What is the global market size of Human Resource (HR) Technology Market?

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).

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 Insights

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).

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 Human Resource (HR) Technology Market Report Snapshots

License Type Top market research company in USA

File Type

$5,300

BUY NOW GET FREE SAMPLE

Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

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.

Feedback From Our Clients

"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "

- Mr. Ali Zali, Commercial Director, ICIIC Iran.

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

Global Human Resource (HR) Technology Market Insights

Global Human Resource (HR) Technology Market Report Snapshots

Want to customize this report?

FAQs

What is the global market size of Human Resource (HR) Technology Market?

Who are the key vendors in the Global Human Resource (HR) Technology Market?

What is the key driver of Global Human Resource (HR) Technology Market?

What is the key market trend for Global Human Resource (HR) Technology Market?

Which region accounted for the largest share in Global Human Resource (HR) Technology Market?

Request Free Customization

Related Reports

Feedback From Our Clients

$5,300