According to the latest report by IMARC Group, titled “Human Resource (HR) Technology Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global human resource (HR) technology market size reached 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.
Human resource (HR) technology is a substantial part of the human resource industry. It can be in-house or outsourced. Human resource technology enhances all the aspects of employment within the organization, from the first day of recruitment until the retirement of the employees. It assists the employer in managing onboarding, talent sourcing, payrolls, performance, workforce, talent, recruitment, etc. As a result, human resource technology finds widespread applications across various sectors, such as public, healthcare, travel, transportation, hospitality, information technology (IT), BFSI, etc., across the globe.
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Global Human Resource (HR) Technology Market and Drivers:
The escalating utilization of this technique, which provides cost-effective and timely management of several activities, including time, payroll, and skill management, on account of the aging of conventional tools, is among the primary factors driving the human resource (HR) technology market. Besides this, the increasing technological innovations that aid in various applications, such as the workforce and talent administration, is further augmenting the market growth. Moreover, the development of human resource (HR) technology for advertisement, recruitment, interviewing, and assessment activities, owing to the rising working population and complex management methods, is also catalyzing the global market. Apart from this, the elevating demand for this system that lowers the risk of systemic errors, increases productivity, and reduces employment costs, compared to the traditional techniques, is acting as another significant growth-inducing factor. Furthermore, the growing popularity of this solution to improve the labor productivity and the efficiency of the employees in the organizations is expected to bolster the human resource (HR) technology market in the coming years.
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Human Resource (HR) Technology Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the human resource (HR) technology market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- SAP
- Workday
- ADP
- Oracle
- Microsoft
- Kronos Incorporated
- Ultimate Software
- SumTotal Systems
- IBM
- Ceridian
Key Market Segmentation:
The report has segmented the global human resource (HR) technology market on the basis of application, type, end-use industry, company size and region.
Breakup by Application:
- Talent Management
- Payroll Management
- Performance Management
- Workforce Management
- Recruitment
- Others
Breakup by Type:
- Inhouse
- Outsourced
Breakup by End-Use Industry:
- TTH (Travel, Transportation, Hospitality)
- Public Sector
- Health Care
- Information Technology
- BFSI (Banking, Financial services, and Insurance)
- Others
Breakup by Company Size:
- Less than 1k Employees
- 1k -5k Employees
- Greater than 5k Employees
Breakup by Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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