Human Resource (HR) Technology Market Value
Need for increased efficiency & productivity in HR processes and rising importance of data-driven decision-making in HR are driving HR technology market growth.
PORTLAND, PORTLAND, OR, UNITED STATES, May 24, 2023 /EINPresswire.com/ — The market for human resource (HR) technology had a value of $32.58 billion in 2021 and is anticipated to increase to $76.5 billion by 2031, with a CAGR of 9.2% from 2022 to 2031.
The term “human resources technology” refers to all the programs used by an organization to manage, pay, comprehend, locate, educate, recall, and provide benefits to its employees. As you can anticipate, the complexity of the HR software increases with the number of employees. For instance, people issues in larger organizations are unfathomable in tiny enterprises.
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Organizations are undergoing digital transformation, and HR departments are no exception. The need for efficient and streamlined HR processes has led to increased adoption of technology solutions such as cloud-based HR management systems, applicant tracking systems, and employee self-service portals. These technologies enable automation, data centralization, and improved workforce management.
The competition for talent has intensified, leading organizations to invest in HR technologies that enhance talent acquisition and management. Applicant tracking systems, talent analytics, and AI-powered recruitment tools are being used to streamline candidate sourcing, improve candidate experience, and make data-driven hiring decisions. Additionally, talent management platforms and learning management systems are employed to foster employee development and engagement.
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HR technology solutions are incorporating advanced analytics capabilities, providing organizations with actionable insights into workforce trends, performance, and engagement. Predictive analytics helps HR professionals make data-driven decisions, identify skill gaps, and improve workforce planning. Additionally, sentiment analysis and employee feedback tools enable organizations to gauge employee satisfaction, sentiment, and engagement levels.
Organizations are prioritizing employee experience and engagement as crucial factors in attracting and retaining top talent. HR technologies such as employee self-service portals, collaboration tools, and mobile applications enhance employee experience by enabling easy access to information, fostering communication, and providing opportunities for feedback and recognition. AI-powered chatbots and virtual assistants are also being utilized to deliver personalized employee support and enhance engagement.
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Overall, the HR technology market is driven by the need for digital transformation, talent acquisition and management, data analytics, and employee experience and engagement. As organizations continue to prioritize these areas, the adoption and evolution of HR technology solutions will remain on an upward trajectory.
The global human resource technology market share is dominated by key players such as ADP, Inc., Cegid, Ceridian HCM, Inc., Cornerstone OnDemand, Inc., Hi Bob, Inc., IBM Corporation, Infor, Oracle Corporation, SAP SE and Workday, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the HR technology industry.
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David Correa
Allied Analytics LLP
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