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The Surging Demand For Ai-Powered Automation Fuels The Growth Of Artificial Intelligence In The Hr Market: Powering Innovation and Expansion in the Global Artificial Intelligence in HR Market by 2025
Artificial Intelligence in HR Market
What Is the Expected CAGR for the Artificial Intelligence in HR Market Through 2025?
The market for artificial intelligence in human resources has experienced considerable growth recently. It's projected to expand from a size of $6.05 billion in 2024 to $6.99 billion in 2025, which includes a compound annual growth rate (CAGR) of 15.6%. The historical growth can be linked to several factors, including an increase in the costs for talent acquisition and management, the boom in data and analytical capabilities, an escalated demand for customised career development and improved employee experiences, compliance and risk management difficulties, competitive stress, and the success of early adopters.
What's the Projected Size of the Global Artificial Intelligence in HR Market by 2029?
The market size of artificial intelligence in HR is predicted to experience a significant surge in the coming years, expanding to $14.03 billion by 2029 with a compound annual growth rate (CAGR) of 19.0%. The escalation predicted during the forecast period can be attributed to the escalating focus on the welfare and involvement of employees, hyper-personalization and skill enhancement, augmented recruitment and retention tactics, ethical aspects and responsible AI deployment, talent statistics, and readiness for the future work environment. The forecast period is set to see major trends like innovative approaches, interactional AI chatbots, predictive performance assessment, data anonymization and encryptions, mentorship and professional advancement, strategic alliances.
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Top Growth Drivers in the Artificial Intelligence in HR Industry: What's Accelerating the Market?
The surge in demand for automation within HR procedures is predicted to stimulate the expansion of artificial intelligence in the HR market in the future. HR operational automation involves the use of technologically advanced software and systems to simplify and mechanize several administrative and monotonous tasks inherent to the human resources segment. AI could become a highly effective resource in mechanizing HR operations; with the application of AI abilities, HR procedures could be improved and automated in areas like applicant screening and hiring, data entering, workflow, and data handling. For example, SHRM (Society for Human Resource Management), an American professional HR membership organization, conducted a survey involving 1,688 HR professionals about the use of automation and AI in HR in February 2022. The survey results revealed 16% of corporations use automation or AI, with 85% of companies using automation or AI reporting that it saves time and enhances their operational effectiveness. Moreover, one out of every five organizations are preparing to start or escalate the use of these tools for performance management in the coming five years, while one in every four organizations are planning to adopt automation or AI in recruiting and hiring over the next five years. As such, the growing demand for automation in HR procedures is motivating the escalation of artificial intelligence in the HR market.
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What Trends Will Shape the Artificial Intelligence in HR Market Through 2029 and Beyond?
The ongoing trend of technological advancements is becoming increasingly significant in the realm of artificial intelligence within the HR market. Major players in this market are incorporating new technologies in order to maintain their competitive edge. For example, In March 2023, Beamery Technologies Limited, a leading talent engagement and recruitment software firm based in the UK, unveiled the first-ever generative AI designed for HR technology. This innovation can be employed to craft job descriptions and provide career advice to employees. This breakthrough technology empowers the company to simplify and comprehensively overhaul all client experiences with Beamery. The talent graph of Beamery, which monitors over 17 billion data points related to individuals, talents, jobs, bias-audited AI models and generative AI, forms the bedrock of the platform.
What Are the Main Segments in the Artificial Intelligence in HR Market?
The artificial intelligence in hrmarket covered in this report is segmented -
1) By Offering: Hardware, Software, Services
2) By Technology: Virtual Assistants, Metaverse, AI Chatbot, People Analytics, Machine Learning, Computer Vision, Natural Language Processing, Other Technologies
3) By Enterprise Size: Small And Medium Enterprises, Large Enterprises
4) By Application: Workforce Management, Talent Management, Payroll Management, Performance Management, Recruitment, Hiring, Other Applications
5) By Industry: Academic, Banking, Financial Services And Insurance (BFSI), Government, Healthcare, Information Technology(IT) And Telecom, Manufacturing, Retail, Other Industries
Subsegments:
1) By Hardware: AI-Powered Recruitment Tools, Biometric Devices For Attendance Tracking, Wearable Technology For Employee Wellness
2) By Software: Applicant Tracking Systems (ATS), Performance Management Software, Employee Engagement Platforms, Learning Management Systems (LMS), Chatbots For HR Support
3) By Services: Consulting Services For AI Implementation, Training And Support Services, Data Analytics And Reporting Services, Managed Services For HR Operations
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Which Top Companies are Driving Growth in the Artificial Intelligence in HR Market?
Major companies operating in the artificial intelligence in hr market include 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.
Which Regions Will Dominate the Artificial Intelligence in HR Market Through 2029?
North America was the largest region in the artificial intelligence in HR market in 2024. The regions covered in the artificial intelligence in hr market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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