India Human Resource (HR) Technology Market to Reach US$ 2,170 Million by 2032, Fueled by Expanding Automation and Digitalization of Various Business Operations

March 31, 2023 | Technology & Media

According to the latest report by IMARC Group, titled “India Human Resource (HR) Technology Market Report by Application (Talent Management, Payroll Management, Performance Management, Workforce Management, Recruitment, and Others), Type (Inhouse, Outsourced), End Use Industry (TTH (Travel, Transportation, Hospitality), Public Sector, Health Care, Information Technology, BFSI (Banking, Financial Services, and Insurance), and Others), Company Size (Less than 1k Employees, 1k - 5k Employees, Greater than 5k Employees), and Region 2024-2032,” the India human resource (HR) technology market size reached US$ 1,040 Million in 2023. Human Resource (HR) technology refers to a wide range of software and digital tools used to automate and manage various HR functions within an organization. It includes applicant tracking systems (ATS), HR management systems (HRMS), payroll software, employee engagement platforms, and learning management systems (LMS) as standard technologies. These platforms help organizations improve efficiency, accuracy, and productivity by reducing manual tasks, eliminating errors, and providing real-time data analytics. Besides this, HR technology solutions enhance the employee experience, making it easier for employees to access information, request time off, and communicate with HR professionals. It provides organizations with greater visibility into their workforce, allowing them to make data-driven decisions about talent management and succession planning.

India Human Resource (HR) Technology Market Trends:

The increasing product adoption by numerous businesses in the country to reduce costs and enhance overall productivity by automating various administrative activities, such as payroll, recruitment and onboarding, talent management, and performance review, is primarily driving the market growth. Besides this, the rapid industrialization and urbanization and the implementation of favorable initiatives by the Government of India (GoI) supporting the digitization of business operations are contributing to the market growth. Moreover, the growing focus on employee well-being and engagement to enhance employee productivity and retention is fuelling the adoption of HR technology. The solution offers employee surveys, wellness programs, and recognition and reward programs, which, in turn, is creating a positive outlook for the market. Additionally, the rising demand for HR solutions with social media recruiting and applicant tracking system (ATS) features that can help organizations identify, attract, and retain the best talent is aiding in market expansion. Furthermore, innovative technological advancements, such as the integration of HR technology with cloud computing, software-as-a-service (SaaS), predictive analytics, artificial intelligence (AI), business intelligence (BI), and dashboards, are presenting remunerative growth opportunities for the market. In line with this, the advent of mobile-enabled HR applications and solutions that enable better communication and collaboration between employees, managers, and HR personnel is strengthening the market growth. Looking forward, the market value is projected to reach US$ 2,170 Million by 2032, expanding at a CAGR of 8.3% during 2024-2032.

Market Summary:

On the basis of the application, the market is categorized into talent management, payroll management, performance management, workforce management, recruitment, and others.
Based on the type, the market is bifurcated into in-house 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 is classified into less than 1k employees, 1k - 5k employees, and greater than 5k employees.
On the basis of the region, the market has been segmented into North, West and Central, South, and East India.
The competitive landscape of the industry has also been examined, covering the competitive structure and key player profiles.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Million
Segment Coverage	Application, Type, End Use Industry, Company Size, Region
Region Covered	North India, West and Central India, East India, South India
Customization Scope	10% Free Customization
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Post-Sale Analyst Support	10-12 Weeks
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India Human Resource (HR) Technology Market to Reach US$ 2,170 Million by 2032, Fueled by Expanding Automation and Digitalization of Various Business Operations

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