The latest report published by IMARC Group, titled “Human Resource (HR) Technology Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the human resource (HR) technology market trends. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The Human Resource (HR) Technology Market size reached a value of US$ 28.65 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 48.85 Billion by 2027, exhibiting at a CAGR of 9.2% during 2022-2027.
Industry Overview and Application:
Human resource (HR) technology includes various hardware and software tools that are utilized for automating HR processes across organizations. It aids in reducing the manual efforts required for executing various time-consuming tasks. Additionally, it is widely used for collecting and delivering information and developing analytical reports for superior decision-making and data storage. Along with this, it also assists businesses in gaining insights from employee feedbacks that are later used for improving workforce retention and training and development methods. As a result, it largely aids in streamlining the HR processes while minimizing the administrative and compliance costs and ensuring fair pay practices.
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Market Trends and Business SWOT:
The global market is primarily driven by significant growth in the information technology (IT) sector. Along with rapid digitization across the corporate sector, this is creating a positive outlook for the market. Moreover, multiple businesses are heavily investing in advanced HR software solutions in order to effectively manage routine operations, which is providing a boost to the market growth. In line with this, various technological advancements and the widespread integration of cloud computing, blockchain technology and artificial intelligence (AI) with traditional human resource techniques are acting as major growth-inducing factors. Furthermore, the rapid outbreak of coronavirus disease (COVID-19) across the globe has compelled HR teams to utilize HR technology solutions to facilitate smooth remote working solutions, thereby providing an impetus to the market growth. Additionally, the increasing working population and complex management methods adopted by businesses are positively influencing the market growth. Other factors, including intensive business competition and extensive research and development (R&D) activities conducted by key players, are further projected to drive the market growth.
Human Resource (HR) Technology Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape with Key Players:
The competitive landscape of the global human resource (HR) technology market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- SAP
- Workday
- ADP
- Oracle
- Microsoft
- Kronos Incorporated
- Ultimate Software
- SumTotal Systems
- IBM
- Ceridian
Key Market Segmentation:
The report has segmented the global human resource (HR) technology market on the basis of application, type, end-use industry, company size and region.
Breakup by Application:
- Talent Management
- Payroll Management
- Performance Management
- Workforce Management
- Recruitment
- Others
Breakup by Type:
- Inhouse
- Outsourced
Breakup by End-Use Industry:
- TTH (Travel, Transportation, Hospitality)
- Public Sector
- Health Care
- Information Technology
- BFSI (Banking, Financial services, and Insurance)
- Others
Breakup by Company Size:
- Less than 1k Employees
- 1k -5k Employees
- Greater than 5k Employees
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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