Human resources technology refers to all the software used to track, manage, pay, understand, find, inform, remember, and deliver benefits to the people in an organization.
WILMINGTON, DE, UNITED STATES, November 6, 2023 /EINPresswire.com/: According to a new report published by Allied Market Research, titled “Human Resource (HR) Technology Market, by Type (Talent Management, Payroll Management, Performance Management, Workforce Management, Others), by Deployment Mode (On-Premises, Cloud), by Organization Size (Large Enterprises, Small and Medium Sized Enterprises (SMEs)), by End-User (BFSI, IT and Telecom, Healthcare, Retail, Manufacturing, Government, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031″.
The human resource (HR) technology market was valued at $32.58 billion in 2021 and is estimated to reach $76.5 billion by 2031, growing at a CAGR of 9.2% from 2022 to 2031.
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Human resources technology refers to all the software used to track, manage, pay, understand, find, inform, remember, and deliver benefits to the people in an organization. As you might guess, the more people in the operation, the more complicated the HR software. For example, larger organizations have people problems that are unimaginable in small businesses.
Furthermore, an increase in automation of HR operations and a surge in the trend of hybrid working models across various organizations are driving the growth of the HR technology market. In addition, the rise in demand for cost-effective HR technologies is fueling the growth of the human resource technology market. However, limitations of data integration and threats to data privacy hinder market growth, and malfunctions and unauthorized access that require highly specialized, skilled operators limit the growth of this market. Conversely, a surge in innovation and decentralized HR, evolving new management skills, and an increase in the integration of robotic process automation (RPA) in HR management are anticipated to provide numerous opportunities for the expansion of the HR technology market during the forecast period.
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Competitive Analysis:
The competitive environment of the human resources (HR) technology industry is further examined in the report. It includes details about the key players’ strengths, product portfolio, and human resource (HR) technology. Market share and size analysis, operational results, and market positioning It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Key Players:
ADP, Inc.
Cegid
Ceridian HCM, Inc.
Cornerstone OnDemand, Inc.
Hi Bob, Inc.
IBM Corporation
Infor
Oracle Corporation
SAP SE
Workday, Inc., and Many More
Region-wise, the human resource technology market was dominated by North America in 2021 and is expected to retain its position during the forecast period. Growing advancements in HR technology to build new capabilities and remove barriers to career opportunities across North America are expected to drive market growth. For instance, in September 2022, enterprise-grade workforce intelligence platform Reejig introduced the launch of the Reejig Impact Fund at the HR Technology Conference and Expo in Las Vegas. However, Asia Pacific is expected to witness significant growth during the forecast period. Growing usage of human resource technologies has enhanced customer satisfaction and employee experience by delivering personalized learning paths, which is expected to fuel market growth in this region.
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