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HR Tech Market is Estimated to Grow from US$ 24.9 Bn in 2022 to US$ 63.5 Bn by 2032, Notching a CAGR of 9.8% Over the Forecast Period | Deep Data by Future Market Insights, Inc.

NEWARK, DE / ACCESSWIRE / November 29, 2022 / The HR Tech market is anticipated to increase from US$ 24,890.3 mn in 2022 to US$ 63,586.4 mn by 2032, registering a CAGR of 9.8% over the forecast period.

The demand for highly skilled and knowledgeable workers is driving a major expansion in the market for human resource technology. Human resource software and services are being more widely used by businesses to assist them in filling in some of the gaps in their talent acquisition process.

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Hybrid work arrangements and virtual hiring have become popular in the modern workplace despite significant opposition and criticism. It is evident that virtual hiring and recruiting are the wave of the future and that the future of work is hybrid. To support the long-term hybrid setup and migration to virtual recruiting, organizations are partnering with HR Tech businesses that offer cloud-based solutions, people analytics software, cutting-edge hiring platforms, video interview tools, etc.

Many industries, including those using traditional HR systems, have been impacted by the digital change that the coronavirus pandemic has unleashed. The rapid growth of the market structure has forced organizations to adopt new technology in order to keep up with shifting customer expectations, heightened competition, and employee requirements.

The urgent need of the hour is motivating many businesses to strengthen their HR Technology infrastructures. Technology that enhances HR operations and reduces expenses, such as AI, RPA, and data analytics, is gaining popularity every day. Investments made in these technologies throughout the projection period will lead to the next tech boom in HR Tech.

North America is predicted to dominate the HR Tech market over the forecast period due to the presence of the majority of market participants. Owing to a growing working population and cutting-edge management strategies, the HR Tech industry in this area is flourishing.

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Key Takeaways

  • With a 13.8% CAGR, the United States is the market leader in North America for HR Tech. In 2021, the U.S. HR Tech market had a 23.4% market share worldwide.
  • In 2021, Europe, which now has the second-largest market share, registered around 20.7% of the global market. This market is anticipated to increase at a CAGR of 16.4% by 2032.
  • By 2032, the segment of payroll management is predicted to hold the highest global market share. In 2021, this market held a 27% share of the global market, and it is now expanding at a CAGR of 14.2%.
  • Among all industries, finance has the largest market share and is predicted to develop at a CAGR of 14.1%. The category held a 33% market share globally in 2021.

Key Segments in the HR Tech Market

By Application:

  • Payroll Management
  • Performance Management
  • Talent Management
  • Recruitment
  • Work Force Management
  • Others

By Industry:

  • Services
  • Public Sector
  • Finance
  • Manufacturing
  • Resources
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Middle East and Africa

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Competitive Landscape

In the HR Tech market, key players and innovative vendors include Ceridian HCM Holding Inc., Automatic Data Processing (ADP), Inc., Cornerstone OnDemand, Inc., Oracle Corporation, Workday, Inc., SAP, ADP, Microsoft, Kronos Incorporated, SumTotal Systems, Ceridian, IBM, and The Access Group

These businesses have employed a range of strategies to increase their market share in HR Tech. They have employed both organic and inorganic growth strategies, such as new product launches, acquisitions, company expansions, and partnerships, to broaden their customer base and raise revenue.

Recent Developments

In March 2022, The Access Group bought the cloud-based hiring platform FastTrack. The program is intended to help organizations handle timesheets, billing, and payroll. It will assist Access Recruitment's software platform. The acquisition would make it easier for Access Group to connect with a larger worldwide audience.

In February 2021, Ceridian HCM Inc. acquired the HR technology company Ascender, which has its headquarters in Japan. The company hopes to offer complete payroll and human resource management solutions throughout the Asia Pacific area through this agreement.

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About Future Market Insights, Inc.

Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.

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