The HR tech market is expected to grow from US$ 24,890.3 million in 2022 to US$ 63,586.4 million by 2032, at a CAGR of 9.8% over the forecast period.
The demand for highly qualified and knowledgeable individuals is propelling the market for human resource technology to new heights. Businesses are increasingly relying on human resource tools and services to help them cover some of the holes in their talent acquisition process.
Hybrid work arrangements and virtual hiring have become popular in the modern workplace despite significant opposition and criticism. It is evident that virtual hiring and recruiting are the wave of the future and that the future of work is hybrid.
To support the long-term hybrid setup and migration to virtual recruiting, organizations are partnering with HR Tech businesses that offer cloud-based solutions, people analytics software, cutting-edge hiring platforms, video interview tools, etc.
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Many industries, including those using traditional HR systems, have been impacted by the digital change that the coronavirus pandemic has unleashed. The rapid growth of the market structure has forced organizations to adopt new technology in order to keep up with shifting customer expectations, heightened competition, and employee requirements.
The urgent need of the hour is motivating many businesses to strengthen their HR Technology infrastructures. Technology that enhances HR operations and reduces expenses, such as AI, RPA, and data analytics, is gaining popularity every day. Investments made in these technologies throughout the projection period will lead to the next tech boom in HR Tech.
North America is predicted to dominate the HR Tech market over the forecast period due to the presence of the majority of market participants. Owing to a growing working population and cutting-edge management strategies, the HR Tech industry in this area is flourishing.
The HR Tech market is anticipated to increase from US$ 24,890.3 millionmn in 2022 to US$ 63,586.4 millionmn by 2032, exhibiting registering a CAGR of 9.8% over the forecast period.
The demand for highly skilled and knowledgeable workers is driving a major expansion in the market for human resource technology. Human resource software and services are being more widely used by businesses to assist them fill in some of the gaps in their talent acquisition process. Businesses are becoming more familiar with human resource software and services to help them close some of the gaps in their talent acquisition process.
Hybrid work arrangements and virtual hiring have become popular in the modern workplace despite significant opposition and criticism. Despite strong resistance and criticism, hybrid work arrangements and virtual hiring have become commonplace in the modern workplace. It is evident that virtual hiring and recruiting are the wave of the future and that the future of work is hybrid.
Key Takeaways from the HR Tech Market Report:
- With a 13.8% CAGR, the United States is the market leader in North America for HR Tech. In 2021, the U.S. HR Tech market had a 23.4% market share worldwide.
- In 2021, Europe, which now has the second-largest market share, grabbed registered around 20.7% of the global market. This market is anticipated to expand increase at a CAGR of 16.4% by 2032.
- By 2032, the segment of payroll management is predicted to hold the biggest highest global market share. In 2021, this market held a 27% share of the global market, and it is now expanding at a CAGR of 14.2%.
- Among all industries, finance has the largest market share and is predicted to develop at a CAGR of 14.1%. The category held a 33% market share globally in 2021.
Leading Key Players:
- Oracle Corporation
- Workday, Inc.
- SAP
- ADP
- Microsoft
- Kronos Incorporated
- SumTotal Systems
- Ceridian
- IBM
- The Access Group
Recent Developments
- In March 2022, The Access Group bought the cloud-based hiring platform FastTrack. The programme program is intended to help organisations organizations handle timesheets, billing, and payroll. It will assist Access Recruitment’s software platform. The acquisition would make it easier for Access Group to connect with a larger worldwide audience.
- In February 2021, Ceridian HCM Inc. acquired the HR technology company Ascender, which has its headquarters in Japan. The company hopes to offer complete payroll and human sresource management solutions throughout the Asia Pacific area through this agreement.
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Key Segments in the HR Tech Market
By Application:
- Payroll Management
- Performance Management
- Talent Management
- Recruitment
- Work Force Management
- Others
By Industry:
- Services
- Public Sector
- Finance
- Manufacturing
- Resources
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Middle East and Africa
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