The global human resource technology market is anticipated to grow at a rapid CAGR of 5.41% from 2023 to 2030. Key factors driving the growth of the industry include rising demand for tailored solutions and the increasing trend of automation in several HR operations.
DUBAI, UAE, Aug. 21, 2023 /PRNewswire/ -- The Global Human Resource Technology Market was valued at USD 156.98 billion in 2022 and is estimated to reach a significant valuation of USD 237.42 billion by 2030, exhibiting a CAGR of 5.41% through the forecast period of 2023 to 2030. The market is expected to grow significantly, driven by the emergence of new solutions tailored to the dynamic and evolving requirements of human resource (HR) and business operations. Additionally, the rising adoption of automation in operations related to HR, and the increasing prevalence of remote work are likely to support the market growth.
The technology used to manage tasks and procedures related to human resources is referred to as "human resource technology" (HR Tech). It includes a variety of hardware and software solutions, including those for performance management, human capital management (HCM), employee self-service, payroll, benefits management, application tracking, and learning and development management.
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The primary goal of HR technology is to improve employee experience while streamlining HR procedures and automating routine tasks by using cutting-edge technology. It enables HR professionals to collect and analyze data in real-time in order to make informed decisions. With the emergence of new solutions to meet the changing demands of HR and business operations, the human resource technology market is projected to grow significantly.
Competitive Landscape
By implementing lucrative strategies, major companies in the market are concentrating on enhancing their global presence. In an effort to increase their market share, industry participants are focusing on acquiring small and regional businesses.
Key players operating in the human resource technology market include
- Cegid,
- Cornerstone,
- Hi Bob, Inc.,
- IBM Corporation,
- Infor,
- Oracle,
- UKG Inc.,
- SAP SE., and
- Workday, Inc.
Trending Now: Northwell Health Embraces Innovation by Incorporating Occupational Health and HR Technology
Healthcare IT News wrote an article in May 2022 on how Northwell Health's pandemic experience strengthened the case for effective occupational health IT. The largest healthcare institution in New York, Northwell Health, had remarkable success using this type of IT to meet consumer needs during the pandemic
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By Deployment
- Cloud-based
- On-premise
Deployment of Cloud-based Solutions to Gain Traction Due to its Cost-effectiveness
The cloud-based deployment segment is anticipated to grow at a robust CAGR of 6.52% over 2023-2030. Key factors helping cloud-based solutions maintain their dominance include its cost-effectiveness services and solutions as compared to on-premise services. Cloud-based solutions offer end-users flexibility and dynamic structures, and save spaces and other associated operational maintenance costs. The cloud-based segment is estimated to continue its dominance throughout the forecast period.
By Application
- Payroll Management
- Talent Management
- Workforce Management
- Recruitment
- Performance Management
- Others
Rising Popularity of Payroll Management Applications to Boost Sales
The payroll management segment is projected to hold the largest share in the human resource technology market with a valuation of USD 79.77 billion by 2030. Payroll management is a crucial application. Due to automated processes, HR Tech solutions aid in reducing the number of problems that arise in payroll management.
In addition, the talent management segment is projected to grow rapidly to register USD 59.71 billion in revenue by the end of the projected period. On skill gaps, employee turnover patterns, and other critical aspects that affect talent management, HR Tech offers insights, analysis, and solutions. One of the key aspects that talent management helps with is the evaluation of employee performance and retention.
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Rising Use of AI and ML to Augment Human Resource Technology Market Growth
The recruitment process can be optimized with the adoption of AI and ML algorithms through HR technology tools. Automating hiring procedures including interview scheduling, interview performance analysis, and answering simple inquiries is made possible with the integration of AI applications such as virtual assistants and chatbots. The bot uses logic to understand user requests and interact with corporate processes in order to provide the intended outcomes.
For instance, HeyJobs, a startup specializing in HR technology, raised USD 47 million in funding in March 2022. The company intended to use the funds to expand its operations throughout Germany and expedite the incorporation of AI technology in talent acquisition.
Cutting-edge Technological Infrastructure in North America to Promote Market Growth
North America is anticipated to be the largest market for human resource technology during the forecast period, reaching USD 91.46 billion in revenue by 2030. The growth of the regional market is expected to be propelled by the advanced market conditions and cutting-edge technological infrastructure within the region.
These factors have created an ideal environment for the flourishing and widespread implementation of innovative HR technologies, resulting in higher adoption rates and broader market reach. Within the region, the United States stands out as the dominant country, contributing significantly to the growth of the human resource technology market.
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Expanding Business Sectors in APAC to Foster Market Growth
Asia Pacific is anticipated to experience significant growth through the projected period, with a valuation of USD 56.74 billion by 2030. The growth of the market is primarily attributable to the expanding business sectors in the region. According to estimates, the developing nations of India, China, and Japan are likely to witness strong growth of HR technology.
Urbanization has played a pivotal role in paving the way for technological advancements in the region. The presence of a sizable workforce and the widespread use of technology across the majority of industries are key factors supporting the APAC human resource technology market growth.
Table of Content
1 Introduction of The Global Human Resource Technology Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
2 Executive Summary
3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
4 Global Human Resource Technology Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter's Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
5 Impact of Russia-Ukraine War
6 Global Human Resource Technology Market, By Deployment
6.1 Overview
6.2 Cloud-Based
6.3 On-Premise
6.4 Others
7 Global Human Resource Technology Market, By Application
7.1 Overview
7.2 Payroll Management
7.3 Talent Management
7.4 Workforce Management
7.5 Recruitment
7.6 Performance Management
7.7 Others
8 Global Human Resource Technology Market, By End-User
8.1 Overview
8.2 Telecom & IT
8.3 BFSI
8.4 Retail
8.5 Healthcare
8.6 Government
8.7 Others
9 Global Human Resource Technology Market, By Company Size
9.1 Overview
9.2 Above 5000
9.3 1001-5000
9.4 501-1000
9.5 51-500
9.6 0-50
10 Global Human Resource Technology Market, By Geography
...
16 Global Human Resource Technology Market Competitive Landscape
16.1 Overview
16.2 Key Developments
16.3 Key Strategic Developments
16.4 Company Market Ranking
16.5 Regional Footprint
16.6 Industry Footprint
17 Company Profile
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