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Human Resource (HR) Technology Market to Surge at a CAGR of 9.2% over 2024 to 2032; Growing Adoption of Generative AI Tools to Stimulate Market Growth

March 28, 2024 | Information & Technology

The global human resource (HR) technology market size was valued at USD 37.66 billion in 2023. The market is anticipated to expand from USD 40.45 billion in 2024 to USD 81.84 billion by 2032, exhibiting a CAGR of 9.2% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Human Resource (HR) Technology Market Size, Share & Industry Analysis, By Type (Talent Management, Workforce Management, Recruitment, Payroll Management, Performance Management, and Others), By Deployment (Cloud and On-premise), By Enterprise Type (Small and Medium Sized Enterprises (SMEs) and Large Enterprises), By Industry (BFSI, IT and Telecommunication, Government, Manufacturing, Retail, Healthcare, and Others), and Regional Forecast, 2024-2032”.


In digital transformation, HR tech solutions optimize processes by integrating software and hardware, ensuring alignment with HR department requirements and organizational regulations. The integration of employee experience platforms and advanced HR technologies is a catalyst for revolutionizing employee engagement. By streamlining processes, enhancing information access, and empowering employees, this integration contributes significantly to the market’s growth.     


The market witnessed positive growth during the COVID-19 pandemic with rising integration of HR technology solutions owing to the challenges created by the pandemic which forced HR teams to adopt novel solutions.           


Generative AI Integration to Fuel HR Innovation Propels Market Growth


The increasing adoption of Generative AI tools is a significant factor propelling HR technology market growth. Companies leveraging Generative AI showcase its impact on organizational management and positive transformations.


Cornerstone OnDemand Unveiled the Opportunity Marketplace to Help Organizations Boost Career Growth


In April 2023, Cornerstone OnDemand launched the Opportunity Marketplace within its Talent Experience platform. This feature aimed to assist organizations in effectively boosting internal mobility and career growth by matching employees with various opportunities, including projects, learning paths, gigs, mentorships, open roles, and job openings.


Rising Adoption of HR Technology Solutions for Work Efficiency to Foster Market Growth


The global shift to a hybrid work model, prompted by the pandemic, is driving the adoption of HR technology. This serves as a catalyst for seamless transitions, flexible work arrangements, and enhanced innovation, contributing significantly to notable growth within the human resource (HR) technology market. Moreover, the strategic adoption of HR technology for hybrid and remote scheduling emerges as a crucial factor, transforming talent acquisition and retention strategies. This approach significantly expands the candidate pool, ensuring organizations possess a talent-rich workforce and fostering continuous human resource (HR) technology market growth.


However, navigating diverse employment laws and regulations across regions poses a formidable challenge for human resource (HR) technology, creating barriers to seamless adoption and market expansion.


Industry Participants Focus on Introducing Customized Solutions to Boost their Revenue


SAP SE, Oracle, ADP, and other global market leaders actively expand their geographic reach by introducing customized human resource (HR) technology solutions. Their strategic focus is on appealing to a diverse customer base, ultimately driving substantial revenue growth.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/human-resource-hr-technology-market-105437


List of Key Players Mentioned in the Report:



  • SAP SE (Germany)

  • Oracle Corporation (U.S.)

  • Automatic Data Processing (ADP), Inc. (U.S.)

  • Cornerstone OnDemand, Inc. (U.S.)

  • Ceridian HCM Holding Inc. (U.S.)

  • Workday, Inc. (U.S.)

  • Infor, Inc. (U.S.)

  • Cegid Group (France)

  • Hi Bob Inc. (U.K.)

  • The Access Group (U.K.)


Key Industry Development:



  • October 2023: Workday expanded its partnership with ADP to deliver global compliance, payroll, and HR experiences for joint customers. The partnership had the goal of enabling customers to access data across their HCM environments, encompassing areas such as tax, compliance, and payroll.


Further Report Findings:



  • North America captured the maximum human resource (HR) technology market share. The region’s global market dominance is underpinned by the unparalleled presence of major HR technology solution vendors, such as Oracle Corporation, ADP, Workday, Cornerstone OnDemand, Inc, and Ceridian HCM Holding Inc. Their influential market position contributes significantly to the region's growth.

  • Europe's robust market growth is fueled by a growing demand for workforce automation solutions, emphasizing the region's commitment to enhancing workforce management.


Table of Segmentation






































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 9.2% from 2024 to 2032



Segmentation



By Type



  • Talent Management

  • Workforce Management

  • Recruitment

  • Payroll Management

  • Performance Management

  • Others (Employee Collaboration & Engagement)


By Deployment



  • Cloud

  • On-premise


By Enterprise Type



  • Small and Medium Sized Enterprises (SMEs)

  • Large Enterprises


By Industry



  • BFSI

  • IT and Telecommunication

  • Government

  • Manufacturing

  • Retail

  • Healthcare

  • Others (Education)


By Region



  • North America (Type, Deployment, Enterprise Type, Industry, and Country)

    • U.S. (By Industry)

    • Canada (By Industry)

    • Mexico (By Industry)



  • Europe (Type, Deployment, Enterprise Type, Industry, and Country)

    • U.K. (By Industry)

    • Germany (By Industry)

    • Italy (By Industry)

    • France (By Industry)

    • Russia (By Industry)

    • Spain (By Industry)

    • Benelux (By Industry)

    • Nordics (By Industry)

    • Rest of Europe



  • Asia Pacific (Type, Deployment, Enterprise Type, Industry, and Country)

    • China (By Industry)

    • Japan (By Industry)

    • India (By Industry)

    • South Korea (By Industry)

    • ASEAN (By Industry)

    • Oceania (By Industry)

    • Rest of Asia Pacific



  • Middle East & Africa (Type, Deployment, Enterprise Type, Industry, and Country)

    • Turkey (By Industry)

    • GCC (By Industry)

    • Israel (By Industry)

    • North Africa (By Industry)

    • South Africa (By Industry)

    • Rest of the Middle East & Africa



  • South America (Type, Deployment, Enterprise Type, Industry, and Country)

    • Brazil (By Industry)

    • Argentina (By Industry)

    • Rest of South America




Global Human Resource (HR) Technology Market
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  • 2019-2022
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