The Human Resource (HR) Technology Market was valued at USD 21.52 Billion in 2022, registering a CAGR of 6.80% during the forecast period (2023-2030), and the market is projected to be worth USD 36.43 Billion by 2030.
Human resource (HR) technology is referred to as software and hardware technology aids to operate crucial HR functions. The technology is used to perform various tasks such as data filing, data storage, data analysis, performance management, talent management and talent acquisition. Additionally, HR technology is used to optimize work and improve integration process to promote company\'s mission and business goals. For instance, Cezanne HR, robust and secure HR management software, provide benefits including streamlining recruitment, application tracking, holiday and absence management, performance review, and talent management.
Furthermore, rising adoption of artificial intelligence (AI) and machine learning algorithms for human resource technology has augmented the growth of HR technology market. Artificial intelligence helps HR technology to optimize recruitment process by scheduling and analyzing interviews. For instance, according to the 2022 Recruiter Nation Report, by Jobvite, 34% job recruiter used AI system for job description recommendations.
Development in technologies and rising automation of HR operations is driving the growth of human resource (HR) technology market.
Development in technologies and rising automation of HR operations is driving the growth of human resource (HR) technology market.
The rising adoption of artificial intelligence (AI) and machine learning algorithms for human resource technology is driving the growth of HR technology market. Artificial intelligence helps HR technology to optimize recruitment process by scheduling and analyzing interviews. For instance, Activpyroll announced collaboration with Cornerstone OnDemand, to offer performance management, recruitment, and talent management with Activpyroll solutions.
Restraint:
Increasing risk of cybercrime events is hampering the growth of human resource (HR) technology market.
Increasing risk of cybercrime events is hampering the growth of human resource (HR) technology market.
Rising concern related to data security and privacy risks for employee data such as payrolls, leaves and performance of respective employee is hindering the growth of human resource (HR) technology market. The increasing cybercrime events including data breaches, cyberattack, and others are hindering the growth of human resources (HR) technology market. Additionally, concern related to data privacy is rising due to remote working resulting to retrain the growth of human resource (HR) technology market.
Human Resource (HR) Technology Market Segmentation:
By Application
The application segment is categorized into Talent management, Recruitment, Performance management, Payroll management, Workforce management, and Others.
The payroll management segment demonstrates a major market share of human resource (HR) technology. Payroll management with HR technology tends to increase payroll computations and provide proper pay slips.
Talent management segment is expected to grow during the forecast period due to rising adoption of HR technology to manage employee performance, progression, and reward. The technology helps the organization for onboarding and recruitment process. For instance, JazzHR integrated with Gusto, to streamline onboarding process for the new employees.
By Deployment
The deployment segment is divided into Cloud and On-Premises.
On-premises deployment accounted major market share for HR technology market owing to adoption of on-premises based HR technology solution to ensure scalability and flexibility to streamline business practices. Additionally, on-premises deployment ensures smooth onboarding process for new hires.
Cloud deployment is expected to grow during forecast period due to rapid adoption of advanced technologies. Rising adoption of cloud-based technology and shift of small and medium enterprise from on-premises to cloud-based system is driving the growth of cloud based deployment for HR technology market.
By Enterprise size
The enterprise size segment is bifurcated into Large enterprise, and Small & Medium enterprise.
Large enterprise accounted largest revenue share for HR technology market owing to rising need of workforce management. Moreover, HR technology helps to streamline business operations and ensure easy onboarding process.
Small and medium enterprise is projecting to showcase rapid growth during forecast period due to rising demand of cloud solution and adoption of emerging technologies. Additionally, rising investments and fundings by leading organizations is driving the growth of SMEs for human resource technology market.
By End-User
The end-user segment is categorized into BFSI, IT & Telecom, Healthcare, Retail, and Others.
IT & telecommunication segment holds major market share for HR technology market due to increasing demand of workforce management to streamline business operations. Additionally, rapid digitalization and increasing technological developments are driving the growth of IT & telecommunication segment in HR technology market.
Healthcare segment is expected to grow during forecast period. Healthcare industry has significantly adopted human resource (HR) technology for talent management and talent acquisition.
By Region
The regional segment includes North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
North America accounted major market share for human resource (HR) technology market due to existence of leading human resource technology solution organizations including Workday Inc., Oracle Corporation, and Automatic Data Processing (ADP) Inc. For instance, in September 2022, Workday Inc., leading enterprise cloud applications for human resources (HR) and finance, launched Industry Accelerators to help the companies to speed up enterprise cloud transformation efforts.
Asia Pacific region is expected to grow during forecast period due to rising investments and fundings by leading organizations in small and medium enterprises. For instance, in January 2021, Salesforce invested USD 15 million in Darwinbox, an Asian HR tech company, to expand business in Asian market.
Human Resource (HR) Technology Market Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Further, the surge in Research and Development (R&D), product innovation, various business strategies, and application launches have accelerated the growth of the Global Human Resource (HR) Technology Market. Key players in the market include-
• Cezanne HR Ltd.
• Ceridian HCM Inc.
• Automatic Data Processing (ADP) Inc.
• Infor
• Workday Inc.
• Cornerstone OnDemand Inc.
• NetSuite Inc.
• Oracle Corporation
• SAP SE
• Talentsoft
• Ultimate Software
Recent Developments:
• In March 2022, Access Group, leading business management software provider, acquired FastTrack, a cloud-based recruitment platform, for significant business expansion.
• In July 2020, Infor announced the launch of Infor Global Human Resources (Global HR), a payroll module, to offer in-house payroll, wage payment, employment tax filing, and value-added services.
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