PUBLISHER: The Business Research Company | PRODUCT CODE: 1769589
PUBLISHER: The Business Research Company | PRODUCT CODE: 1769589
Generative Artificial Intelligence (AI) in human resources (HR) refers to the application of advanced generative AI techniques to automate, enhance and personalize various HR functions. This technology leverages algorithms capable of generating human-like content and insights, thereby transforming traditional HR processes.
The generative artificial intelligence (AI) in human resources (HR) market consists of sales, by entities (organizations, sole traders, or partnerships), of generative artificial intelligence (AI) in human resources (HR) that utilize generative AI to streamline tasks such as candidate screening, job description creation and performance evaluations. These tools are employed throughout the employee lifecycle from recruitment and onboarding to performance management and employee engagement. By automating repetitive tasks, generative AI allows HR teams to focus on strategic initiatives, improving overall efficiency and effectiveness.
The global generative artificial intelligence (AI) in human resources (HR) market was valued at $291.36 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 16.00%.
Growing Digital Transformation Initiatives
Growing digital transformation initiatives fueled the growth of the generative artificial intelligence (AI) in human resources (HR) market in the historic period. Digital transformation initiatives drive the adoption of generative AI in human resources (HR) by enabling automation of repetitive tasks, enhancing talent acquisition and personalizing employee experiences. These initiatives support the integration of advanced AI tools into HR workflows, improving efficiency and decision-making. For instance, in August 2024, according to McKinsey & Company, a US-based multinational strategy and management consulting firm, an estimated 90 % of all organizations are currently undergoing some kind of digital transformation. Further, in November 2022, Templeton & Partners, a UK-based executive search and talent advisory firm, projected that direct investments in digital transformation would grow at a compound annual growth rate (CAGR) of 18% over the three-year period leading up to 2023. Therefore, growing digital transformation initiatives drove the growth of generative artificial intelligence (AI) in the human resources (HR) market.
The Rise Of AI-Driven Multi-Agent Systems
Major companies operating in the generative artificial intelligence (AI) in human resources (HR) market are focusing on advanced innovations such as AI agents to enhance decision-making, streamline operations and deliver hyper-personalized employee experiences. AI agents with generative capabilities are autonomous or semi-autonomous software systems that use generative artificial intelligence, typically large language models (LLMs), image models, or multimodal models, to perform tasks, make decisions and create content based on input data or goals. For instance, in August 2024, PeopleStrong, an Asia-based leading HR technology platform, unveiled its next-generation AI innovation PeopleStrong MAAX (Multi-Agent Architecture Driven Experience). This technology marks a significant evolution in HR tech, moving beyond traditional AI co-pilot systems to a robust ecosystem of AI agents capable of autonomously managing a wide array of HR functions. AI agents can autonomously perform HR tasks such as onboarding, generating reports and compiling data, drastically reducing manual workload and increasing efficiency. Agents send personalized reminders and prompts to employees, encouraging them to complete necessary forms or training, thereby streamlining workflows and improving compliance.
The global generative artificial intelligence (AI) in human resources market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 23.37% of the total market in 2023.
Generative Artificial Intelligence (AI) In Human Resources (HR) Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global generative artificial intelligence (AI) in human resources (HR) market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for generative artificial intelligence (AI) in human resources (HR)? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The generative artificial intelligence (AI) in human resources (HR) market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider generative artificial intelligence (AI) in human resources (HR) market; and compares it with other markets.