Pune, India, May 10, 2022 (GLOBE NEWSWIRE) -- The HR Technology Market Size is set to increase from the rising focus of companies on employee experience. As per Josh Bersin, the Founder of Bersin & Associates, employers are nowadays using HR technology tools to enhance the employee experience across their workplaces. In March 2021, for instance, Ceridian acquired Ascender HCM Pty Limited to deliver innovative HR and payroll solutions in Asia Pacific Japan (AJP). This information is given by Fortune Business Insights™ in a report, titled, "Human Resource (HR) Technology Market, 2021-2028." As per the report, the market size was USD 22.89 billion in 2020. It is projected to grow from USD 24.04 billion in 2021 to USD 35.68 billion in 2028 at a CAGR of 5.8% in the forecast period.
Key Industry Development-
August 2020: Kronos Incorporated and Ultimate Software rebranded as Ultimate Kronos Group (UKG). It will be given a new tagline- ‘Our Purpose is People' and would provide the best solutions from each company, such as UltiPro HCM and HR service delivery and Workforce Dimensions, Workforce Ready.
April 2020: Cornerstone On Demand, Inc. acquired Saba Software worth USD 1.395 billion to integrate professional and learning development tools in the everyday lives of employees.
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|Forecast Period 2021 to 2028 CAGR||5.8%|
|2028 Value Projection||USD 35.68 billion|
|HR Technology Market Size in 2020||USD 22.89 billion|
|Historical Data for||2017-2019|
|No. of Pages||140|
|Segments covered|| By Component; By Deployment; By Industry|
|HR Technology Market Growth Drivers||Rising Demand for Predictive and Workforce Analytics Enabled Tools to Increase Market Growth|
|Limited Use of Analytical Tools in Traditional HR Practices to Hinder Market Growth|
Drivers & Restraints-
Rising Shift of Companies towards Reporting and Analytics Dashboards to Boost Growth
Numerous organizations across the globe are nowadays rapidly inclining towards unique reporting and analytics dashboards from conventional HR data warehouses. It is not only helping them to increase productivity, but also enabling them to study retention & employee problems and sales productivity. Therefore, various companies are investing huge sums in the development of new software solutions, such as learning, operational, and assessment tools. These factors are expected to drive the HR technology market growth in the near future. However, the procurement of HR technology is an expensive process, which, in turn, may obstruct growth.
To get to know more about the short-term and long-term impact of COVID-19 on this HR Technology Market,
Presence of Oracle, IBM, and Ceridian HCM to Help North America Lead
Geographically, North America earned USD 11.06 billion in terms of revenue in 2020 and is likely to dominate through the forthcoming years. The rising presence of multiple prominent human resource (HR) technology providers, such as IBM Corporation, Oracle Corporation, and Ceridian HCM Holding Inc. would drive regional growth. On the other hand, Europe is set to remain in the second position because of the rising initiatives by regulatory bodies to enhance their infrastructure. The European Union, for instance, deployed a talent management strategy for lowering staff overload in 2020. It would further help the HR technology market size to grow in this region.
IT and Telecommunication Segment Held 23.3% Share in 2020: Fortune Business Insights™
By components, the is bifurcated into software and service. Based on the deployment, it is segregated into on-premise and cloud. By industry, it is categorized into IT and telecommunication, BFSI, government, retail, healthcare, government, manufacturing, and others. Out of these, the IT and telecommunication segment generated 23.3% in 2020 in terms of the human resource (HR) technology market share globally. This growth is attributable to the changing hiring strategies and high demand for skilled workforces in various companies.
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The HR Tech Industry Report aims to analyse the market by considering contributions, prospects, and growth trends. It presents detailed profiles of every key player operating in the human resource (HR) technology industry to analyze their core competencies in each segment. Apart from that, it ensures to help our clients better understand the competitive developments.
Key Players Focus on Acquisitions and Rebranding Strategies to Intensify Competition
The market for HR technology contains a large number of reputed firms. They are majorly focusing on acquiring local companies to gain access to their product portfolios. Some of the other companies are aiming to rebrand to provide novel solutions. Below are two industry developments:
Key Companies in HR Technology Market are:
- Automatic Data Processing (ADP), Inc. (New Jersey, United States)
- Ceridian HCM, Inc. (Minnesota, United States)
- Cezanne HR Ltd. (London, United Kingdom)
- Cornerstone OnDemand, Inc. (California, United States)
- IBM Corporation (New York, United States)
- Infor (New York, United States)
- NetSuite, Inc. (California, United States)
- Oracle Corporation (California, United States)
- SAP SE (Walldorf, Germany)
- Talentsoft (France, Europe)
- Ultimate Software (Florida, United States)
- Workday, Inc. (California, United States)
Quick Buy – Human Resource Technology Market:
Major Points of Table:
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Human Resource (HR) Technology Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiles
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Primary Interview and Responses
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