Huge investments from key players in the development of new software and solutions in order to optimize business processes and attain cost reduction are some of the factors to lead the Human Resource (HR) Technology Market.
Verified Market Research recently published a report, “Human Resource (HR) Technology Market” By Application (Payroll Management, Performance Management, Talent Management), By End-use Industry and By Geography. According to Verified Market Research, the Human Resource (HR) Technology Market size was valued at USD 23.32 Billion in 2021 and is projected to reach USD 38.36 Billion by 2030, growing at a CAGR of 5.7% from 2022 to 2030.
Global Human Resource (HR) Technology Market Overview
The worldwide human resource technology market is primarily driven by the irrelevance of conventional human resource tools in the technologically advanced world, with organizations now increasingly adopting the human resource software ecosystem. More importantly, the need for such solutions for a wide range of applications, including talent management and workforce management, has grown in response to rapid technological progress.
Furthermore, an increasing working population, as well as complex management practices are having a favorable impact on this sector. This has resulted in an increase in the number of companies offering recruiting, evaluation, advertising, and interviewing services in the marketplace. However, the expansion of the global human resources technology industry was hampered by difficulties in the synchronization and aggregation of data from various technologies.
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Key Developments
- On February 2021, Ceridian HCM Inc. acquired Ascender, an HR technology company headquartered in Japan. Through this transaction, the company intends to deliver complete human capital management and payroll solutions across the Asia Pacific region.
- On January 2022, Darwinbox, a cloud base HR Technology startup raised $72 million in a funding round which was led by Netflix backer TCV at a valuation of more than $1 billion.
Key Players
The major players in the market are SAP, ADP, Oracle, Microsoft, Kronos Incorporated, Workday, SumTotal Systems, Ceridian, and IBM.
Verified Market Research has segmented the Global Human Resource (HR) Technology Market On the basis of Application, End-use Industry, and Geography.
- Human Resource (HR) Technology Market, By Application
- Payroll Management
- Performance Management
- Talent Management
- Recruitment
- Workforce Management
- Others
- Human Resource (HR) Technology Market, By End-Use Industry
- Health Care
- Information Technology
- BFSI
- Public Sector
- Others
- Human Resource (HR) Technology Market, by Geography
- North America
- U.S
- Canada
- Mexico
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- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
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