Major Market Shift in Generative Artificial Intelligence (AI) In Human Resources (HR) Industry: Generative AI In HR With Beanery's TalentGPT Revolutionizing Talent Management And Engagement

What Is the Forecasted Market Size and Growth Rate for the Generative Artificial Intelligence (AI) In Human Resources (HR) Market?
The market size for generative artificial intelligence (AI) within the human resources (HR) sphere has seen swift expansion in the recent past. The projection is for growth from $0.63 billion in 2024 to $0.75 billion in 2025, predicting a compound annual growth rate (CAGR) of 18.3%. The exponential growth during the historical period has been due mainly to the increasing use of data in decision-making, a growing demand for individualized employee experiences, changes in hiring processes, the introduction of improved analytics tools, a heightened focus on diversity and inclusion efforts, and a transition towards more remote and hybrid workplaces.

Significant expansion is projected for the generative artificial intelligence (AI) market in human resources (HR) over the coming years. The market is anticipated to amplify to $1.45 $ billion by 2029, with a compound annual growth rate (CAGR) of 17.9%. This surge during the forecast period is likely due to the escalating adoption of AI technology, the growing intricacies of managing a workforce, the need for improved strategies for employee engagement, the importance of instantaneous performance feedback systems, a concentration on unbroken learning and growth, the broadening of AI's predictive analytics functions, and the combination of AI with pre-existing HR systems to smooth operations. The forecast period is also expected to witness the rise of AI-powered virtual assistants and chatbots, the increasing use of machine learning algorithms for talent and workforce management, a growing demand for customized employee experiences via AI-created content, a wider use of AI within recruitment and hiring processes, the integration of AI into existing HR systems for better efficiency, an increased emphasis on AI-guided employee growth and performance management, and the expected growth of cloud-based generative AI solutions in HR.

What Factors Are Propelling the Expansion of the Generative Artificial Intelligence (AI) In Human Resources (HR) Market?
The surging demand for automation is predicted to fuel the expansion of generative artificial intelligence (AI) within the human resources (HR) sector in the future. Automation signifies the process of conducting tasks with minimum human interaction, powered by technology, thus replacing manual efforts with automated ones to boost effectiveness and productivity. This rising necessity for automation stems from the ambition for increased efficiency, precision, and cost reduction. Generative AI serves to meet this automation requirement in HR by automating mundane HR activities such as candidate screening, generating job descriptions, and assessing performances, thereby empowering HR professionals to concentrate on more strategic tasks. For example, as per a study executed by the Department for Digital, Culture, Media & Sport (DCMS), a UK government department, and Capital Economics, a UK information services firm, there is a predicted substantial growth in AI technology use from 15.1% in 2020 up to 22.7% in 2025, with an extra 267,000 businesses incorporating AI into their operations. Moreover, by 2040, about 34.8% of businesses are expected to have adopted AI, amounting to roughly 1.3 million companies utilizing this technology. As a result, the rising requirements for automation are fueling the expansion of generative AI within the HR sector.

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Which Businesses Are at the Forefront of Generative Artificial Intelligence (AI) In Human Resources (HR) Market Development?
Major companies operating in the generative artificial intelligence (AI) in human resources (HR) market are International Business Machines Corp., Oracle Corporation, SAP SE, Automatic Data Processing Inc, Workday Inc., Cegid Group S.A., Cornerstone OnDemand Inc, Phenom People Inc, Jobvite Inc, Harver B.V., Eightfold AI Inc., Beamery Inc., Paradox Inc., Workable Technology Limited, ClearCompany Inc., Aisera Inc., Gloat Inc, JobAdder Operations Pty Ltd, SeekOut, TEXTIO INC., TalentGuard Inc., Cezanne HR Limited, Pymetrics Inc

What Are the Latest Innovations in the Generative Artificial Intelligence (AI) In Human Resources (HR) Market?
Leading firms in the generative AI for HR sector are leveraging advanced technologies, such as proprietary AI, to revolutionize recruitment processes, enhance candidate sourcing, boost employee engagement, automate mundane HR duties, and offer insightful data for improved decision-making and superior workforce administration. Proprietary AI technology involves AI systems and algorithms that are exclusively developed and owned by a specific organization or individual, characterized by its singularity to its owner and protected by intellectual property rights, including patents, copyrights or trade secrets. For example, in March 2023, Beamery, a UK-based company specializing in talent engagement and recruitment software, introduced TalentGPT, the world's inaugural generative AI for HR technology. TalentGPT utilizes both Beamery's unique AI and advanced large language models like OpenAI's GPT-4 to deeply customize HR processes. This enables real-time adjustments of content, job descriptions, email formats, and career advice to cater to the unique needs and changing mandates of companies and employees. TalentGPT aims to revolutionize HR practices by providing highly customized and adaptable solutions.

How Is the Generative Artificial Intelligence (AI) In Human Resources (HR) Market Segmented?
The generative artificial intelligence (AI) in human resources (hr) market covered in this report is segmented -

1) By Technology: Machine Learning, Natural Language Processing, Deep Learning, Computer Vision, Robotic Process Automation
2) By Deployment Mode: Cloud-Based, On-Premise
3) By Application: Recruiting And Hiring, Onboarding, Performance Management, Improved Efficiency, Other Applications

Subsegments:
1) By Machine Learning: Predictive Analytics For Employee Retention, Talent Acquisition And Recruitment Optimization, Performance Evaluation Models, Employee Engagement Analysis, Skills Gap Analysis
2) By Natural Language Processing (NLP): Automated Resume Screening And Parsing, Chatbots For Candidate Interaction, Sentiment Analysis Of Employee Feedback, Personalized Communication And Engagement Tools, Job Description Optimization
3) By Deep Learning: Candidate Skill Matching And Assessment, Video Interview Analysis, Employee Training Personalization, Advanced Predictive Models For Workforce Planning, Learning Experience Platforms (LEPs)
4) By Computer Vision: Facial Recognition For Attendance Tracking, Analysis Of Employee Behavior And Engagement, Virtual Reality (VR) For Training Simulations, Safety Monitoring In Workplace Environments, Automated Visual Inspections For Facilities Management
5) By Robotic Process Automation (RPA): Automating Repetitive HR Tasks (e.g., Onboarding), Data Entry And Record Management Automation, Payroll Processing And Compliance Automation, Employee Self-Service Portals, HR Reporting And Analytics Automation.

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Where Is the Generative Artificial Intelligence (AI) In Human Resources (HR) Market Growth Most Prominent?
North America was the largest region in the generative artificial intelligence (AI) in human resources (HR) market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the generative artificial intelligence (AI) in human resources (HR) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Is Covered In The Generative Artificial Intelligence (AI) In Human Resources (HR) Global Market Report?

- Market Size Analysis: Analyze the Generative Artificial Intelligence (AI) In Human Resources (HR) Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Generative Artificial Intelligence (AI) In Human Resources (HR) Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Generative Artificial Intelligence (AI) In Human Resources (HR) Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Generative Artificial Intelligence (AI) In Human Resources (HR) Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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