Quick Summary:
In the continually evolving world of business, technology and human resources have become intricately intertwined. The global human resource technology market offers critical insights into this dynamic area, shedding light on key factors impacting the industry, from talent and payroll management to workforce performance and recruitment processes. Each facet of HR technology, analysed meticulously in this report, contributes to streamlining business procedures and enhancing efficiency.
The longevity and effectiveness of traditional HR tools are under scrutiny as businesses worldwide increasingly turn to sophisticated HR software ecosystems. This transition is aimed at managing a vast range of human resources fairly and effectively, while saving time and costs. Rapid technological advancements make this a timely report. The rising global working population and intricate managerial methods are causing significant shifts in the market – developments covered in detail within these pages. This report provides critical segmentation breakdowns by company size, industry, application and region, useful to comprehend patterns in various sectors. Recognising the value of using HR technology in reducing systemic errors, managing time more efficiently, and cutting recruitment costs can leverage your business effectively. Dive into this report to understand how you can gain the advantage in this expanding market.
The global human resource (HR) technology market size reached US$ 31.5 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 53.3 Billion by 2028, exhibiting a CAGR of 9.16% during 2022-2028.
Human resource technology is a significant part of the human resource industry. It enhances all the aspects of employment with the organization, starting from the first day of recruitment until the retirement of the employees. The human resources technologies help the employer to manage payrolls, onboarding, talent sourcing, performance and workforce management, talent management, etc.
The global human resource technology market is primarily driven by the aging of conventional human resource tools as enterprises are now gradually adopting the human resource software ecosystem. The human resource software solutions provide a time and cost-effective way for managing numerous human resources. Moreover, rapid technological innovations have augmented the demand for such solutions for diverse applications, such as workforce management, and talent management. Furthermore, rising working population and complex management methods are also creating a positive impact on this market. Owing to this, there has been an escalating development in the marketplace for recruitment, advertisement, assessment, and interviewing. Moreover, human resource technology lowers the risks of systemic errors in comparison to the conventional methods of human resourcing. This helps in time management, along with increasing productivity and reducing employment costs.
2. What is the expected growth rate of the global human resource (HR) technology market during 2023-2028?
3. What has been the impact of COVID-19 on the global human resource (HR) technology market?
4. What are the key factors driving the global human resource (HR) technology market?
5. What is the breakup of the global human resource (HR) technology market based on the application?
6. What is the breakup of the global human resource (HR) technology market based on the type?
7. What is the breakup of the global human resource (HR) technology market based on the end-use industry?
8. What is the breakup of the global human resource (HR) technology market based on the company size?
9. What are the key regions in the global human resource (HR) technology market?
10. Who are the key players/companies in the global human resource (HR) technology market?
Human resource technology is a significant part of the human resource industry. It enhances all the aspects of employment with the organization, starting from the first day of recruitment until the retirement of the employees. The human resources technologies help the employer to manage payrolls, onboarding, talent sourcing, performance and workforce management, talent management, etc.
The global human resource technology market is primarily driven by the aging of conventional human resource tools as enterprises are now gradually adopting the human resource software ecosystem. The human resource software solutions provide a time and cost-effective way for managing numerous human resources. Moreover, rapid technological innovations have augmented the demand for such solutions for diverse applications, such as workforce management, and talent management. Furthermore, rising working population and complex management methods are also creating a positive impact on this market. Owing to this, there has been an escalating development in the marketplace for recruitment, advertisement, assessment, and interviewing. Moreover, human resource technology lowers the risks of systemic errors in comparison to the conventional methods of human resourcing. This helps in time management, along with increasing productivity and reducing employment costs.
Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global human resource (HR) technology market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on application, type, end-use industry and company size.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
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Competitive Landscape:
The competitive landscape of the industry has also been examined with some of the key players being SAP, Workday, ADP, Oracle, Microsoft, Kronos Incorporated, Ultimate Software, SumTotal Systems, IBM and Ceridian, etc.Key Questions Answered in This Report
1. What was the size of the global human resource (HR) technology market in 2022?2. What is the expected growth rate of the global human resource (HR) technology market during 2023-2028?
3. What has been the impact of COVID-19 on the global human resource (HR) technology market?
4. What are the key factors driving the global human resource (HR) technology market?
5. What is the breakup of the global human resource (HR) technology market based on the application?
6. What is the breakup of the global human resource (HR) technology market based on the type?
7. What is the breakup of the global human resource (HR) technology market based on the end-use industry?
8. What is the breakup of the global human resource (HR) technology market based on the company size?
9. What are the key regions in the global human resource (HR) technology market?
10. Who are the key players/companies in the global human resource (HR) technology market?
Frequently Asked Questions about the Human Resource (HR) Technology Market
What is the estimated value of the Human Resource (HR) Technology Market?
What is the growth rate of the Human Resource (HR) Technology Market?
What is the forecasted size of the Human Resource (HR) Technology Market?
Who are the key companies in the Human Resource (HR) Technology Market?
| Report Attribute | Details |
|---|---|
| No. of Pages | 166 |
| Published | January 2023 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 31.5 Billion |
| Forecasted Market Value ( USD | $ 53.3 Billion |
| Compound Annual Growth Rate | 9.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
Table of Contents
1 Preface2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Human Resource Technology Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Breakup by Application
5.5 Market Breakup by Type
5.6 Market Breakup by End-Use Industry
5.7 Market Breakup by Company Size
5.8 Market Breakup by Region
5.9 Market Forecast
5.10 SWOT Analysis
5.10.1 Overview
5.10.2 Strengths
5.10.3 Weaknesses
5.10.4 Opportunities
5.10.5 Threats
5.11 Value Chain Analysis
5.12 Porters Five Forces Analysis
5.12.1 Overview
5.12.2 Bargaining Power of Buyers
5.12.3 Bargaining Power of Suppliers
5.12.4 Degree of Competition
5.12.5 Threat of New Entrants
5.12.6 Threat of Substitutes
5.13 Price Analysis
6 Market Breakup by Application
6.1 Talent Management
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Payroll Management
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Performance Management
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Workforce Management
6.4.1 Market Trends
6.4.2 Market Forecast
6.5 Recruitment
6.5.1 Market Trends
6.5.2 Market Forecast
6.6 Others
6.6.1 Market Trends
6.6.2 Market Forecast
7 Market Breakup by Type
7.1 Inhouse
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Outsourced
7.2.1 Market Trends
7.2.2 Market Forecast
8 Market Breakup by End-Use Industry
8.1 TTH (Travel, Transportation, and Hospitality)
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Public Sector
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Health Care
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Information Technology
8.4.1 Market Trends
8.4.2 Market Forecast
8.5 BFSI (Banking, Financial Services, and Insurance)
8.5.1 Market Trends
8.5.2 Market Forecast
8.6 Others
8.6.1 Market Trends
8.6.2 Market Forecast
9 Market Breakup by Company Size
9.1 Less than 1k Employees
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 1k - 5k Employees
9.2.1 Market Trends
9.2.2 Market Forecast
9.3 Greater than 5k Employees
9.3.1 Market Trends
9.3.2 Market Forecast
10 Market Breakup by Region
10.1 North America
10.1.1 Market Trends
10.1.2 Market Forecast
10.2 Asia Pacific
10.2.1 Market Trends
10.2.2 Market Forecast
10.3 Europe
10.3.1 Market Trends
10.3.2 Market Forecast
10.4 Middle East and Africa
10.4.1 Market Trends
10.4.2 Market Forecast
10.5 Latin America
10.5.1 Market Trends
10.5.2 Market Forecast
11 Competitive Landscape
11.1 Market Structure
11.2 Key Players
11.3 Profiles of Key Players
11.3.1 SAP
11.3.2 Workday
11.3.3 ADP
11.3.4 Oracle
11.3.5 Microsoft
11.3.6 Kronos Incorporated
11.3.7 Ultimate Software
11.3.8 SumTotal Systems
11.3.9 IBM
11.3.10 Ceridian
List of Figures
Figure 1: Global: Human Resource Technology Market: Major Drivers and Challenges
Figure 2: Global: Human Resource Technology Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Human Resource Technology Market: Breakup by Application (in %), 2022
Figure 4: Global: Human Resource Technology Market: Breakup by Type (in %), 2022
Figure 5: Global: Human Resource Technology Market: Breakup by End-Use Industry (in %), 2022
Figure 6: Global: Human Resource Technology Market: Breakup by Company Size (in %), 2022
Figure 7: Global: Human Resource Technology Market: Breakup by Region (in %), 2022
Figure 8: Global: Human Resource Technology Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 9: Global: Human Resource Technology Industry: SWOT Analysis
Figure 10: Global: Human Resource Technology Industry: Value Chain Analysis
Figure 11: Global: Human Resource Technology Industry: Porter’s Five Forces Analysis
Figure 12: Global: Human Resource Technology (Talent Management) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 13: Global: Human Resource Technology (Talent Management) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 14: Global: Human Resource Technology (Payroll Management) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 15: Global: Human Resource Technology (Payroll Management) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 16: Global: Human Resource Technology (Performance Management) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 17: Global: Human Resource Technology (Performance Management) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 18: Global: Human Resource Technology (Workforce Management) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 19: Global: Human Resource Technology (Workforce Management) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 20: Global: Human Resource Technology (Recruitment) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 21: Global: Human Resource Technology (Recruitment) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 22: Global: Human Resource Technology (Others) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 23: Global: Human Resource Technology (Others) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 24: Global: Human Resource Technology (Inhouse) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 25: Global: Human Resource Technology (Inhouse) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 26: Global: Human Resource Technology (Outsourced) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 27: Global: Human Resource Technology (Outsourced) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 28: Global: Human Resource Technology (Travel, Transportation, and Hospitality) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 29: Global: Human Resource Technology (Travel, Transportation, and Hospitality) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 30: Global: Human Resource Technology (Public Sector) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 31: Global: Human Resource Technology (Public Sector) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 32: Global: Human Resource Technology (Health Care) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 33: Global: Human Resource Technology (Health Care) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 34: Global: Human Resource Technology (Information Technology) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 35: Global: Human Resource Technology (Information Technology) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 36: Global: Human Resource Technology (Banking, Financial Services, and Insurance) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 37: Global: Human Resource Technology (Banking, Financial Services, and Insurance) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 38: Global: Human Resource Technology (Others) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 39: Global: Human Resource Technology (Others) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 40: Global: Human Resource Technology (Less than 1k Employees) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 41: Global: Human Resource Technology (Less than 1k Employees) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 42: Global: Human Resource Technology (1k -5k Employees) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 43: Global: Human Resource Technology (1k -5k Employees) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 44: Global: Human Resource Technology (Greater than 5k Employees) Market: Sales Value (in Billion US$), 2017 & 2022
Figure 45: Global: Human Resource Technology (Greater than 5k Employees) Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 46: North America: Human Resource Technology Market: Sales Value (in Billion US$), 2017 & 2022
Figure 47: North America: Human Resource Technology Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 48: Asia Pacific: Human Resource Technology Market: Sales Value (in Billion US$), 2017 & 2022
Figure 49: Asia Pacific: Human Resource Technology Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 50: Europe: Human Resource Technology Market: Sales Value (in Billion US$), 2017 & 2022
Figure 51: Europe: Human Resource Technology Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 52: Middle East and Africa: Human Resource Technology Market: Sales Value (in Billion US$), 2017 & 2022
Figure 53: Middle East and Africa: Human Resource Technology Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 54: Latin America: Human Resource Technology Market: Sales Value (in Billion US$), 2017 & 2022
Figure 55: Latin America: Human Resource Technology Market Forecast: Sales Value (in Billion US$), 2023-2028
List of Tables
Table 1: Global: Human Resource Technology Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Human Resource Technology Market Forecast: Breakup by Application (in Billion US$), 2023-2028
Table 3: Global: Human Resource Technology Market Forecast: Breakup by Type (in Billion US$), 2023-2028
Table 4: Global: Human Resource Technology Market Forecast: Breakup by End-Use Industry (in Billion US$), 2023-2028
Table 5: Global: Human Resource Technology Market Forecast: Breakup by Company Size (in Billion US$), 2023-2028
Table 6: Global: Human Resource Technology Market Forecast: Breakup by Region (in Billion US$), 2023-2028
Table 7: Global: Human Resource Technology Market Structure
Table 8: Global: Human Resource Technology Market: Key Players
Companies Mentioned
- SAP
- Workday
- ADP
- Oracle
- Microsoft
- Kronos Incorporated
- Ultimate Software
- SumTotal Systems
- IBM
- Ceridian
Methodology
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