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

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.