Human Resource Technology Market Forecasts to 2028 – Global Analysis By Application (Performance Management,Payroll Management,Workforce Management and Other Applications ), Enterprise Size (Small, Medium, Large) and others

Human Resource Technology Market Forecasts to 2028 – Global Analysis By Application (Performance Management,Payroll Management,Workforce Management and Other Applications ), Enterprise Size (Small, Medium, Large) and others

According to Stratistics MRC, the Global Human Resource Technology Market is accounted for $23.98 billion in 2022 and is expected to reach $41.33 billion by 2028 growing at a CAGR of 9.49% during the forecast period. HR technology (human resources technology) is a technical term for software and associated hardware for automating the human resources function in organizations. HR managers use technology to make their jobs easier and make better judgments. It is very helpful to the managing employees in a company. Apart from employee management, automation tools help in dropping paper use and organizing data entry.

According to the Turkish Statistics Institute, growing employment rate across the country will rush the demand for human resource technology for talent acquisition, employee retention and recruiting talent. It is going to witness stable growth of skilled professionals.

Market Dynamics:

Driver:

Changes in the recruitment sector

Technology has widened the network for hiring managers by giving them access to job, candidates that live halfway around the world. Technology made international recruiting more attractive, but it has also approved companies to outsource work based on the skill sets of qualified candidates. It allows the company to hire many valuable employees. The technology works very quickly in selecting people. There is a system for tracking applications, which can be used to manage all candidate applications. This system also makes it feasible to arrange the candidates in the required order.

Restraint:

Growing hesitation to adopt new technology

The execution of technology into the HR workflow frees the professionals from a great amount of routine work. These could lead to loss of essential company information. The human resource department may end up losing important worker information, such as their details. Over-dependent on technology may also make workers less creative in their duties. It can also increase risk of confidentiality breaches. It will be difficulty focusing on important tasks.

Opportunity:

Growing investment in the HR technologies

HR Tech investments boost against global challenges by raising startup capital. It develops a two-way communication strategy and builds future communications based on their information. It is strongly focusing on learning and development, recruiting, retention, wellness and benefits. It helps to improve the recruitment and retention of a more diverse workforce.

Threat:

Increasing threat from the cyber-attacks

Growing technology increases attacks such as password attack, malware, spam and phishing. Hackers can develop employee records, salary details and internal corporate procedures. HR employees may forget they have sensitive records on their personal devices or fail to follow best measures for storing and protecting this data. Attacks are caused even when employee access to administrative rights on their network or computers.

Covid-19 Impact

The pandemic has quickened the implementation of digital technology and funding to human resource tech start-ups which anticipated promoting the market growth. It increased their budgeted capital expenditures. Enterprises prioritized investments in technologies such as cloud, artificial intelligence which provide opportunities for HR technology vendors.

The artificial intelligence segment is expected to be the largest during the forecast period

The artificial intelligence segment is estimated to have a lucrative growth due to its advanced technology. AI can alert the right people with the right skill sets to available jobs prior to their posting. It makes organizations better because these applications can analyze, predict and diagnose to help HR teams make better decisions. It has helped a lot in improving the HR department.

The cloud based segment is expected to have the highest CAGR during the forecast period

The cloud based segment is anticipated to witness the fastest CAGR growth during the forecast period, due to its cost effectiveness. Cloud computing allows HR managers to reorganize and automate data heavy HR processes like on boarding of new employees, timesheet submission, feedbacks, performance reviews, payroll and vacation requests processes. It helps in facing challenges such as enhancing data analytics, modernizing HR. It helps to be more energetic and creative.

Region with highest share:

North America is projected to hold the largest market share during the forecast period owing to major tech market players. It raised the number of employment opportunities and demand for talent acquisition. This region mainly uses HR technology conference, which brings HR experts direct to their desk. This enables HR leaders to be more strategic.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to demand for workforce automation solutions. They are in demand due to their ability to automate and improve workforce management. This region is having the leading technology which offers unprecedent connections to global gatherings.

Key players in the market

Some of the key players profiled in the Human Resource Technology Market include IBM Corporation, Cornerstone OnDemand, Inc, NetSuite, Inc, Acess Group, SAP SE, Cegid Group, Infor Inc, Talentsoft, Oracle Corporation, Hi Bob Inc, Workday, Inc, Ultimate Software, Automatic Data Processing (ADP), Inc, Ceridian HCM, Inc, Microsoft Corporation, UKG INC, SUMTOTAL SYSTEMS, LLC, Darwinbox, Kronos Incorporated

Key Developments:

In January 2022, Darwinbox, a cloud base HR Technology startup raised $72 million in a funding round which was led by Netflix backer TCV at a valuation of more than $1 billion.

In February 2021, Ceridian HCM Inc. acquired Ascender, an HR technology company headquartered in Japan. Through this transaction, the company intends to deliver complete human capital management and payroll solutions across the Asia Pacific region.

Applications Covered:
• Performance Management
• Payroll Management
• Workforce Management
• Talent Management
• Recruitment
• Other Applications

Enterprise Sizes Covered:
• Small
• Medium
• Large
• Other Enterprise Sizes

Deployments Covered:
• On Premise
• Cloud
• Other Deployments

Industries Covered:
• Education
• Healthcare
• Retail
• Manufacturing
• Government
• Telecommunication
• Other Industries

End Users Covered:
• Information Technology
• Banking
• Insurance
• Financial Services
• Public Sector
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements