Performance Management, and Others), By Deployment (Cloud, and On-premise), By End-User (BFSI, IT, and Telecommunication, Government, Manufacturing, Retail, Healthcare, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The talent management segment is anticipated to hold the greatest share of the global human resource technology market during the projected timeframe.
Based on the type, the global human resource technology market is divided into talent management, workforce management, recruitment, payroll management, performance management, and others. Among these, the talent management segment is anticipated to hold the greatest share of the global human resource technology market during the projected timeframe. HR teams use talent management to manage talent holistically, provide candidates with a smooth and interesting recruitment process, and gain insights through automation and data analytics.
The cloud segment is anticipated to grow at the fastest pace in the global Human Resource Technology market during the projected timeframe.
Based on the deployment, the global human resource technology market is divided into cloud, and on-premise. Among these, the cloud segment is anticipated to grow at the fastest pace in the global human resource technology market during the projected timeframe. One of the primary reasons for cloud-based solutions' dominance over on-premise services is their lower cost.
The IT and telecommunication segment is predicted to grow at the highest pace in the Human Resource Technology market during the estimated period.
Based on the end-user, the global human resource technology market is divided into BFSI, IT and telecommunication, government, manufacturing, retail, healthcare, and others. Among these, the IT and telecommunication segment is predicted to grow at highest pace in the human resource technology market during the estimated period. This is due to the use of human resource technology in the IT and telecommunications industries, which can handle a wide range of tasks such as employee recruitment, performance evaluation, training, and remuneration.
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Asia Pacific is expected to hold the largest share of the global human resource technology market over the forecast period.
Asia Pacific is expected to hold the largest share of the global human resource technology market over the forecast period. The growing demand for cutting-edge HR technologies to assist in the better management of various firms across the corporate segment is a significant market driver in Asia Pacific. HR technology enables organizations to efficiently execute a wide range of challenging duties in a short period of time, resulting in a positive market impact. Furthermore, governments in some Asia Pacific countries are launching initiatives to encourage the digitization of critical procedures, which will help drive market growth.
North America is predicted to grow at the fastest pace in the global human resource technology market during the projected timeframe. The human resource technology industry is expanding rapidly in North America as a result of the region's mature market conditions and advanced technology infrastructure. This distinct set of characteristics has created a fertile environment for the development and dissemination of cutting-edge HR solutions, resulting in increased adoption rates and market penetration. The United States is the region's leading country, accounting for the expected growth rate.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Human Resource Technology Market include IBM Corporation, Cornerstone OnDemand, Inc., Oracle Corporation, SAP SE, ADP, LLC, Workday, Inc., Ceridian HCM, Inc., Hi Bob Inc., Ultimate Software Group, Inc., Paylocity Holding Corporation, Paycom Software, Inc., Kronos Incorporated, BambooHR LLC, Namely, Inc., Talentsoft S.A., and Others.
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Recent Developments
- In September 2023, Workday and ADP expanded their partnership to provide joint customers with global payroll, compliance, and HR services. The alliance's goal was to enable customers to examine data across everyone their respective HCM environments, including payroll, compliance, and tax.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Human Resource Technology Market based on the below-mentioned segments:
Global Human Resource Technology Market, By Type
- Talent Management
- Workforce Management
- Recruitment
- Payroll Management
- Performance Management
- Others
Global Human Resource Technology Market, By Deployment
- Cloud
- On-premise
Global Human Resource Technology Market, By End-User
- BFSI
- IT and Telecommunication
- Government
- Manufacturing
- Retail
- Healthcare
- Others
Global Human Resource Technology Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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