The Human Resource (HR) Technology Market is expected to reach US$ 53.3 Billion by 2028, exhibiting a growth rate (CAGR) of 9.08% during 2023-2028.
SHERIDAN, WY, USA, December 5, 2022 /EINPresswire.com/ — According to the latest report by IMARC Group, titled “ () : , , , , -,” 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 refers to a range of software and hardware solutions that help streamline, automate and execute various administrative operations in organizations. It encompasses a set of computer applications, tools, cloud-based technologies, and digital platforms that automate day-to-day procedures, securely store data, and offer analytical tools to help managers make better strategic decisions. 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. Apart from this, HR technology deals with talent acquisition, management of payrolls, compensation, and performance and workforce analytics operations. This, in turn, assists companies in resolving several HR-related compliance issues, mitigating data duplication errors, focusing on revenue-generating activities, and ensuring paperless onboarding while maintaining the information. 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.
Rapid digitalization of human resource management (HRM) systems and the introduction of analytics, mobile, and cloud-based technologies are primarily driving the market growth. As compared to conventional HR techniques, these advanced solutions inhibit the occurrence of systemic errors caused by human interference and improve time management and productivity at minimal operational cost. 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. Additionally, the employment of diverse, complex management practices is supplementing the demand for HR technologies to advertise, assess, interview, and recruit potential employee. Moreover, the large-scale integration of cloud computing and artificial intelligence (AI) has streamlined with HR system to create staff schedules, estimate changing demand, supervise several administrative functions, attend meetings, and match workers to workloads, is fueling the market growth. Besides this, the widespread adoption of the work-from-home (WFH) model and full-time remote work post-COVID-19 pandemic and the uptake of a goal-oriented model in workforce operations are positively stimulating the market growth.
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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.
• Kronos Incorporated
• Ultimate Software
• SumTotal Systems
The report has segmented the global human resource (HR) technology market on the basis of application, type, end-use industry, company size and region.
• Talent Management
• Payroll Management
• Performance Management
• Workforce Management
• TTH (Travel, Transportation, Hospitality)
• Public Sector
• Health Care
• Information Technology
• BFSI (Banking, Financial services, and Insurance)
• Less than 1k Employees
• 1k -5k Employees
• Greater than 5k Employees
• North America
• Asia Pacific
• Middle East and Africa
• Latin America
• Market Performance (2017-2022)
• Market Outlook (-)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape
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