Global human resource (HR) technology market

Global Human Resource (HR) Technology Market Size, Share, Growth Analysis, By Component(Software, Service), By Deployment(On-premise, Cloud), By Enterprise Size(Large Enterprise, Small & Medium Enterprise (SME)), By Industry(BFSI, IT) - Industry Forecast 2024-2031

Report ID: SQSG45E2016 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 119 | Figures: 77

Global Human Resource (HR) Technology Market Competitive Landscape

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

  • In January 2022, Darwinbox, a cloud base HR Technology startup raised $72 million in a funding round which was led by Netflix backer TCV at a valuation of more than $1 billion.
  • In February 2021, Ceridian HCM Inc. acquired Ascender, a payroll and HR solutions provider headquartered in Japan. Through this acquisition, these companies aim to provide comprehensive human capital management and payroll solutions in Asia Pacific.
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FAQs

Global Human Resource (HR) Technology Market size was valued at USD 22.9 billion in 2019 and is poised to grow from USD 24.62 billion in 2023 to USD 47.2 billion by 2031, growing at a CAGR of 7.5% in the forecast period (2024-2031).

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. 'Cornerstone OnDemand, Inc. (US)', 'IBM Corporation', 'SAP SE', 'Oracle Corporation', 'Workday, Inc.', 'ADP, LLC', 'Ultimate Software Group, Inc.', 'Ceridian HCM, Inc.', 'Paycom Software, Inc.', 'Paylocity Holding Corporation', 'BambooHR LLC', 'Kronos Incorporated', 'Talentsoft S.A.', 'Namely, Inc.', 'Zenefits', 'Gusto', 'Paycor, Inc.', 'PeoplePerHour', 'Jobvite, Inc.', 'Breezy HR'

Businesses are moving away from back-office HR data warehouses in favor of more sophisticated reporting and analytics dashboards to investigate concerns with employee retention, sales productivity, and other factors that have a direct impact on a company's productivity. In this industry, vendors are using analytics as a fundamental component of the software, including tools for learning, operations, and assessment.

During the COVID19 crisis, there has been a noticeable increase in demand for recruitment software. To improve the efficiency and value of recruiting software, human resource technology industry companies have recently been incorporating sophisticated algorithms based on artificial intelligence, machine learning, and social sensing tools. Artificial intelligence and other analytical algorithms will probably be integrated to make a more efficient candidate tracking system that enables businesses to make more informed decisions about talent hiring.

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.

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