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Artificial Intelligence in HR Market 2024 - By Size, Competitive Landscape, Upcoming Trends And Outlook By 2033
Artificial Intelligence in HR Market
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According to The Business Research Company's, The artificial intelligence in hr market size has grown rapidly in recent years. It will grow from $5.28 billion in 2023 to $6.18 billion in 2024 at a compound annual growth rate (CAGR) of 17.1%. The growth in the historic period can be attributed to rise in talent acquisition and management costs, data explosion and analytics capabilities, increased demand for personalized career development and employee experience, compliance and risk management challenges, competitive pressure and early adopter success.
The artificial intelligence in hr market size is expected to see rapid growth in the next few years. It will grow to $11.63 billion in 2028 at a compound annual growth rate (CAGR) of 17.1%. The growth in the forecast period can be attributed to increased focus on employee wellbeing and engagement, hyper-personalization and skill development, enhanced recruitment and retention strategies, ethical considerations and responsible ai implementation, talent analytics and future of work preparedness. Major trends in the forecast period include innovative solutions, conversational ai chatbots, predictive performance analysis, data anonymization and encryption, mentorship and career development, strategic collaborations.
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Market Drivers and Trends:
The rising demand for automation in HR operations is expected to propel the growth of artificial intelligence in the HR market going forward. Automation in HR operations refers to using technology, specifically software and systems, to streamline and automate various administrative and repetitive tasks within the human resources function. AI can be a powerful tool in automating HR operations by leveraging AI capabilities, HR processes can be enhanced and automated in the aspects of candidate screening and recruitment, data entry, workflow, and data processing. For instance, in February 2022, SHRM (Society for Human Resource Management), a US-based professional human resources membership association, surveyed 1,688 HR professionals on using automation and AI in HR. According to the survey, 16% of corporations use automation or AI, and 85% of employers that use automation or AI say it saves them time and increases their efficiency. Additionally, 1 in 5 organizations plan to start using or expand their use of those tools for performance management over the next five years, and 1 in 4 organizations aims to start using automation or AI in recruitment and hiring in the next five years. Therefore, the rising demand for automation in HR operations drives the growth of artificial intelligence in the HR market.
Technological innovations are a key trend gaining popularity in artificial intelligence in the HR market. Major companies operating in artificial intelligence in the HR market are adopting new technologies to sustain their position in the market. For instance, in March 2023, Beamery Technologies Limited, a UK-based talent engagement and recruitment software company, launched the world's first generative AI for HR technology, which can be used to develop job descriptions and make career recommendations to employees. This new technology allows the company to simplify and drastically reinvent all Beamery customer experiences. Beamery's talent graph, which tracks Over 17 Billion Data Points About People, Talents, Jobs, And Bias-Audited AI Models And generative AI, serves as the platform's foundation.
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Major Key Players of the Market:
IBM Corporation, Oracle Corporation, SAP SE, Automatic Data Processing Inc., Workday Inc., Infor, Ceridian HCM Inc., Cegid Group, Cornerstone OnDemand Inc., JobTeaser, Phenom People Inc., Eightfold AI, Simpplr, Beamery Inc., HireVue Inc., Jobvite Inc., EdCast Inc., Harver B.V., SmartRecruiters, Gloat, Aisera, PageUp People Pty, JobAdder Operations Pty Ltd., Entelo Inc., Textio, Cezanne HR Limited, Brazen Technologies Inc., Pymetrics Inc.
Artificial Intelligence in HR Market 2024 Key Insights:
• The artificial intelligence in hr market size is expected to see rapid growth in the next few years. It will grow to $11.63 billion in 2028 at a compound annual growth rate (CAGR) of 17.1%.
• The Surging Demand For Ai-Powered Automation Fuels The Growth Of Artificial Intelligence In The Hr Market
• Industry Leaders In Hr Sector Embracing Innovations In Artificial Intelligence
• North America was the largest region in the artificial intelligence in HR market in 2023
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