Generative Artificial Intelligence (AI) In Human Resources (HR) Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033

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Over the past few years, the generative artificial intelligence AI in human resources HR market has seen significant growth, with the market size set to increase from $0.54 billion in 2023 to $0.63 billion in 2024, reflecting a compound annual growth rate CAGR of 17.9%. This growth is largely driven by factors like adoption of data-driven decision-making approaches, demand for personalized staff experiences, evolution of recruitment practices, the emergence of advanced analytics tools, rising significance of diversity and inclusion, and the shift towards remote and hybrid work models.

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So, what is the projected growth rate of the Generative AI in HR market?

Fast forward to 2028, and the generative AI in HR market is slated to grow to $1.23 billion, with a CAGR of 18%. Expected drivers of this growth include, adoption of AI technology, escalating challenges in workforce management, demand for progressive employee engagement strategies, need for real-time performance feedback mechanisms, emphasis on continuous learning and development, expansion of AI capabilities in predictive analytics, and the integration of AI with existing HR systems to enhance operations.

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What's driving this market growth, you might ask?

A significant force propelling the growth of the generative artificial intelligence in human resources market is the increasing demand for automation. Technological advancements have allowed automation to seep into various aspects of HR management, thus reducing human involvement and increasing efficiency and accuracy. The growing necessity for automation, driven by desires for improved efficiency, cost savings, and precision, paves an attractive way for generative AI in HR. An excellent example is the automation of routine HR tasks such as candidate screening, job description creation, and performance assessments.

Who are the market giants leading these advancements?

International Business Machines Corp., Oracle Corporation, SAP SE, Automatic Data Processing Inc, Workday Inc., Cegid Group S.A., Cornerstone OnDemand Inc, Phenom People Inc, Jobvite Inc, Harver B.V., Eightfold AI Inc., Beamery Inc., Paradox Inc., Workable Technology Limited, ClearCompany Inc., Aisera Inc., Gloat Inc, JobAdder Operations Pty Ltd, SeekOut, TEXTIO INC., TalentGuard Inc., Cezanne HR Limited, Pymetrics Inc are among the major companies that are driving the generative AI in HR market.

What are the emerging trends shaping the industry?

Companies operating in the generative AI in HR market are investing heavily in proprietary AI technologies to optimize recruitment processes, drive employee engagement, automate mundane HR tasks, and provide insightful data for better decision-making and workforce management. For example, just in March of 2023, Beamery, launched TalentGPT, a generative AI for HR tech, designed to personalize HR processes immensely.

How is the Generative AI in HR market segmented?

The market is segmented based on:

1 Technology: Machine Learning, Natural Language Processing, Deep Learning, Computer Vision, Robotic Process Automation
2 Deployment Mode: Cloud-Based, On-Premise
3 Application: Recruiting And Hiring, Onboarding, Performance Management, Improved Efficiency, Other Applications

What are the regional insights into the market?

In 2023, North America held the largest share in the generative AI in HR market. However, going forward, Asia-Pacific is projected to be the fastest-growing region.

The full report covers the global market including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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