Pune, India, October 21, 2022 (GLOBE NEWSWIRE) — Global Human Resources (HR) Technology Market size It will be valued at US$22.9 billion in 2021 and is projected to reach US$23.98 billion by 2022. The market is expected to reach US$39.9 billion by 2029, at a CAGR of 7.5% during the forecast period. Increasing job opportunities due to increasing adoption of technology is expected to drive the growth of the market. Increasing adoption of AI and machine learning in business is expected to drive the market trend. Robotic process automation (RPA) integration is one of the key trends expected to drive market development. Fortune Business Insights™ shares this information in a report titled, “Human Resources (HR) Technology Market, 2022 to 2029”.
Development of major industries
From March 2022 Access Group has acquired FastTrack, a cloud-based recruitment platform. The platform is intended to help companies with payroll, billing, and timesheets. Supports the Access Recruitment software suite. This acquisition will help expand Access Group’s international reach.
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Report scope and segmentation
| report coverage | detail |
| Forecast period | 2022-2029 |
| Forecast period 2022-2029 CAGR | 7.5% |
| 2029 value forecast | US$39.9 billion |
| base year | 2021 |
| Human resource technology market size in 2021 | US$22.9 billion |
| historical data of | 2018-2020 |
| page number | 140 |
| Target segment | Type; Deployment; Company; Industry; |
| Human resource technology market growth drivers | Rising Adoption of Artificial Intelligence and Machine Learning Driving the Market |
| Data integration limitations and data privacy threats hindering market growth |
Impact of COVID-19:
Adoption of Human Resources (HR) Technology Boosting Market Growth Amid Pandemic
The COVID-19 pandemic has led to a shift to a work-from-home culture, driving the adoption of human resources (HR) technology software. The software helped professionals manage employee management communications and efficiently handle payroll functions.
Click here to see the short-term and long-term impact of COVID-19 on this market.
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drivers and restraints
Integration of AI and Machine Learning Algorithms to Boost Market Growth
The integration and adoption of AI and machine learning algorithms in HR technology software is expected to drive the growth of the human resources (HR) technology market. It helps in optimizing the recruitment process. This integration facilitates automation of the hiring process, including scheduling interviews, analyzing interview performance, and answering basic questions with bots and virtual assistants. It is set to provide market growth opportunities.
However, limitations in data integration and threats to data privacy are estimated to limit market growth.
Regional Insight
North America Leads Market Share Due to Presence of Majority of Market Players
North America includes Oracle Corporation, Ceridian HCM Holding Inc., Automatic Data Processing (ADP), Inc., Cornerstone OnDemand, Inc., Workday, Inc., and others. The region will reach a valuation of US$11.28 billion in 2021. Increasing job opportunities and demand for talent acquisition in the United States and Canada are expected to boost the market development.
The market is also expected to grow significantly in Europe due to the demand for workforce automation solutions. They are in demand due to their ability to automate and improve workforce management.
Asia-Pacific is expected to see steady growth due to increasing adoption of technologies such as cloud, AI, and ML.
competitive environment
Strong Acquisition Strategy by Key Players to Advance Market Trajectory
Strong acquisition strategies by market players are expected to gain market traction. In October 2021, Ceridian launched Dayforce Talent Intelligence, a new set of AI and data-driven talent management solutions. It helps companies make more fair, equitable and efficient hiring decisions and assess the impact of their diversity, equity and inclusion activities. It will drive the right hiring decisions for companies.
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report coverage
The report provides an in-depth analysis of the top segments and the latest trends in the market. Comprehensive discussion of the drivers and restraints and the impact of COVID-19 on the market. In addition, it examines regional developments and strategies undertaken by key players in the market.
segmentation
talent management dictate for its various advantages
Based on type, the market is segmented into human resource management, workforce management, recruitment, payroll management, performance management, and others. Talent management is a big part because it helps companies evaluate employee performance, development, promotion, and compensation. Payroll management is expected to grow significantly due to its increasing adoption by large companies.
cloud based HR technology software Govern the segment by adopting cloud technology
Based on deployment, the market is segmented into on-premises and cloud. Cloud-based deployments are expected to grow rapidly in the coming years due to the increasing adoption of cloud-based technologies among SMEs. A prominent market player is migrating from on-premises HIS HR software to the cloud in response to the growing demand for cost-effective cloud-based HIS HR solutions across the industry. Similarly, the COVID-19 pandemic is forcing companies to move from on-premises solutions to the cloud. These factors are expected to drive cloud deployment during the forecast period.
SMEs have fastest CAGR due to large number of investments
Based on company size, the market is segmented into small and medium enterprises (SMEs) and large enterprises. Small businesses are set to see the fastest CAGR due to increased investment and funding.
Health care Driving the segment by adopting HR solutions
Based on industry, the market is segmented into BFSI, IT & telecommunications, government, manufacturing, retail, healthcare, and others. The healthcare industry is set to hold the largest share in the segment due to the adoption of HR solutions due to the high demand for hiring the right people and employees.
Regionally, the market is segmented into North America, South America, Europe, Middle East & Africa, and Asia Pacific.
List of key players profiled in the report
- SAPSE (Germany)
- Oracle Corporation (USA)
- Automatic Data Processing (ADP), Inc. (USA)
- Cornerstone OnDemand, Inc. (USA)
- Ceridian HCM Holding Inc. (USA)
- Workday, Inc. (United States)
- Infor (USA)
- Segi Group (France)
- Hibob Inc. (UK)
- Access Group (UK)
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Main table of contents:
- prologue
- Definition, by segment
- Survey method/approach
- data source
- executive summary
- market dynamics
- macro and microeconomic indicators
- Drivers, Constraints, Opportunities and Trends
- Impact of COVID-19
- short term impact
- long term impact
- competitive landscape
- Business strategies adopted by key players
- Integrated SWOT analysis of key players
- Global Human Resources (HR) Technology Leading Players Market Share Insights and Analysis, 2021
- Global Human Resources (HR) Technology Market Size Estimation and Forecast by Segment 2018-2029
- Main findings
- By type (USD)
- talent management
- Workforce management
- Recruitment
- Payroll management
- performance management
- Other (employee collaboration, engagement)
- By company size (USD)
- By Deployment (USD)
- Industry (USD)
- BFSIMore
- IT and communication
- government
- manufacturing industry
- retail
- Health care
- Others (education, etc.)
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America
- North America Human Resources (HR) Technology Market Size Estimates and Forecasts, By Segment, 2018-2029
- Main findings
- By type (USD)
- talent management
- Workforce management
- Recruitment
- Payroll management
- performance management
- Other (employee collaboration, engagement)
- By company size (USD)
- By Deployment (USD)
- Industry (USD)
- BFSIMore
- IT and communication
- government
- manufacturing industry
- retail
- Health care
- Others (education, etc.)
- By Country (USD)
TOC continues…!
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