PUBLISHER: SkyQuest | PRODUCT CODE: 1270780
PUBLISHER: SkyQuest | PRODUCT CODE: 1270780
Global Human Resource (HR) Technology Market size was valued at USD 22.9 billion in 2021 and is poised to grow from USD 24.62 billion in 2022 to USD 47.2 billion by 2030, growing at a CAGR of 7.5% in the forecast period (2023-2030).
Technology related to human resources is widely used in this industry. By utilising human resources solutions, the organisation can more easily manage payrolls, onboarding, talent sourcing, performance and workforce management, talent management, etc. The primary drivers influencing the global market for human resource technology are the ageing of conventional human resource tools and the gradual acceptance of the human resource software ecosystem by organisations. Human resource software solutions provide time and cost-saving strategies for managing a variety of human resources.
The demand for such solutions for a number of applications, such as talent and workforce management, has also expanded as a result of quick technological improvements. A growing working population and advanced management approaches are also advantages for this industry. 74% of organisations intend to increase their spending on HR technology, which explains the many innovations in the industry. As a way to boost productivity and efficiency, 44% of talent managers use cloud technologies. The cloud, however, is viewed as a means to save costs by 35% of those same respondents. For the purpose of locating, luring, and keeping people, 58% of businesses employ HR technology. For high-risk employees, every $1 invested in wellness intervention programmes yields a fivefold return. There is a $1.50 return on investment for every $1 spent on employee wellbeing, including healthy workers.
Top-down and bottom-up approaches were used to estimate and validate the size of global Human Resource (HR) Technology Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.
Global human resource (hr) technology market has been segmented based on component, deployment, enterprise size, industry, and region. Based on component, the human resource (hr) technology market is segmented into software and services. Based on enterprise size, the human resource (hr) technology market is segmented into large enterprise and small & medium enterprise (SME). Based on industry, the human resource (hr) technology market is segmented into BFSI, IT and telecommunication, government, manufacturing, retail, healthcare, others. Based on the deployment, the human resource (hr) technology market is segmented into on-premise and cloud. Based on region, the human resource (hr) technology market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
To look into issues with staff retention, sales productivity, and other elements that directly affect a company's efficiency, businesses are turning away from back-office HR data warehouses in favour of more sophisticated reporting and analytics dashboards. The software, which includes tools for learning, operations, and assessment, is being developed by vendors in this sector using analytics as a core component.
Machine learning-powered predictive analytics raise the bar for worker retention and engagement. The current and potential skill shortages can also be ascertained with its help. For example, Mexico's Ministry of Energy employs analytics and a predictive workforce planning model to identify and forecast a shortage of qualified HR experts in the oil and gas business over a ten-year period. The Ministry started using the analytics strategy to its work in the sectors of sustainability and renewable energy. There is anticipated to be market growth due to the widespread usage of predictive and workforce analytics today.
Although data and analysis have always been crucial in assisting businesses in making decisions, most companies still fall behind in this area. The lack of awareness of human resource (HR) technology's benefits is one of the primary factors impeding the market's expansion. It is difficult for small and medium-sized firms (SMEs) to invest in cutting-edge technologies because of finance constraints. The limited use of analytics tools in traditional HR procedures could therefore be a constraint on the growth of the HR technology market.
A considerable rise in demand for recruitment software has been observed during the COVID19 crisis. Companies in the human resource technology sector have recently started implementing complex algorithms based on artificial intelligence, machine learning, and social sensing tools to increase the effectiveness and value of recruiting software. A candidate monitoring system that is more effective and enables organisations to make better talent hiring decisions will probably be created by integrating artificial intelligence and other analytical algorithms.