Human Resource (HR) Technology Market Value

WILMINGTON, DE, UNITED STATES, February 15, 2024 /EINPresswire.com/ -- The human resource (hr) technology market size was valued at $32.58 billion in 2021, and is estimated to reach $76.5 billion by 2031, growing at a CAGR of 9.2% from 2022 to 2031.

Human resources technology refers to all the software used to track, manage, pay, understand, find, inform, remember and deliver benefits to the people in an organization. As you might guess, the more people in the operation, the more complicated the HR software. For example, larger organizations have people problems that are unimaginable in small businesses.

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The Human Resource (HR) Technology market has experienced significant growth and innovation in recent years, driven by the increasing demand for digital solutions to streamline HR processes, improve employee experiences, and support organizational objectives.

An increase in automation of HR operations and surge in the trend of hybrid working models across various organizations are driving the growth of the HR technology market. In addition, rise in need for cost-effective HR technologies is fueling the growth of the human resource technology market. However, limitations of data integration and threat to data privacy hinder the market growth and malfunctions & unauthorized access and requires highly specialized skilled operators limits the growth of this market. Conversely, Surge in innovation and decentralized HR evolving new management skills and increase in the integration of Robotic Process Automation (RPA) in HR management is anticipated to provide numerous opportunities for the expansion of the HR technology market size during the forecast period.

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Region-wise, the human resource technology market was dominated by North America in 2021 and is expected to retain its position during the forecast period, growing advancement in HR technology to build new capabilities and remove barriers to career opportunities across North America is expected to drive market growth. For instance, in September 2022, enterprise-grade workforce intelligence platform, Reejig introduced the launch of the Reejig Impact Fund at the HR Technology Conference and Expo in Las Vegas. However, Asia Pacific is expected to witness significant growth during the forecast period, growing usage of human resource technologies has enhanced customer satisfaction and employee experience by delivering personalized learning paths, which is expected to fuel the market growth in this region.

The global human resource technology market share is dominated by key players such as ADP, Inc., Cegid, Ceridian HCM, Inc., Cornerstone OnDemand, Inc., Hi Bob, Inc., IBM Corporation, Infor, Oracle Corporation, SAP SE and Workday, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the HR technology industry.

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Covid-19 Impact:
During the wake of the COVID-19 pandemic, a sudden disruption takes place in the human resource technology solution and caused damage to corporate work ethics. Employee behavior and preferences have also witnessed a significant shift, with several changes that remain to exist beyond the pandemic scenario. For instance, several types of research have demonstrated that economic insecurity is a major concern among organizations that have led to delays in HR technological investment. This has led to the emergence of new buying patterns among organizations, including the HR help desk and case management applications that emerged as critical tools to support COVID-19 initiatives and track critical issues.

Table of Content:
Chapter 1 : INTRODUCTION
Chapter 2 : EXECUTIVE SUMMARY
Chapter 3 : MARKET OVERVIEW
Chapter 4 : HUMAN RESOURCE (HR) TECHNOLOGY MARKET, BY TYPE
Chapter 5 : HUMAN RESOURCE (HR) TECHNOLOGY MARKET, BY DEPLOYMENT MODE
Chapter 6 : HUMAN RESOURCE (HR) TECHNOLOGY MARKET, BY ORGANIZATION SIZE
Chapter 7 : HUMAN RESOURCE (HR) TECHNOLOGY MARKET, BY END-USER
Chapter 8 : HUMAN RESOURCE (HR) TECHNOLOGY MARKET, BY REGION
Chapter 9 : COMPETITIVE LANDSCAPE
Chapter 10 : COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES

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