IMARC Group, a leading market research company, has recently releases report titled “Human Resource (HR) Technology Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The study provides a detailed analysis of the industry, including the global human resource (HR) technology market size, trends, share, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the human resource (HR) technology market?
| Report Attributes | Details |
| Market Size in 2022 | US$ 31.5 Billion |
| Market Forecast in 2028 | US$ 53.3 Billion |
| Growth rate (2023 to 2028) | CAGR of 9.08% |
| Base Year of the Analysis | 2022 |
| Forecast Period | 2023-2028 |
What is human resource technology?
Human Resource (HR) technology refers to the use of digital tools, software, and platforms to streamline and enhance various HR processes and functions within an organization. It encompasses a wide range of technologies designed to automate, simplify, and improve HR tasks, including recruitment, onboarding, employee data management, performance management, learning and development, payroll, and workforce analytics. Characteristics of HR technology include its ability to centralize and integrate HR data, automate repetitive tasks, improve efficiency and accuracy, enhance employee experience, enable data-driven decision-making, and support strategic HR initiatives.
It enables HR professionals to focus on more strategic and value-added activities by reducing administrative burdens and optimizing HR processes. Key features of HR technology include applicant tracking systems (ATS) for managing the recruitment process, human resource information systems (HRIS) for centralizing employee data, learning management systems (LMS) for training and development, performance management tools, payroll software, and workforce analytics platforms. At present, HR technology finds its application across various industries, including healthcare, education, information technology (IT), and banking, financial services, and insurance (BFSI).
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What are the growth prospects and trends in the human resource technology industry?
The rapid digitization across industries represents one of the key factors influencing the market growth. Moreover, the extensive demand for efficiency and cost savings are acting as other major-growth inducing factors. The rising complexity of HR processes require advanced technology solutions to manage and streamline these processes effectively, which is facilitating the utilization of HR technology, thereby propelling the market growth.
The rise of remote work culture has created a need for HR technology that is enabling efficient management of dispersed teams and is facilitating remote collaboration, which is contributing to the market growth. HR technology provides organizations with tools and platforms to effectively attract, assess, and manage talent, which is crucial for organizational growth, which is influencing the market growth positively. HR technology enables employee self-service portals and tools that empower employees to access and manage their HR-related information, thereby facilitating higher engagement, which, in turn, is contributing to the market growth. In addition to this, the HR technology provides analytics and reporting capabilities, allowing organizations to make data-driven decisions regarding workforce planning, performance management, and talent development, thereby fueling the market growth.
HR technology facilitates succession planning by identifying and nurturing high-potential employees, ensuring a pipeline of talent for key roles, and reducing turnover, which is inducing the market growth. Furthermore, the availability of mobile and cloud-based HR technology solutions allows organizations to access and manage HR processes from anywhere, anytime, thereby improving flexibility and scalability, which is driving the market growth. Other factors, such as significantly expanding corporate sector, proliferating small and medium-sized organizations, and various technological advancements, including the utilization of blockchain and predictive analysis for talent management and secure employee data, are creating a positive outlook for the market across the globe.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Application:
- Talent Management
- Payroll Management
- Performance Management
- Workforce Management
- Recruitment
- Others
Breakup by Type:
- Inhouse
- Outsourced
Breakup by End-Use Industry:
- TTH (Travel, Transportation, Hospitality)
- Public Sector
- Health Care
- Information Technology
- BFSI (Banking, Financial services, and Insurance)
- Others
Breakup by Company Size:
- Less than 1k Employees
- 1k -5k Employees
- Greater than 5k Employees
Breakup by Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Who are the key players operating in the industry?
The report covers the major market players including:
- SAP
- Workday
- ADP
- Oracle
- Microsoft
- Kronos Incorporated
- Ultimate Software
- SumTotal Systems
- IBM
- Ceridian
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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