The expansion of the worldwide human resource (HR) technology market is driven by an increase in the automation of HR operations and a rise in the popularity of hybrid working patterns across numerous companies. In 2021, the talent management segment accounted for the largest proportion by type. By contrast, Asia-Pacific would have the fastest CAGR across all regions by 2031.
Due to the unexpected collapse of the economy, which had a severe impact on the organisation’s earnings, the pandemic curtailed firms’ plans to invest on traditional HR solutions.
Additionally, in the wake of COVID-19, businesses are concentrating on cutting-edge technology to conduct contactless operations safely and securely. Examples include communications and collaboration platforms, engagement systems, help desks, and portals.Analyses are done on the global market for human resource (HR) technology by type, deployment mode, organisation size, end-user, and region. The report uses tabular and graphical representation to provide a thorough study of the segments and their sub-segments.
The segmentation can help investors and market participants create strategies based on the top revenue-generating and fastest-growing groups identified in the research.
The talent management type held the biggest market share in 2021, accounting for almost one-fourth of the revenue generated by the worldwide human resource (HR) technology market. It is anticipated that this segment would continue to dominate the market through 2031. During the forecast period, the workforce management segment will exhibit the quickest CAGR of 12.3%.
In terms of deployment, the on-premises market segment accounted for about half of the worldwide human resource (HR) technology market share in 2021 and is anticipated to take control by 2031. On the other hand, the cloud category would exhibit the fastest CAGR of 10.7% throughout the course of the forecast year.
In terms of organisation size, the big organisations segment held the largest market share in 2021 and contributed about three-fifths of the revenue generated by the global human resource (HR) technology market. During the predicted period, the small and medium-sized firms segment would also exhibit the fastest CAGR of 10.6%.
The end-user category with the largest share in 2021, accounting for about one-fourth of the revenue generated by the global human resource (HR) technology market, was IT and telecom. During the predicted period, the healthcare category would also exhibit the fastest CAGR of 12.9%.
By geography, North America accounted for more than one-third of the revenue generated by the worldwide human resource (HR) technology market in 2021. From 2022 to 2031, Asia-Pacific will also exhibit the fastest CAGR, at 11.7%.
ADP, Inc., Cegid, Ceridian HCM, Inc., Cornerstone OnDemand, Inc., Hi Bob, Inc., IBM Corporation, Infor, Oracle Corporation, SAP SE, and Workday, Inc. are a few of the major industry participants profiled in the study on the global human resource (HR) technology market. To demonstrate their dominance in the market, these businesses have adopted a variety of techniques, such as joint ventures, expansion, collaboration, and partnerships. The report is useful in analysing the changes and business performance of the major companies.