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The Human Resource (HR) Technology Market reached a value of US$ 28.65 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 48.85 Billion by 2027, exhibiting at a CAGR of 9.2% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Human resource technology is a significant part of the human resource industry. It enhances all the aspects of employment with the organization, starting from the first day of recruitment until the retirement of the employees. The human resources technologies help the employer to manage payrolls, onboarding, talent sourcing, performance and workforce management, talent management, etc.
The global human resource technology market is primarily driven by the aging of conventional human resource tools as enterprises are now gradually adopting the human resource software ecosystem. The human resource software solutions provide a time and cost-effective way for managing numerous human resources. Moreover, rapid technological innovations have augmented the demand for such solutions for diverse applications, such as workforce management, and talent management. Furthermore, rising working population and complex management methods are also creating a positive impact on this market. Owing to this, there has been an escalating development in the marketplace for recruitment, advertisement, assessment, and interviewing. Moreover, human resource technology lowers the risks of systemic errors in comparison to the conventional methods of human resourcing. This helps in time management, along with increasing productivity and reducing employment costs.
IMARC Group provides an analysis of the key trends in each sub-segment of the global human resource (HR) technology market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on application, type, end-use industry and company size.
Breakup by Application:
Breakup by Type:
Breakup by End-Use Industry:
Breakup by Company Size:
Breakup by Region:
The competitive landscape of the industry has also been examined with some of the key players being SAP, Workday, ADP, Oracle, Microsoft, Kronos Incorporated, Ultimate Software, SumTotal Systems, IBM and Ceridian, etc.
|Base Year of the Analysis||2021|
|Segment Coverage||Application, Type, End-Use Industry, Company Size, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Companies Covered||SAP, Workday, ADP, Oracle, Microsoft, Kronos Incorporated, Ultimate Software, SumTotal Systems, IBM and Ceridian|
|Customization Scope||10% Free Customization|
|Report Price and Purchase Option||Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
The global human resource (HR) technology market was valued at US$ 28.65 Billion in 2021.
We expect the global human resource (HR) technology market to exhibit a CAGR of 9.2% during 2022-2027.
The growing adoption of automated solutions for minimizing the risks of systemic errors in human resourcing with enhanced time- and cost-effectiveness, is currently driving the global human resource (HR) technology market.
Sudden outbreak of the COVID-19 pandemic has led to a significant adoption of human resource (HR) technology across several organizations for time management, workforce management, and increasing productivity during the work-from-home scenario.
Based on the application, the global human resource (HR) technology market has been segregated into talent management, payroll management, performance management, workforce management, recruitment, and others, where talent management currently represents the largest segment.
Based on the type, the global human resource (HR) technology market can be segmented into inhouse and outsourced. Currently, outsourced holds the majority of the total market share.
Based on the end-use industry, the global human resource (HR) technology market has been categorized into TTH (travel, transportation, hospitality), public sector, health care, information technology, BFSI (banking, financial services, and insurance), and others. Among these, the information technology exhibits a clear dominance in the market.
Based on the company size, the global human resource (HR) technology market can be divided into less than 1k employees, 1k -5k employees, and greater than 5k employees. Currently, greater than 5k employees account for the majority of the total market share.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
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