Human Resource (HR) Technology Market Size, Share, Analysis and Forecast 2022-2027

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According to the latest report by IMARC Group, titled "Human Resource (HR) Technology Market: Global Industry Trends, Shar...," the global human resource (HR) technology market reached a value of US$ 28.65 Billion in 2021. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 48.85 Billion by 2027, growing at a CAGR of 9.20% during 2022-2027.

Human resource (HR) technology collectively refers to software and hardware technologies used to enhance and automate an organization’s human resource functions. It is widely employed to manage onboarding, talent sourcing, recruitment, employee payrolls, workforce, performance, and talent management. As compared to traditional human resource tools, human resource technology assists in time management, increases productivity, reduces employment costs, and lowers the risks of systematic errors. As a result, it is widely adopted by healthcare, information technology (IT), travel, transportation and hospitality (TTH), and banking, financial services, and insurance (BFSI) industries.  

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Global Human Resource (HR) Technology Market and Drivers:

The global human resource technology market is primarily being driven by rapid digitization. In line with this, the increasing inclination of small- and medium-sized enterprises (SMEs) toward HR technology to optimize business processes and reduce the risks of implicit biases cost-effectively is acting as another growth-inducing factor. Additionally, the integration of artificial intelligence (AI), social sensing tools, and machine learning (ML) to enhance efficiency and offer real-time data and analytics is providing an impetus to the market growth. Other factors, including the widespread product utilization to facilitate smooth remote working solutions due to the outbreak of the coronavirus disease (COVID-19) pandemic and extensive research and development (R&D) activities, are supporting market growth.

Human Resource (HR) Technology Market 2022-2027 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

• SAP
• Workday
• ADP
• Oracle
• Microsoft
• Kronos Incorporated
• Ultimate Software
• SumTotal Systems
• IBM
• Ceridian

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global human resource (HR) technology market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on application, type, end-use industry and company size.

Breakup by Application:

• Talent Management
• Payroll Management
• Performance Management 
• Workforce Management 
• Recruitment
• Others 

Breakup by Type:

• Inhouse
• Outsourced 

Breakup by End-Use Industry:

• TTH (Travel, Transportation, Hospitality)
• Public Sector
• Health Care
• Information Technology
• BFSI (Banking, Financial services, and Insurance)
• Others

Breakup by Company Size:

• Less than 1k Employees
• 1k -5k Employees
• Greater than 5k Employees

Breakup by Region:

• North America
• Europe        
• Asia Pacific
• Middle East and Africa
• Latin America

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Key Highlights of the Report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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