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Global HR Tech Market To Reach $76.5 billion by 2031: Research

April 11, 2023 thehrobserver-hrobserver-HRTech

The key factors driving the growth of the human resource technology market include increase in automation of HR operations, surge in the trend of hybrid working models across various organisations and rise in need for cost-effective HR technologies.

The global human resource technology market was valued at $32.58 billion in 2021, and is estimated to reach $76.5 billion by 2031, which is a growth rate of 9.2% from 2022 to 2031, said Research and Markets, the global research firm in a statement.

HR technology is the technology that is adopted to attract, hire, retain, and maintain human resources, support HR administration, and optimise HRM.

The technology can be used in different types of human resource information systems (HRIS) and by various stakeholders, such as managers, employees, and HR professionals.

The firm said that the key factors driving the growth of the human resource technology market include increase in automation of HR operations, surge in the trend of hybrid working models across various organisations and rise in need for cost-effective HR technologies.

The study titled Human Resource Technology Market By Type, By Deployment Mode, By Organisation Size, By End-User: Global Opportunity Analysis and Industry Forecast, 2021-2031, provides an in-depth analysis of the global Human Resource Technology market forecast along with the current and future trends.

The firm said that the global Human Resource (HR) Technology market 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. 

They are players that  have adopted various Strategies to increase their market penetration and strengthen their position in the industry.

“By type, the talent management segment was the highest revenue contributor to the market and is estimated to reach $ 15.67 billion by 2031, with a compound annual growth rate (CAGR) of 6.6%.

However, the workforce management segment is estimated to be the fastest-growing segment with a CAGR of 12.3% during the forecast period,” said the report. 

They explained further that the large enterprises segment dominated the global market and is estimated to reach $39.57 billion by 2031, with a CAGR of 8.1%. 

However, the firm added that the small and medium-sized enterprises (SMEs) segment is expected to be the “fastest-growing segment during the human resource technology market forecast.”

The research firm also said that North America was the highest revenue contributor, accounting for $11.6 billion in 2021, and is estimated to reach $ 23.42 billion by 2031, with a CAGR of 7.6%.

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