AI in Human Resources Market Enhancing Recruitment and Selection Processes with Automated Resume Screening and Candidate Matching

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global AI in Human Resources Market - (By Type (Recruitment and Selection, Employee Onboarding, Performance Management, Talent Management, Workforce Planning and Analytics, Employee Engagement, Learning and Development), By Application (Resume Screening, Candidate Matching, Predictive Analytics for Employee Success, Skill Gap Analysis, Personalized Learning Paths, Employee Feedback and Sentiment Analysis, Succession Planning, Compensation and Benefits Optimization), By Deployment Mode (Cloud-based, On-premises), By Organization Size (Small and Medium-sized Enterprises (SMEs), Large Enterprises)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global AI in Human Resources Market is valued at US$ 4.3 Bn in 2023, and it is expected to reach US$ 25.0 Bn by 2031, with a CAGR of 24.8% during the forecast period of 2024-2031.

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The integration of artificial intelligence (AI) within Human Resources (HR) encompasses the deployment of sophisticated AI technologies to streamline and automate a wide range of HR functions. AI adoption is progressively expanding across key processes such as resume screening, interview coordination, and preliminary candidate evaluation. The increasing demand for automated, digital, and agile HR operations is a significant factor driving the growth of AI applications in this sector. AI facilitates the automation of critical HR activities, including recruitment, talent acquisition, performance appraisal, employee engagement, performance management, and workforce planning, all supported by real-time data analytics.

Additionally, AI empowers HR professionals to make informed, data-driven decisions by analyzing employee-related data, thereby enhancing operational efficiency and decision quality.

Despite these advantages, the sector faces challenges such as the substantial costs associated with AI implementation and skepticism regarding the reliability of AI-based assessment tools, which have hindered broader adoption. Nonetheless, the AI in HR market is projected to witness significant growth in the coming years, propelled by AI's capacity to support the management of remote workforces and improve collaboration within hybrid work models.

List of Prominent Players in the AI in Human Resources Market:
• IBM Corporation
• Oracle Corporation
• SAP SE
• ADP, LLC
• Workday, Inc.
• Ultimate Software Group, Inc.
• Cornerstone OnDemand, Inc.
• Kronos Incorporated
• Ceridian HCM, Inc.
• Talentsoft
• PeopleStrong HR Services Pvt. Ltd.
• Phenom People, Inc.
• Visier, Inc.
• Entelo
• HireVue Inc.
• Textio
• Brazen Technologies
• AllyO
• Pymetrics
• Eightfold AI
• ClearCompany
• Jobvite, Inc.
• Greenhouse Software, Inc.
• Talview
• Avature

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Market Dynamics
Drivers:
The increasing demand for artificial intelligence (AI) in Human Resources (HR) is primarily propelled by the need for organizations to automate routine functions such as resume screening and interview coordination, thereby enhancing operational efficiency and reducing costs. This automation enables HR professionals to concentrate on more strategic initiatives. Moreover, AI improves recruitment outcomes by providing data-driven insights that help mitigate bias in hiring decisions. In addition, AI supports employee engagement and retention through personalized learning and development programs. The ability of AI to analyze extensive datasets facilitates more effective workforce planning and performance management, further accelerating its adoption. Favorable regulatory frameworks and ongoing technological advancements that enhance cost-efficiency and system effectiveness also contribute significantly to market growth.

Challenges:
The adoption of AI within HR is confronted with several obstacles, including high upfront implementation costs, data security concerns, and a growing demand for specialized expertise. Given that AI systems manage sensitive employee information, privacy issues necessitate strict compliance with regulatory requirements. Additionally, the risk of cyber threats coupled with the sensitive nature of workforce data poses considerable security challenges. The deployment of AI technologies involves substantial financial investment and complex change management processes. HR professionals also express caution regarding over-dependence on automated systems due to concerns about the accuracy of AI-driven decisions and the critical need for human oversight. Furthermore, regulatory ambiguities and the necessity for robust infrastructure investments continue to hinder broader market penetration.

Regional Trends:
North America is projected to command a significant share of the AI in Human Resources market, driven by the region's focus on advancing workforce efficiency and fostering innovation through data-driven HR practices. The presence of sophisticated technological infrastructure and substantial investments in AI solutions further support market growth. Europe similarly holds a strong market position, underpinned by stringent regulatory standards, a commitment to the ethical use of AI, and increasing adoption of AI to enhance workforce productivity and decision-making processes.

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Recent Developments:
• In July 2024, HireVue, the world's first and biggest company in Human Potential Intelligence, announced the results of a new AI survey. The survey asked 3,100 workers and 1,000 HR professionals in the U.S. and U.K. to share their thoughts on how AI is used in hiring.

Segmentation of AI in the Human Resources Market-
By Type-
• Recruitment and Selection
• Employee Onboarding
• Performance Management
• Talent Management
• Workforce Planning and Analytics
• Employee Engagement
• Learning and Development
By Application-
• Resume Screening
• Candidate Matching
• Predictive Analytics for Employee Success
• Skill Gap Analysis
• Personalized Learning Paths
• Employee Feedback and Sentiment Analysis
• Succession Planning
• Compensation and Benefits Optimization
By Deployment Mode-
• Cloud-based
• On-premises
By Organization Size-
• Small and Medium-sized Enterprises (SMEs)
• Large Enterprises
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.