According to the global human resource technology market research report by IMARC Group, the market grew at a CAGR of 14% during 2014-2019. Looking forward, the market is expected to continue its moderate growth during the next five years.
Human resource (HR) technology is an integral part of the human resource industry that enhances the significant aspects of employment in an organization from the first day of recruitment until the retirement of the employees. This technology also assists employers with onboarding, talent sourcing, and performance, workforce, and talent management. Consequently, it finds widespread application in the corporate sector to streamline various functional processes within the organization.
Global HR Technology Market Trends:
The primary factor driving the global HR technology market is the increasing adoption of the human resource software ecosystem due to the aging of conventional human resource tools. The integration of big data analytics, machine learning (ML), artificial intelligence (AI), and the Internet of Things (IoT) with HR technology is also propelling the growth of the market. Moreover, continual technological innovations have led to the development of cost-effective software solutions for employers that reduce the risk of systemic errors and help in time management. These advancements are expected to create a positive outlook for the market in the upcoming years.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Global HR Technology Market Segmentation:
Market Breakup by Application
- Talent Management
- Payroll Management
- Performance Management
- Workforce Management
- Recruitment
- Others
Market Breakup by Type
- Inhouse
- Outsourced
Market Breakup by End-Use Industry
- TTH (Travel, Transportation, Hospitality)
- Public Sector
- Health Care
- Information Technology
- BFSI (Banking, Financial services, and Insurance)
- Others
Market Breakup by Company Size
- Less than 1k Employees
- 1k -5k Employees
- Greater than 5k Employees
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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