HR Technology Market Analysis by Application, Type, End-Use Industry, Company Size, Regional Insight 2023-2028

IMARC Group has recently released a new research study titled "HR Technology Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.

HR Technology Market Size, CAGR and Forecast 2023-2028

The global human resource (HR) technology market size reached US$ 31.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 53.3 Billion by 2028, exhibiting a growth rate (CAGR) of 9.08% during 2023-2028.

Human resource technology, also known as HR technology, is a comprehensive term for software and associated platforms for automating the human resources function in organizations. This technology assists in managing the diverse aspects of HR activities, such as recruitment, employee management, payroll, performance management, and benefits administration.

HR technology plays a critical role in maintaining employee records, managing the hiring process, conducting skill assessments, facilitating employee learning and development, and ensuring compliance with labor laws. It's widely employed across various industry sectors, from manufacturing and retail to healthcare and education. In the present digital era, the HR technology has evolved from on-premise software to cloud-based systems and from standalone applications to integrated HR management suites, making it more accessible and effective in managing today's dynamic workforce.

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Human Resource (HR) Technology Market Trends:

The increasing need for streamlined HR processes, improved efficiency, and cost reduction in HR operations represents one of the key factors driving the market growth. The proliferation of startups and small and medium sized enterprises (SMEs) has led to the widespread adoption of HR technology for efficient workforce management. This is acting as a major growth-inducing factor. Furthermore, advancements in technology, such as the integration of artificial intelligence (AI), machine learning (ML), and analytics in HR solutions, are revolutionizing HR practices, thereby fueling the market growth.

The shift from on-premise to cloud-based solutions, offering scalability and accessibility advantages is driving the market toward growth. In addition to this, the continually rising working population and complex management methods are creating a positive impact on this market. Owing to this, there has been the development in the marketplace for recruitment, advertisement, assessment, and interviewing, which, in turn, is contributing to the market growth.

Some of the Top Competitive Landscape Operating in the Market are Given Below:

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

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Key Market Segmentation: 

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: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

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Key Highlights of the Report:               

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Industry Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Structure of the Global Market
• 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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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, and nanotechnology industries. We also provide cost model and manufacturing setup project reports through Syndicated Analytics, a subsidiary of IMARC Group.

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