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HomeNewsHuman Resource (HR) Technology Market Is Expected to Reach $76.5 Billion by...

Human Resource (HR) Technology Market Is Expected to Reach $76.5 Billion by 2031: Says AMR

Increase in automation of HR operations and surge in the trend of hybrid working models across various organizations drive the growth of the global human resource (HR) technology market. By type, the talent management segment contributed to the major share in 2021. By region, on the other hand, Asia-Pacific would showcase the fastest CAGR by 2031.

According to the report published by Allied Market Research, the global human resource (HR) technology market was estimated at $32.58 billion in 2021 and is expected to hit $76.5 billion by 2031, registering a CAGR of 9.2% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.

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Report coverage & details:

Forecast Period 2022–2031
Base Year 2021
Market Size in 2021 $32.58 Billion
Market Size in 2031 $76.54 Billion
CAGR 9.2%
No. of Pages in Report 273
Segments Covered Type, Deployment, Organization Size, End-User, and Region.
Drivers Increase in automation of HR Operations
Surge in the trend of hybrid working models across various organizations
Restraints Limitations of data integration and threat to data privacy hinder the market growth
Malfunctions & unauthorized Access, and requires highly specialized skilled operators
Opportunities Surge in innovation and decentralized HR evolving new management skills

Covid-19 scenario-

  • The pandemic reduced organizations’ plans to spend on traditional HR technologies owing to the sudden breakdown in the economy which negatively affected the earnings of the organization.
  • Further, post-COVID-19 situation, companies are also focusing on emerging technology such as communications and collaboration platforms, engagement systems, help desks, and portals became lifelines in the HR environment, among other administrative tools, to perform contactless operations safely and securely.

The global human resource (HR) technology market is analyzed across type, deployment mode, organization size, end-user, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.

By type, the talent management segment held the largest share in 2021, garnering around one-fourths of the global human resource (HR) technology market revenue, and is projected to maintain its dominance by 2031. The workforce management segment would showcase the fastest CAGR of 12.3% during the forecast period.

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By deployment mode, the on-premises segment contributed to nearly around half of the global human resource (HR) technology market share in 2021 and is projected to rule the roost by 2031. The cloud segment, on the other hand, would display the fastest CAGR of 10.7% throughout the forecast period.

By organization size, the large enterprises segment accounted for the highest share in 2021, generating nearly three-fifth of the global human resource (HR) technology market revenue. The small and medium sized enterprises segment would also portray the fastest CAGR of 10.6% during the forecast period.

By end-user, the IT and telecom segment accounted for the highest share in 2021, generating nearly one-fourth of the global human resource (HR) technology market revenue. The healthcare segment would also portray the fastest CAGR of 12.9% during the forecast period.

By region, North America held the major share in 2021, garnering more than one-third of the global human resource (HR) technology market revenue. Asia-Pacific, simultaneously, would showcase the fastest CAGR of 11.7% from 2022 to 2031.

The key market players analyzed in the global human resource (HR) technology market report include ADP, Inc., Cegid, Ceridian HCM, Inc., Cornerstone OnDemand, Inc., Hi Bob, Inc., IBM Corporation, Infor, Oracle Corporation, SAP SE, and Workday, Inc. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.