According to the latest report by IMARC Group, titled “Human Resource (HR) Technology Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global human resource (HR) technology market size reached US$ 31.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 53.3 Billion by 2028, exhibiting a growth rate (CAGR) of 9.08% during 2023-2028.
Human resource (HR) technology involves using software and hardware to manage, streamline, and administer various human resources tasks within organizations. It mainly automates HR functions, improves workforce data management, and supports strategic decision-making in HR. The technology helps manage onboarding, payrolls, talent sourcing, talent management, and performance and workforce management. In addition to this, it provides a cost-effective and time-effective solution to effectively manage and enhance HR service delivery.
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Global Human Resource (HR) Technology Market Trends:
The global human resource technology market is primarily driven by the increasing organizational demand for predictive and workforce analytic tools. This is further bolstered by rapid technological advancements, such as integrating artificial intelligence (AI) and analytics with recruitment tools. Such solutions help improve different facets of HR management, including managing compliance with applicable employment laws and regulations, tracking time and attendance, and maintaining up-to-date employee information, which is providing an impetus to the Human resource (HR) technology market growth. Besides this, the surging product application in the commercial sector, as it helps lower the risk of systematic errors, is boosting the market growth. Apart from this, the increasing working populace, increasing investments in HR technology by key players, shifting preference toward remote working culture, and the development of complex management methods are accelerating the market growth.
Human Resource (HR) Technology Market 2023-2028 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:
- Kronos Incorporated
- Ultimate Software
- SumTotal Systems
Key Market Segmentation:
The report has segmented the market into the following categories:
Breakup by Application:
- Talent Management
- Payroll Management
- Performance Management
- Workforce Management
Breakup by Type:
Breakup by End-Use Industry:
- TTH (Travel, Transportation, Hospitality)
- Public Sector
- Health Care
- Information Technology
- BFSI (Banking, Financial services, and Insurance)
Breakup by Company Size:
- Less than 1k Employees
- 1k -5k Employees
- Greater than 5k Employees
Breakup by Region:
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- 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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