According to the latest report by IMARC Group, titled "Human Resource (HR) Technology Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global human resource (HR) technology market reached a value of US$ 28.65 Billion in 2021. Human resource (HR) technology includes various hardware and software tools that are utilized for automating HR processes across organizations. It aids in reducing the manual efforts required for executing various time-consuming tasks. Additionally, it is widely used for collecting and delivering information and developing analytical reports for superior decision-making and data storage. Along with this, it also assists businesses in gaining insights from employee feedbacks that are later used for improving workforce retention and training and development methods. As a result, it largely aids in streamlining the HR processes while minimizing the administrative and compliance costs and ensuring fair pay practices.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Human Resource (HR) Technology Market Trends:
The global market is primarily driven by significant growth in the information technology (IT) sector. Along with rapid digitization across the corporate sector, this is creating a positive outlook for the market. Moreover, multiple businesses are heavily investing in advanced HR software solutions in order to effectively manage routine operations, which is providing a boost to the market growth. In line with this, various technological advancements and the widespread integration of cloud computing, blockchain technology and artificial intelligence (AI) with traditional human resource techniques are acting as major growth-inducing factors. Furthermore, the rapid outbreak of coronavirus disease (COVID-19) across the globe has compelled HR teams to utilize HR technology solutions to facilitate smooth remote working solutions, thereby providing an impetus to the market growth. Additionally, the increasing working population and complex management methods adopted by businesses are positively influencing the market growth. Other factors, including intensive business competition and extensive research and development (R&D) activities conducted by key players, are further projected to drive the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 48.85 Billion by 2027, growing at a CAGR of 9.20% during 2022-2027.
- On the basis of the application, the market has been segmented into talent management, payroll management, performance management, workforce management, recruitment and others.
- Based on the type, the market has been bifurcated into inhouse and outsourced.
- On the basis of the end-use industry, the market has been segregated into TTH (travel, transportation, hospitality), public sector, health care, information technology, BFSI (banking, financial services, and insurance) and others.
- Based on the company size, the market has been categorized into less than 1k employees, 1k -5k employees and greater than 5k employees.
- On the basis of the region, the market has been divided into North America, Europe, Asia Pacific, the Middle East and Africa and Latin America.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of the key players include SAP, Workday, ADP, Oracle, Microsoft, Kronos Incorporated, Ultimate Software, SumTotal Systems, IBM and Ceridian.
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