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Global Human Resource (HR) Technology Market, By Component, By Deployment, By Enterprise Size, By Industry & By Region- Forecast and Analysis 2022-2028

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    Report

  • 127 Pages
  • November 2022
  • Region: Global
  • SkyQuest Technology Consulting
  • ID: 5693280
Global Human Resource (HR) Technology Market was valued at USD 24.02 Billion in 2021, and it is anticipated to attain a value of USD 35.68 Billion by 2028, at a CAGR of 5.8% over the prediction period (2022 - 2028).

The need for such solutions has grown as a result of swift technological improvements for many different applications, including talent and labour management. Additionally, this industry gains from an increase in the working population and sophisticated management methods. The numerous changes in the industry are a result of 74% of businesses wanting to increase their spending on HR technology. 44% of talent managers want to boost productivity and efficiency by using cloud solutions.

Top-down and bottom-up approaches were used to estimate and validate the size of the 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 analyzed to get the final quantitative and qualitative data. 

Segments covered in this report

The Global Human Resource (HR) Technology Market is segmented based on Component, Deployment, Enterprise Size, Industry, and Region. Based on Component, it is categorized into Software and Service. Based on Deployment, it is categorized into On-premises and Cloud. Based on Enterprise Size, it is categorized into Large Enterprise and Small and Medium Enterprise. Based on Industry, it is categorized into BFSI, IT, Telecommunication, Government, Manufacturing, Retail, Healthcare, Others. Based on the region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.

Driver

To analyse issues with employee 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. In this sector, software providers are incorporating analytics as a core feature into systems for learning, operations, and assessment.

Restraint

The ignorance of the benefits of human resource (HR) technology is one of the primary factors impeding the market expansion. Small and medium-sized firms (SMEs) find it difficult to invest in cutting-edge technologies due to a lack of capital.

Market Trends

The demand for recruitment software has clearly increased. Companies in the human resource technology sector have recently started integrating advanced algorithms based on artificial intelligence, machine learning, and social sensing tools into their recruiting software to increase its effectiveness and value. A more effective applicant monitoring system that helps firms to make more informed decisions about hiring talent will undoubtedly be created by integrating artificial intelligence and other analytical tools.
Frequently Asked Questions about the Global Human Resource (HR) Technology Market

What is the estimated value of the Global Human Resource (HR) Technology Market?

The Global Human Resource (HR) Technology Market was estimated to be valued at $24.02 Billion in 2021.

What is the growth rate of the Global Human Resource (HR) Technology Market?

The growth rate of the Global Human Resource (HR) Technology Market is 5.8%, with an estimated value of $35.68 Billion by 2028.

What is the forecasted size of the Global Human Resource (HR) Technology Market?

The Global Human Resource (HR) Technology Market is estimated to be worth $35.68 Billion by 2028.

Who are the key companies in the Global Human Resource (HR) Technology Market?

Key companies in the Global Human Resource (HR) Technology Market include Cornerstone OnDemand, Inc. (US), IBM Corporation (US), Infor (US), NetSuite, Inc. (US), Oracle Corporation (US), SAP SE (Germany), Talentsoft (Europe), Ultimate Software (US) and Automatic Data Processing (ADP), Inc. (US).

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Cornerstone OnDemand, Inc. (US)
  • IBM Corporation (US)
  • Infor (US)
  • NetSuite, Inc. (US)
  • Oracle Corporation (US)
  • SAP SE (Germany)
  • Talentsoft (Europe)
  • Ultimate Software (US)
  • Workday, Inc. (US)
  • Automatic Data Processing (ADP), Inc. (US)
  • Ceridian HCM, Inc. (US)