With a CAGR of 7.5%, the size of the HR technology market is worth

Pune, India, Oct. 21, 2022 (GLOBE NEWSWIRE) — The world Human Resources (HR) Technology market size was valued at USD 22.90 Billion in 2021 and is expected to reach a valuation of USD 23.98 Billion by 2022. The market is expected to reach USD 39.90 Billion by 2029 with a CAGR of 7.5% during of the forecast period. Increase in job opportunities owing to increasing adoption of technologies is expected to drive the growth of the market. The growing adoption of AI and machine learning in enterprises is expected to propel the market price. The integration of Robot Process Automation (RPA) is one of the key trends expected to facilitate the development of the market. Fortune Business Insights™ shares this information in its report titled “Human Resource (HR) Technology Market, 2022-2029”.

Development of key industry

March 2022- The Access Group has acquired FastTrack, a cloud-based recruiting platform. The platform aims to help businesses with payroll, invoicing and timesheets. It will support the Access Recruitment software suite. The acquisition will help expand the Access Group’s international reach.

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Report scope and segmentation

Report cover Details
Forecast period 2022 to 2029
Forecast Period 2022 to 2029 CAGR 7.5%
2029 value projection $39.90 billion
base year 2021
Human resource technology market size in 2021 $22.90 billion
Historical data for 2018 to 2020
Number of pages 140
Segments Covered Type; Deployment; Company; Industry;
Human Resource Technology Market Growth Factors Increased adoption of artificial intelligence and machine learning to drive the market
Data integration limitations and threat to data privacy to hinder market growth

Impact of COVID-19:

The adoption of Human Resources (HR) Technology During the pandemic to drive market growth

Due to the COVID-19 pandemic, there has been a shift towards working from home, which has propelled the adoption of human resource (HR) technology software. The software has helped professionals manage communication between employees and management and manage payroll functions efficiently.

Click here for the short and long term impact of COVID-19 on this market:

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Drivers and Restrictions

Integration of AI and machine learning algorithms to drive 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 resource (HR) technology market. It contributes to the optimization of the recruitment process. The integration makes it easy to automate recruiting processes like scheduling interviews, analyzing interview performance, and answering basic questions through bots and virtual assistants. This is expected to create market growth opportunities.

However, limitations in data integration and threat to data privacy are believed to be limiting the market growth.

Regional outlook

North America will dominate the market share due to presence of majority of market players

North America is expected to have maximum share of Human Resource (HR) Technology market share due to presence of majority players in the market such as Oracle Corporation, Ceridian HCM Holding Inc., Automatic Data Processing (ADP), Inc., Cornerstone OnDemand, Inc.., Workday, Inc. and others. The region reached a valuation of USD 11.28 billion in 2021. Rising number of job opportunities and demand for talent acquisition in the US and Canada is expected to drive the development of the market.

Europe is also expected to witness considerable market growth owing 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 landscape

Strong acquisition strategies by key players to advance the trajectory of the market

Strong acquisition strategies by market players are expected to gain traction in the market. In October 2021, Ceridian launched Dayforce Talent Intelligence, a new set of AI and data-driven talent management solutions. It will help companies make more fair, equitable and effective hiring decisions and will also assess the impact of diversity, equity and inclusion activities. This will propel appropriate hiring decisions for businesses.

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Report cover

The report provides a detailed analysis of major segments and latest market trends. It discusses in detail the driving and restraining factors and the impact of COVID-19 on the market. Moreover, it examines the regional developments and the strategies undertaken by the major market players.

Segmentation

Talent Management to dictate due to its various advantages

On the basis of type, the market is segmented into talent management, workforce management, recruitment, payroll management, performance management, and others. Talent management plays an important role as it is useful in helping companies assess employee performance, development, progression, and rewards. Payroll management is expected to experience tremendous growth due to its increasing adoption by large enterprises.

Cloud-based HR technology software to rule the segment due to the adoption of cloud technology

Based on deployment, the market is categorized into on-premises and cloud-based. Cloud-based deployments are expected to grow faster in the coming years due to the growing adoption of cloud technology by SMBs. Major market players are shifting from on-premises HR software to the cloud in response to increasing demand for cost-effective cloud-based HR solutions across industries. Likewise, the COVID-19 pandemic has forced companies to move from on-premises solutions to the cloud. These factors are expected to propel cloud deployment over the forecast period.

SMEs will have the fastest CAGR due to the large number of investments

Based on enterprise size, the market is categorized into small and medium-sized enterprises (SMEs) and large enterprises. SMEs are expected to have the fastest CAGR due to the growing number of investments and financing.

Health care to lead the segment due to the adoption of HR solutions

Based on industry, the market is divided into BFSI, IT & Telecom, Government, Manufacturing, Retail, Healthcare, and Others. The healthcare industry is expected to hold the largest share of the segment owing to the adoption of HR solutions owing to the high demand for hiring the right talent and employees.

Regionally, the market is segmented into North America, South America, Europe, Middle East & Africa and Asia-Pacific.

List of Key Players Featured in the Report

  • SAP SE (Germany)
  • Oracle Corporation (USA)
  • Automatic Data Processing (ADP), Inc. (USA)
  • Cornerstone OnDemand, Inc. (USA)
  • Ceridian HCM Holding Inc. (USA)
  • Workday, Inc. (USA)
  • Infor, Inc. (USA)
  • Cegid Group (France)
  • Hi Bob Inc. (UK)
  • The Access Group (UK)

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Main table of contents:

  • Introduction
    • Definition, by segment
    • Methodology/Research Approach
    • Information source
  • Summary
  • Market dynamics
    • Macro and micro economic indicators
    • Drivers, constraints, opportunities and trends
    • Impact of COVID-19
      • Short term impact
      • Long term impact
  • Competition Landscape
    • Business strategies adopted by key players
    • Consolidated SWOT analysis of key players
    • Overview and Market Share Analysis of Global Key Human Resource (HR) Technology Players, 2021
  • Global human resource (HR) technology market size estimates and forecasts, by segments, 2018-2029
    • Main findings
    • By type (USD)
      • talent management
      • Workforce management
      • Recruitment
      • Payroll management
      • Performance Management
      • Other (employee collaboration and engagement)
    • By business size (USD)
    • Per deployment (USD)
    • By industry (USD)
      • BFSI
      • IT and Telecommunications
      • Government
      • Manufacturing
      • Detail
      • 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 & Forecasts, By Segments, 2018-2029
    • Main findings
    • By type (USD)
      • talent management
      • Workforce management
      • Recruitment
      • Payroll management
      • Performance Management
      • Other (employee collaboration and engagement)
    • By business size (USD)
    • Per deployment (USD)
    • By industry (USD)
      • BFSI
      • IT and Telecommunications
      • Government
      • Manufacturing
      • Detail
      • Health care
      • Others (Education, etc.)
    • By country (USD)

TOC Continued…!

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