Human Resource (HR) Technology Market Size, Industry Overview, Analysis and Forecast 2022-2027

According to the latest report by IMARC Group, titled "Human Resource (HR) Technology Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," The Human Resource (HR) Technology Market reached a value of US$ 28.65 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 48.85 Billion by 2027, exhibiting at a CAGR of 9.2% during 2022-2027.

Human resource (HR) technology includes various hardware and software tools that are utilized for automating HR processes across organizations. It aids in reducing the manual efforts required for executing various time-consuming tasks. Additionally, it is widely used for collecting and delivering information and developing analytical reports for superior decision-making and data storage. Along with this, it also assists businesses in gaining insights from employee feedbacks that are later used for improving workforce retention and training and development methods. As a result, it largely aids in streamlining the HR processes while minimizing the administrative and compliance costs and ensuring fair pay practices.

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Global Human Resource (HR) Technology Market and Drivers:

The global market is primarily driven by significant growth in the information technology (IT) sector. Along with rapid digitization across the corporate sector, this is creating a positive outlook for the market. Moreover, multiple businesses are heavily investing in advanced HR software solutions in order to effectively manage routine operations, which is providing a boost to the market growth. In line with this, various technological advancements and the widespread integration of cloud computing, blockchain technology and artificial intelligence (AI) with traditional human resource techniques are acting as major growth-inducing factors. Furthermore, the rapid outbreak of coronavirus disease (COVID-19) across the globe has compelled HR teams to utilize HR technology solutions to facilitate smooth remote working solutions, thereby providing an impetus to the market growth. Additionally, the increasing working population and complex management methods adopted by businesses are positively influencing the market growth. Other factors, including intensive business competition and extensive research and development (R&D) activities conducted by key players, are further projected to drive the market growth.

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Human Resource (HR) Technology Market 2022-2027 Competitive Analysis and Segmentation:

Competitive Landscape with Key Players:

The competitive landscape of the human resource (HR) technology market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• SAP
• Workday
• ADP
• Oracle
• Microsoft
• Kronos Incorporated
• Ultimate Software
• SumTotal Systems
• IBM
• Ceridian

Key Market Segmentation:

The report has segmented the global human resource (HR) technology market on the basis of application, type, end-use industry, company size and region.

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

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Key Highlights of the Report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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This release was published on openPR.