USD 22.9 billion
Human Resource (HR) Technology Market Size, Share, Growth Analysis, By Component(Software, Service), By Deployment(On-premise, Cloud), By Enterprise Size(Large Enterprise, Small & Medium Enterprise (SME)), By Industry(BFSI, IT, Telecommunication, Government), By Region - Industry Forecast 2024-2031
Report ID:
SQSG45E2016 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|Tables:
119
|Figures:
77
Human Resource (HR) Technology Market Insights
Global Human Resource (HR) Technology Market size was valued at USD 22.9 billion in 2019 and is poised to grow from USD 24.62 billion in 2023 to USD 47.2 billion by 2031, growing at a CAGR of 7.5% in the forecast period (2024-2031).
The human resource sector includes a large amount of human resource technology. The management of payrolls, onboarding, talent sourcing, performance and workforce management, talent management, etc. is made easier by the use of human resources technologies by the company. The aging of traditional human resource tools and the progressive adoption of the human resource software ecosystem by businesses are the main factors driving the global market for human resource technology. The time and money-saving methods for managing many human resources are offered by the human resource software solutions.
Rapid technology advancements have also increased the demand for such solutions for a variety of applications, including talent and workforce management. Furthermore, this sector is benefiting from an increasing working population and sophisticated management techniques. The various developments seen in the field is due to 74% of businesses planning on increasing spending on HR technology. 44% of talent managers look to cloud solutions to increase efficiency and productivity. 35% of those, on the other hand, see the cloud as a way to reduce costs. 58% of companies use HR technology to find, attract, and retain talent. $1 invested into wellness intervention programs for high-risk employees produces a 5x result. $1 of spending on employee wellness, including healthy employees, leads to a $1.50 return on investment.
US Human Resource (HR) Technology Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Software
Fastest Growth
Software
Growth Rate
7.5% CAGR
Global Human Resource (HR) Technology Market 2021-2028 ($ Mn)
Country Share for North America Region- 2021 (%)
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Human Resource (HR) Technology Market Segmental Analysis
Global human resource (hr) technology market has been segmented based on component, deployment, enterprise size, industry, and region. Based on component, the human resource (hr) technology market is segmented into software and services. Based on enterprise size, the human resource (hr) technology market is segmented into large enterprise and small & medium enterprise (SME). Based on industry, the human resource (hr) technology market is segmented into BFSI, IT and telecommunication, government, manufacturing, retail, healthcare, others. Based on the deployment, the human resource (hr) technology market is segmented into on-premise and cloud. Based on region, the human resource (hr) technology market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Human Resource Technology Market Analysis by Component
Software had the largest market share in the hr technology market. The payroll management software aids businesses in defining payroll policy, collecting data, validating data, calculating payroll, and adhering to legal requirements. Payroll accounting, pay-out, and reporting are then performed. The payroll management segment is expected to increase at a high rate in the global market as a result of these factors.
During the forecast period, the talent management software sector is expected to dominate the market. Applications for talent management (TM) help firms manage the hiring, development, performance, rewards, progression, and succession of their personnel. These procedures are typically described in terms of the employee lifecycle.
Human Resource Technology Market Analysis by Deployment
Market segments by deployment include cloud and on-premise. Throughout the projection period, growth is anticipated for the cloud-based human resource (HR) technology software market. To address the needs and fulfill the additional expectations brought on by the remote workforce, large businesses need to scale their infrastructure. These businesses also need to keep up infrastructure support for their services and goods. These are some of the elements that, according to CloudHealth by VMware, 2020, might help explain the 21 percent increase in enterprise cloud spending.
Global Human Resource (HR) Technology Market by Component, 2021 (%)
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Human Resource (HR) Technology Market Regional Insights
In 2021, Asia-Pacific is anticipated to hold the largest market share of the global human resource (hr) technology market. The growing demand for cutting-edge HR technologies to help with better administration of various companies throughout the corporate segment is a major driver of the market in Asia Pacific. Utilizing HR technology allows businesses to efficiently complete a wide range of difficult duties in a short amount of time, which has a beneficial impact on the market. Additionally, governments in several Asia Pacific nations are launching programs to encourage the digitization of key procedures, which will stimulate market expansion. Significant investments in research and development (R&D) operations, as well as the extensive integration of HR technology with SaaS and AI, are some of the additional factors influencing the market's expansion.
The growing adoption of sophisticated HR management systems by enterprises is the main factor driving Europe's human resource (HR) technology industry. The market growth is positively impacted by the increased need for predictive and workforce analytics to boost productivity. Additionally, several technical developments, including the incorporation of machine learning (ML), artificial intelligence (AI), and predictive analytics solutions with HR platforms for the analysis of employee performance and behavioral patterns, are boosting the market's growth.
Global Human Resource (HR) Technology Market By Geography, 2021 - 2028
- Largest
- Fastest
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Human Resource (HR) Technology Market Dynamics
Human Resource Technology Market Driver
- Businesses are moving away from back-office HR data warehouses in favor of more sophisticated reporting and analytics dashboards to investigate concerns with employee retention, sales productivity, and other factors that have a direct impact on a company's productivity. In this industry, vendors are using analytics as a fundamental component of the software, including tools for learning, operations, and assessment.
- Predictive and workforce analytics powered by machine learning raise the bar for employee engagement and retention. It also aids in determining the present and upcoming skill shortages. For instance, to learn about and predict a scarcity of trained HR professionals in the oil and gas industry over a 10-year horizon, Mexico's Ministry of Energy uses analytics and a predictive workforce planning model. The Ministry also began utilizing the analytics approach in the fields of sustainability and renewable energy. Predictive and workforce analytics are widely used nowadays, which will likely drive market expansion.
Human Resource Technology Market Restraint
- Even though analysis and data have long been important in guiding business choices, most businesses still lag when it comes to analytics. One of the main things hindering the market's growth is the lack of knowledge about the advantages of human resource (HR) technology. Due to limited funding, small and medium-sized businesses (SMEs) find it challenging to invest in cutting-edge technologies. As a result, the expansion of the HR technology market may be constrained by the limited usage of analytics tools in conventional HR processes.
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Human Resource (HR) Technology Market Competitive Landscape
There are several reputable companies in the HR technology market. They are mostly concentrating on buying up local businesses to acquire their product catalogs. Some of the competing businesses hope to rebrand to offer fresh alternatives. For instance, in May 2020: Workday announced a partnership with Microsoft. This partnership aims to enhance cloud-based enterprise planning software by operating workday adaptive planning on the Microsoft Azure cloud.
Top Players in the Global Human Resource Technology Market
- Cornerstone OnDemand, Inc. (US)
- IBM Corporation
- SAP SE
- Oracle Corporation
- Workday, Inc.
- ADP, LLC
- Ultimate Software Group, Inc.
- Ceridian HCM, Inc.
- Paycom Software, Inc.
- Paylocity Holding Corporation
- BambooHR LLC
- Kronos Incorporated
- Talentsoft S.A.
- Namely, Inc.
- Zenefits
- Gusto
- Paycor, Inc.
- PeoplePerHour
- Jobvite, Inc.
- Breezy HR
Human Resource Technology Market Recent Development
- In January 2022, Darwinbox, a cloud base HR Technology startup raised $72 million in a funding round which was led by Netflix backer TCV at a valuation of more than $1 billion.
- In February 2021, Ceridian HCM Inc. acquired Ascender, a payroll and HR solutions provider headquartered in Japan. Through this acquisition, these companies aim to provide comprehensive human capital management and payroll solutions in Asia Pacific.
Human Resource (HR) Technology Key Market Trends
- During the COVID19 crisis, there has been a noticeable increase in demand for recruitment software. To improve the efficiency and value of recruiting software, human resource technology industry companies have recently been incorporating sophisticated algorithms based on artificial intelligence, machine learning, and social sensing tools. Artificial intelligence and other analytical algorithms will probably be integrated to make a more efficient candidate tracking system that enables businesses to make more informed decisions about talent hiring.
Human Resource (HR) Technology Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, by component, software dominated the global human resource (hr) technology market in 2021 and is anticipated to maintain its dominance over the forecast period. In 2021, Asia Pacific dominated the global human resource (hr) technology market owing to the region's growing demand for cutting-edge HR technologies to help with better administration of various companies.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 22.9 billion |
| Market size value in 2031 | USD 47.2 billion |
| Growth Rate | 7.5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Human Resource (HR) Technology Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Human Resource (HR) Technology Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Human Resource (HR) Technology Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Human Resource (HR) Technology Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Human Resource (HR) Technology Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Human Resource (HR) Technology Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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