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The global human resource (HR) technology market was valued at US$ 25.76 Billion in 2020.
We expect the global human resource (HR) technology market to exhibit a CAGR of 9.2% during 2021-2026.
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 TTH (travel, transportation, hospitality) sector 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, 1k -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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