Portland, OR, Jan. 30, 2023 (GLOBE NEWSWIRE) — According to a report published by Allied Market Research, the global human resources (HR) technology. market was valued at USD 32.58 billion in 2021 and is expected to reach USD 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, most profitable strategies, drivers and opportunities, market size and valuations, competitive landscape and emerging market trends. Market research is a useful source of information for leaders, new entrants, investors and shareholders in strategizing for the future and strengthening their market position.
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Report coverage and 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% |
| Number of pages in the report | 273 |
| Covered segments | Type, deployment, organization size, end user and region. |
| Drivers | Increasing HR automation |
| Growing trend of hybrid work models in different organizations | |
| Limits | Limitations of data integration and threat to data privacy are hindering the growth of the market |
| Malfunctions and unauthorized access and requires highly specialized skilled operators | |
| Opportunities | Increasing innovation and decentralized human resources are developing new management skills |
Covid-19 scenario –
- The pandemic has curtailed organizations’ plans to spend on traditional HR technology due to the sudden downturn in the economy, which has negatively impacted the organization’s revenue.
- Additionally, in the post-COVID-19 situation, companies are also focusing on emerging technologies such as communication and collaboration platforms, engagement systems, help desks and portals that have become lifelines in the HR environment, among other administrative tools, to safely and safe performance of contactless operations.
The global human resources (HR) technology market is analyzed by type, deployment mode, organization size, end user, and region. The report contains a comprehensive analysis of the segments and their sub-segments with the help of tabular and graphical presentation. Investors and market participants can benefit from the breakdown and devise strategies based on the top revenue generating and fastest growing segments identified in the report.
By type, the talent management segment held the largest share in 2021, garnering about one-fourth of the global human resource (HR) technology market revenue and is expected to maintain its dominance until 2031. The workforce management segment strength will demonstrate the fastest CAGR of 12.3% during the forecast period.
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By deployment mode, the on-premises segment contributed nearly half of the global human resource (HR) technology market share in 2021 and is expected to rule by 2031. The cloud segment, on the other hand, will show the fastest CAGR of 10 .7% over the entire forecast period.
By organization size, the large enterprise segment accounted for the highest share in 2021, generating nearly three-fifths of the revenue in the global human resources (HR) technology market. The SME segment will also post the fastest CAGR of 10.6% during the forecast period.
In terms of end users, the IT and telecommunications segment accounted for the highest share in 2021, generating nearly a quarter of the revenue in the global human resources (HR) technology market. The healthcare segment will also post 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. Simultaneously, Asia Pacific will demonstrate the fastest CAGR of 11.7% from 2022 to 2031.
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 adopted several strategies including partnership, expansion, collaboration, joint ventures and others to highlight their might in the industry. The report is helpful in formulating the business performance and development of the leading players.
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About us
Allied Market Research (AMR) is the market research and business consulting arm of Allied Analytics LLP, based in Portland, Oregon. Allied Market Research provides global enterprises, as well as medium and small businesses, with an unmatched quality of “Market research reports” and “Business Intelligence Solutions.” AMR has a single-minded view of providing business insights and consulting to help its clients make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relationship with various companies and this helps us to extract market data which helps us to generate accurate data tables from surveys and confirms extreme accuracy in our market forecasts. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high data quality and help clients in every possible way to achieve success. All the data presented in the reports published by us are derived through primary interviews with senior executives from leading companies in the respective domain. Our secondary data delivery methodology involves in-depth online and offline research and discussions with experienced industry professionals and analysts.