Anticipated 9.08% CAGR Growth for the HR Tech Market by 2028, as Foreseen by IMARC Group

IMARC Group has recently released a new research study titled "Human Resource (HR) Technology Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.

How much is the HR technology market worth?

The global human resource (HR) technology market size reached US$ 31.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 53.3 Billion by 2028, exhibiting a growth rate (CAGR) of 9.08% during 2023-2028.

What is HR Tech?

Human resource technology refers to the comprehensive set of software and digital platforms designed to manage and optimize the various functions within the human resources (HR) domain. This technology aims to automate, streamline, and enhance activities related to employee recruitment, payroll, benefits administration, performance management, and more. The advent of HR technology has revolutionized traditional HR practices, shifting from manual paperwork to integrated digital systems. It provides HR professionals with robust tools to manage vast amounts of data, thereby enabling more efficient decision-making.

Software solutions like human resource management systems (HRMS), applicant tracking systems (ATS), and learning management systems (LMS) are examples of HR technology designed for specific purposes such as talent acquisition, employee training, and comprehensive human resource management. The benefits are multifaceted. From an operational standpoint, automating repetitive tasks frees up time for HR professionals to focus on strategic activities, such as workforce planning and employee engagement. From an employee perspective, HR technology provides platforms for self-service related to benefits, learning, and performance reviews, offering a more transparent and interactive experience.

Furthermore, advanced analytics provided by these technologies can generate actionable insights into employee performance, retention, and satisfaction. This data-driven approach aids in making more informed HR decisions, contributing to the overall effectiveness and competitiveness of an organization.

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Human Resource (HR) Technology Market Trends and Growth Drivers: 

The digital revolution is permeating every aspect of business, including HR which represents one of the key factors driving the growth of the market across the globe. The need to digitize records, automate processes, and facilitate remote working arrangements is compelling organizations to invest in HR technology. Data-driven decision-making is crucial in the competitive business landscape.

Advanced HR technologies offer analytics features that provide valuable insights into workforce performance, productivity, and engagement, helping organizations make informed decisions. Stringent labor laws and regulations regarding employee benefits, payroll, and record-keeping make compliance a complex task. HR technology simplifies this by automating calculations, generating reports, and providing alerts for compliance milestones. Modern workers demand a more interactive and transparent work environment. Self-service portals, real-time feedback, and mobile access to HR resources enhance employee engagement and satisfaction, which is driving its demand in the market.

Recruitment, onboarding, training, and retention are core HR functions that can be significantly optimized using technology. Applicant tracking systems (ATS) and learning management systems (LMS) are examples of specialized HR technologies gaining traction. Automating routine HR tasks results in operational efficiency and cost savings. Reduced paperwork, streamlined processes, and decreased manual errors also contribute to the financial viability of HR technology investments.

As organizations grow, the need for scalable HR solutions becomes imperative. Cloud-based HR technology offers scalability features, allowing organizations to adapt quickly to changing workforce sizes and needs. In an increasingly globalized world, HR technology enables organizations to manage a diverse and dispersed workforce effectively. Features like multilingual support, currency conversion, and cross-border compliance tools are driving the adoption of HRD technology among multinational corporations.

Human Resource (HR) Technology Market Segmentation: 

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
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa

Competitive Landscape with Key Players:

HR Tech Companies:

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

Speak to Analyst: https://www.imarcgroup.com/request?type=report&id=1798&flag=C

Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• 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.

Media Contact:
Company Name: IMARC Group
Contact Person: Elena Anderson
Email: sales@imarcgroup.com
Phone: +1-631-791-1145
Address: 134 N 4th St
City: Brooklyn
State: NY
Country: United States
Website: https://www.imarcgroup.com

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.

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.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, and nanotechnology industries. We also provide cost model and manufacturing setup project reports through Syndicated Analytics, a subsidiary of IMARC Group.

This release was published on openPR.