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APAC Is Igniting a New HR Tech Boom
Automation is becoming increasingly necessary as businesses all around the world use HR technology solutions to streamline their personnel and processes. Market expansion has been fuelled by the automation of HR activities and a rise in hybrid working models across several businesses, from hiring and onboarding to payrolls and other critical operations.
According to a survey by Allied Market Research, the Asia-Pacific region is driving the growth of the global human resource (HR) technology market, with a predicted CAGR of close to 12%. By 2031, this market is anticipated to grow to $76.5 billion in value.
The greatest revenue contributor to the worldwide HR technology market in 2021, accounting for about one-fourth of total revenues, was IT and telecom. Due to the growing need for healthcare technology solutions to streamline medical operations, enable remote patient monitoring, and reduce costs, the healthcare industry is also expected to have the quickest CAGR of 12.9% over the projection period.
In order to conduct contactless operations safely and securely after COVID-19, businesses are also concentrating on cutting-edge technology including communications and collaboration platforms, engagement systems, help desks, and portals. In addition, firms have scaled back their ambitions to invest in conventional HR systems as a result of the economic downturn.
The talent management market is expected to dominate the worldwide HR technology market through 2031, accounting for a specific quarter of that market. The workforce management segment is anticipated to experience the fastest CAGR, with a predicted 12.3% throughout the forecast period.
The Asia Pacific HR technology market is seeing an increase in collaborations. These are significant since using cutting-edge technologies is essential for accelerating expansion and modernising HR procedures. Additionally, they may complement one another by enhancing customer satisfaction while raising operational performance and cost-effectiveness.
A recent example is the integration of the technology ecosystem of Avature with Sapia.ai, the company that developed the world’s first AI Smart Interviewer. As a result, Avature customers now have access to a distinctive chat-based AI interview tool.
Microsoft recently disclosed and undisclosed equity position in Darwin box, an HR tech startup with its headquarters in Singapore. Both businesses will produce tools to help firms in the future of work, incorporating co-created solutions to improve employee experiences as well as tighter integrations between their production systems.