Human resources technology market size will be 7.5% in 2029, growing at a CAGR of $39.9 billion

According to a report by Fortune Business Insights, the global HR technology market is expected to reach USD 39.90 billion in 2029, growing at a CAGR of 7.5% during the forecast period 2022-2029

PUNE, India, Oct 21, 2022 (GLOBE NEWSWIRE) — Global Human Resources (HR) Technology market size It is valued at $22.90 billion in 2021 and is expected to reach $23.98 billion by 2022. The market size is expected to reach USD 39.90 billion by 2029, growing at a CAGR of 7.5% during the forecast period. Increasing employment opportunities owing to increasing adoption of technology is expected to drive market growth. Growing adoption of artificial intelligence and machine learning in enterprises is expected to drive the market. The integration of Robotic Process Automation (RPA) is one of the major trends expected to boost the market. Fortune Business Insights™ shares this information in its report titled “Human Resources (HR) Technology Market 2022-2029.”

Development of key industries

March 2022 – Access Group acquires FastTrack, a cloud-based recruiting platform. The platform is designed to help businesses with payroll, billing and timesheets. It will support Access Recruitment’s software suite. The acquisition will help expand Access Group’s international presence.

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Report Scope and Segmentation

Impact of COVID-19:

adoption or Human Resources (HR) Technology Boosting market growth during the pandemic

The shift from home culture to work due to the COVID-19 pandemic has driven the adoption of human resources (HR) technology software. The software helps professionals manage employee-management communication and handle payroll functions efficiently.

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Drivers and Constraints

Integration of Artificial Intelligence and Machine Learning Algorithms Boosts Market Growth

The integration and adoption of artificial intelligence and machine learning algorithms in HR technology software is expected to drive the growth of the human resources (HR) technology market. It helps to optimize the recruitment process. The integration helps automate recruiting processes such as interview scheduling, analyzing interview performance, and answering basic questions through bots and virtual assistants. This will bring opportunities for market growth.

However, limitations in data integration and threats to data privacy are estimated to restrain the market growth.

Regional Insights

North America will lead the market share owing to the presence of the majority of market players

North America is expected to hold the largest share of the human resources (HR) technology market share owing to the presence of most market players such as Oracle Corporation, Ceridian HCM Holding Inc., Automatic Data Processing (ADP), Inc., Cornerstone OnDemand, Inc. . ., Workday, Inc., etc. The region is valued at $11.28 billion in 2021. Rising job opportunities and talent recruitment needs in the United States and Canada are expected to drive the market.

Europe is also expected to witness considerable market growth owing to the demand for workforce automation solutions. They are popular due to their ability to automate and improve workforce management.

The Asia Pacific region is expected to witness steady growth owing to the increasing adoption of technologies such as cloud, artificial intelligence, and machine learning.

Competitive Landscape

Strong acquisition strategies of key players to advance market trajectory

Strong acquisition strategies by market players are expected to gain market traction. In October 2021, Ceridian launched Dayforce Talent Intelligence, a new suite of artificial intelligence and data-driven talent management solutions. It will help companies make fairer, equitable and efficient hiring decisions and assess the impact of diversity, equity and inclusion activities. It will drive companies to make appropriate hiring decisions.

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Report Scope

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the drivers and constraints of COVID-19 and the impact on the market. Furthermore, it studies regional developments and strategies adopted by key players in the market.

segmentation

talent manage Dictation due to its various benefits

On the basis of type, the market is segmented into talent management, workforce management, recruitment, payroll management, performance management, and others. Talent management is a big part because it helps businesses assess the performance, development, progression and rewards of their employees. Payroll management is expected to witness considerable growth due to its increasing adoption by large enterprises.

cloud-based HR Technology Software Governing market segments due to cloud technology

Based on deployment, the market is segmented into on-premises and cloud. Cloud-based deployments are expected to witness faster growth in the coming years due to the increasing adoption of cloud technologies by SMEs. In response to the increased demand for cost-effective cloud-based HR solutions across industries, prominent market players are moving from on-premises HR software to the cloud. Likewise, the COVID-19 pandemic has forced companies to move from on-premises solutions to the cloud. These factors are expected to drive cloud deployments over the forecast period.

SMEs will have the fastest CAGR due to heavy investment

On the basis of business size, the market is segmented into small and medium enterprises (SMEs) and large enterprises. SMEs will have the fastest CAGR due to increasing investments and capital.

health care Leading the market segment due to the adoption of HR solutions

On the basis of industry, the market is segmented into BFSI, IT & Telecom, Government, Manufacturing, Retail, Healthcare, and others. Due to the high demand for hiring the right talent and employees, the healthcare industry will have the largest share in this segment with HR solutions.

Regionally, the market is segmented into North America, South America, Europe, Middle East & Africa, and Asia Pacific.

List of key players described in the report

• SAP SE (Germany)

• Oracle Corporation (US)

• Automatic Data Processing (ADP), Inc. (us)

• Cornerstone OnDemand, Inc. (us)

• Ceridian HCM Holdings Corporation (us)

• workday company (us)

• Information Corporation (Us)

• Cegid Group (France)

• Hi Bob Company. (U.K)

• Visit Group (UK)

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Main directory:

• introduce

• executive Summary

• Market dynamics

  • Macro and Microeconomic Indicators

  • Drivers, constraints, opportunities and trends

  • Impact of COVID-19

    • short term impact

    • long term impact

• Competitive Landscape

  • Business strategies adopted by key players

  • Comprehensive SWOT Analysis of Key Players

  • Global Human Resources (HR) Technology Key Players Market Share Insights and Analysis in 2021

• Global Human Resources (HR) Technology Market Size Estimates and Forecasts, By Segment, 2018-2029

  • main findings

  • By Type (USD)

  • By business size (USD)

  • By Deployment (USD)

  • By Industry (USD)

    • BFSI

    • Information Technology and Telecommunications

    • government

    • manufacturing

    • retail

    • health care

    • Other (education, etc.)

  • By Region (USD)

    • North America

    • Europe

    • Asia-Pacific

    • Middle East and Africa

    • South America

• North America Human Resources (HR) Technology Market Size Estimates and Forecasts, By Segment, 2018-2029

  • main findings

  • By Type (USD)

  • By business size (USD)

  • By Deployment (USD)

  • By Industry (USD)

    • BFSI

    • Information Technology and Telecommunications

    • government

    • manufacturing

    • retail

    • health care

    • Other (education, etc.)

  • By Country (USD)

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