USD 22.9 billion
Report ID: SQSG45E2016 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 119 | Figures: 77
Global Human Resource (HR) Technology Market size was valued at USD 22.9 billion in 2021 and is poised to grow from USD 24.62 billion in 2022 to USD 47.2 billion by 2030, growing at a CAGR of 7.5% in the forecast period (2023-2030).
The human resource sector includes a large amount of human resource technology. The management of payrolls, onboarding, talent sourcing, performance and workforce management, talent management, etc. is made easier by the use of human resources technologies by the company. The aging of traditional human resource tools and the progressive adoption of the human resource software ecosystem by businesses are the main factors driving the global market for human resource technology. The time and money-saving methods for managing many human resources are offered by the human resource software solutions.
Rapid technology advancements have also increased the demand for such solutions for a variety of applications, including talent and workforce management. Furthermore, this sector is benefiting from an increasing working population and sophisticated management techniques. The various developments seen in the field is due to 74% of businesses planning on increasing spending on HR technology. 44% of talent managers look to cloud solutions to increase efficiency and productivity. 35% of those, on the other hand, see the cloud as a way to reduce costs. 58% of companies use HR technology to find, attract, and retain talent. $1 invested into wellness intervention programs for high-risk employees produces a 5x result. $1 of spending on employee wellness, including healthy employees, leads to a $1.50 return on investment.
US Human Resource (HR) Technology Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 22.9 billion
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Global human resource (hr) technology market has been segmented based on component, deployment, enterprise size, industry, and region. Based on component, the human resource (hr) technology market is segmented into software and services. Based on enterprise size, the human resource (hr) technology market is segmented into large enterprise and small & medium enterprise (SME). Based on industry, the human resource (hr) technology market is segmented into BFSI, IT and telecommunication, government, manufacturing, retail, healthcare, others. Based on the deployment, the human resource (hr) technology market is segmented into on-premise and cloud. Based on region, the human resource (hr) technology market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Human Resource Technology Market Analysis by Component
Software had the largest market share in the hr technology market. The payroll management software aids businesses in defining payroll policy, collecting data, validating data, calculating payroll, and adhering to legal requirements. Payroll accounting, pay-out, and reporting are then performed. The payroll management segment is expected to increase at a high rate in the global market as a result of these factors.
During the forecast period, the talent management software sector is expected to dominate the market. Applications for talent management (TM) help firms manage the hiring, development, performance, rewards, progression, and succession of their personnel. These procedures are typically described in terms of the employee lifecycle.
Human Resource Technology Market Analysis by Deployment
Market segments by deployment include cloud and on-premise. Throughout the projection period, growth is anticipated for the cloud-based human resource (HR) technology software market. To address the needs and fulfill the additional expectations brought on by the remote workforce, large businesses need to scale their infrastructure. These businesses also need to keep up infrastructure support for their services and goods. These are some of the elements that, according to CloudHealth by VMware, 2020, might help explain the 21 percent increase in enterprise cloud spending.
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In 2021, Asia-Pacific is anticipated to hold the largest market share of the global human resource (hr) technology market. The growing demand for cutting-edge HR technologies to help with better administration of various companies throughout the corporate segment is a major driver of the market in Asia Pacific. Utilizing HR technology allows businesses to efficiently complete a wide range of difficult duties in a short amount of time, which has a beneficial impact on the market. Additionally, governments in several Asia Pacific nations are launching programs to encourage the digitization of key procedures, which will stimulate market expansion. Significant investments in research and development (R&D) operations, as well as the extensive integration of HR technology with SaaS and AI, are some of the additional factors influencing the market's expansion.
The growing adoption of sophisticated HR management systems by enterprises is the main factor driving Europe's human resource (HR) technology industry. The market growth is positively impacted by the increased need for predictive and workforce analytics to boost productivity. Additionally, several technical developments, including the incorporation of machine learning (ML), artificial intelligence (AI), and predictive analytics solutions with HR platforms for the analysis of employee performance and behavioral patterns, are boosting the market's growth.
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There are several reputable companies in the HR technology market. They are mostly concentrating on buying up local businesses to acquire their product catalogs. Some of the competing businesses hope to rebrand to offer fresh alternatives. For instance, in May 2020: Workday announced a partnership with Microsoft. This partnership aims to enhance cloud-based enterprise planning software by operating workday adaptive planning on the Microsoft Azure cloud.
Top Players in the Global Human Resource Technology Market
Human Resource Technology Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, by component, software dominated the global human resource (hr) technology market in 2021 and is anticipated to maintain its dominance over the forecast period. In 2021, Asia Pacific dominated the global human resource (hr) technology market owing to the region's growing demand for cutting-edge HR technologies to help with better administration of various companies.
|Market size value in 2021||USD 22.9 billion|
|Market size value in 2030||USD 24.62 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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MARKET DYNAMICS & OUTLOOK
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For the Global Human Resource (HR) Technology Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Human Resource (HR) Technology Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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