The latest report by IMARC Group, titled “Latin America Human Resource (HR) Technology Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the Latin America human resource (HR) technology market size reached US$
1,006.5 Million in 2022. Human resource (HR) technology refers to software and hardware tools that automate various HR processes in organizations. It assists in streamlining HR processes, such as employee payroll and compensation, onboarding, talent acquisition and management, workforce analytics, and performance management. It is widely used to collect information and generate analytical reports for better decision-making and data storage. It helps minimize the manual efforts required for executing various time-consuming tasks while reducing administrative and compliance costs and ensuring fair pay practices. As a result, HR technology has gained immense traction in Latin America as a cost-effective and time-saving solution to enhance the overall productivity of the HR team and workflow of the organization.
Latin America Human Resource (HR) Technology Market Trends:
In Latin America, the expanding information technology (IT) industry and rapid digitization in the corporate sector represent the primary factors driving market growth. Besides this, the increasing number of HR startup companies in countries such as Brazil is another major growth-inducing factor. In addition, there has been widespread adoption of digital onboarding solutions due to the emerging trend of work-from-home (WFH) or remote working models amid the recent coronavirus disease (COVID-19) outbreak. Along with this, the rising penetration of cloud-based HR technology software systems has augmented product demand. Furthermore, the leading players are integrating advanced technologies, including artificial intelligence (AI), machine learning (ML), and analytic algorithms, with HR technology tools to improve recruitment, employee engagement, and retention. In line with this, extensive investments by organizations in innovative HR software solutions to facilitate smooth operations and lower the risks of systemic errors have catalyzed market growth. Other factors, including the aging traditional HR tools, rising working population, complex management practices, ongoing research and development (R&D) activities, and technological advancements, are also creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach US$
1,678.7 Million by 2028, growing at a CAGR of
8.2% during 2023-2028.
- Based on the application, the market has been divided into talent management, payroll management, performance management, workforce management, recruitment, and others.
- On the basis of the type, the market has been bifurcated into inhouse and outsourced.
- The market has been classified based on the end use industry into TTH (travel, transportation and hospitality), public sector, health care, information technology, BFSI (banking, financial services, and insurance), and others.
- Based on the company size, the market has been segmented into less than 1k employees, 1k -5k employees, and greater than 5k employees.
- Country-wise, the market has been segregated into Brazil, Mexico, Argentina, Colombia, Chile, Peru, and others.
- The competitive landscape of the market has also been examined, along with detailed profiles of the key players operating in the industry.
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