Latest News- Human Resource (HR) Technology Market: Payroll processing is expected to lead the Application segment during 2025-2029

The Human Resource (HR) Technology Market is being driven by Increasing adoption among SMEs

The Human Resource (HR) Technology Market is expected to grow at a CAGR of 8.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 18.31 billion. The human resource (HR) technology market is experiencing significant disruption through the integration of artificial intelligence (AI) into HR solutions. AI is automating various HR functions, including recruitment, employee performance analysis, and turnover prediction, resulting in increased efficiency and accuracy. Workday Inc.'s latest offerings, HiredScore AI for Recruiting and HiredScore AI for Talent Mobility, introduced on August 1, 2024, are prime examples. These innovations streamline recruiting, hiring, and talent mobility processes, enhancing productivity, operational efficiency, and organizational agility. By enabling personalized learning experiences and more precise talent management, AI technologies enable organizations to better align their workforce with strategic goals. 

Get more information on Human Resource (HR) Technology Market by requesting a sample report

Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Payroll processing
  • Applicant management
  • Learning and development
  • Talent management
  • Others
• End-user
  • Large enterprises
  • Small and medium enterprises (SMEs)
  • Government organizations
  • Non-profit organizations
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
  • APAC
    • China
    • India
    • Japan
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing adoption among SMEs
• Digital transformation in organizations
• Growing use of cloud-based solutions

However, the market also witnesses some limitations, which are as follows:

• Data privacy and security concerns
• Lack of skilled personnel
• Integration with existing systems and processes

Benefits of Buying Global Human Resource (HR) Technology Market Research Report by Technavio

Rich Experience: 20+ years leading global market research, trusted insights across industries.

Unlock Business Potential with Technavio: Maximize ROI with Technavio's tailored market research: deep dives and actionable insights.

Your Guide to Market Success: Empower your business with Technavio's market research and future-proof your decisions.

Market Scope in Human Resource (HR) Technology Market Research Report

Request Free Sample

Find out which segment is leading the market by accessing the free PDF report

Research Analysis Overview

The Human Resource Technology (HRT) market encompasses various solutions designed to optimize workplace culture, enhance employee engagement, and boost productivity. Offerings include consulting services, AI chatbots, leadership development, remote team management, and compliance with regulations. AI and automation play a significant role in areas like talent retention, process automation, and people analytics. Employee benefits, development, and well-being are also prioritized through cloud-based solutions. Diversity and inclusion, onboarding, and branding are essential components of the digital transformation in HR. Ethics and communication are crucial aspects of this transformation, along with tech trends like compliance, metrics, and recruitment automation.

Market Research Overview

The Human Resource (HR) Technology market is a segment of the global application software industry, focusing on the development and implementation of specialized software solutions for businesses. This market encompasses robot process automation, AI, and generative AI technologies, virtual assistants, performance management systems, and initiatives aimed at enhancing employee experience. Technavio's market analysis covers revenue generated by companies providing these HR-specific software solutions, including cloud-based services. The HR Technology market is a sub-segment of the broader application software market, which also includes enterprise and technical software, and excludes companies producing database management software or interactive home entertainment applications.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/