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HR professional services Market Growth Analysis, Trends, Share, Market Size And Forecast To 2033
HR professional services Market Growth
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According to The Business Research Company's, The HR professional services market size has grown rapidly in recent years. It will grow from $6.26 billion in 2023 to $7 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to regulatory changes, economic trends, globalization, demographic shifts, talent shortages, and crisis response.
The HR professional services market size is expected to see rapid growth in the next few years. It will grow to $11.72 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%. The growth in the forecast period can be attributed to remote work adoption, data privacy and security, agile workforce strategies, skill gaps and upskilling, diversity, equity, and inclusion (DEI). Major trends in the forecast period include digital transformation, technological advancements, focus on employee well-being, continuous learning and development, and agile HR practices.
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Market Drivers and Trends:
Increasing implementation of information technology is expected to propel the growth of the HR professional services market going forward. Information technology refers to a wide range of terms, including all aspects of computing and telecommunications development and installation, including use. Technology has significantly altered human resource management. Most firms now give ubiquitous access to HR services via technology and web-based apps. These adjustments are frequently the outcome of the need to reduce costs while expanding or improving services. For instance, according to Flexera, in 2021, 54% of companies worldwide prioritize digital transformation. Additionally, in May 2022, Couchbase, a software company, released the results of its fifth annual survey done on 650 IT leaders. It was founded that, the investment in digital transformation will increase by 46% over the next 12 months. Therefore, the increasing implementation of information technology is expected to drive the HR professional services market growth.
Technological advancements are a key trend gaining popularity in HR professional services. Major players operating in the HR professional services market are developing products with advanced technologies to sustain their position in the HR professional services market such as HR automation. For instance, in January 2021, Jotform, a US-based automated workflows company launched HR automation and replaces manual chores with technology Printed job applications and burdensome employee documentation used to fill file cabinets. Companies are now replacing paper-based systems with digital procedures and migrating everything to the cloud. The goal of HR process automation is to relieve HR personnel of the most time-consuming manual duties. The impact of automation on the bottom line is apparent. Employees may spend less time on paperwork and filing and more time on more vital tasks like brainstorming and analyzing data.
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Major Key Players of the Market:
International Business Machines Corporation, Oracle Corporation, Deloitte Touche Tohmatsu Limited, SAP SE, Mercer LLC, Randstad Holding N.V., Baker HR LLC, Automatic Data Processing Inc., Boston Consulting Group Inc., HAYS plc, Workday Inc., Insperity Inc., Trinet Group Inc., Paychex Inc., PageGroup plc, Razorpay Software Private Limited, Kronos Incorporated, Kforce Inc., Robert Walters plc, Ultimate Software Group Inc., Cornerstone OnDemand Inc., Skillsoft Corporation, Zucchetti S.p.A., BambooHR Inc., Capterra Inc., Napier Healthcare Solutions Pte Ltd, GRM Information Management, Visier Inc., TopSource Worldwide Inc., BizEX Management Solutions Pvt Ltd, Groupe Crit S.A., Impellam Group plc, ManpowerGroup Inc., Persol Holdings Co.Ltd., Robert Half International Inc., Willis Towers Watson Public Limited Company
HR professional services Market 2024 Key Insights:
• The HR professional services market size is expected to see rapid growth in the next few years. It will grow to $11.72 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%.
• Information Technology's Role In Accelerating Growth Of The HR Professional Services Market
• The Surge Of Technological Advancements And HR Automation In Professional Services
• North America was the largest region in the HR professional services market in 2023
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