IMARC Group, a leading market research company, has recently releases report titled “Human Resource (HR) Technology Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The study provides a detailed analysis of the industry, including the global human resource (HR) technology market growth, trends, share, size, and  forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights:

How big is the human resource (HR) technology market?

What is human resource technology?

Human resource (HR) technology includes the usage of software and hardware to direct and maintain a huge variety of responsibilities and tasks related to human resources management. Employee benefits, payroll, and candidate recruitment generally come under the realm of HR technology. The usage of advanced technologies in HR management helps leaders to assume a more strategic role within the organization.

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What are the growth prospects and trends in the human resource technology industry?

The market is primarily driven by the increasing employment opportunities across the globe. This is further supported by the growing adoption of technologies in enterprises, which is enhancing the demand for HR technology. Additionally, the increasing need for automation of repetitive tasks is positively influencing the market growth. Apart from this, the rise in the shift toward remote or hybrid working models is aiding the market growth as the software allows professionals to manage and direct employee-management communication as well as handle payroll tasks efficiently. In line with this, the increasing investments by several companies in automation and HR technology are expected to boost the growth of the market. This can be attributed to the improved efficiency provided by these solutions that help companies in planning and managing various tasks. In addition, the adoption of artificial intelligence (AI) and machine learning (ML) solutions is projected to fuel the market growth.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Application:

• Talent Management
• Payroll Management
• Performance Management
• Workforce Management
• Recruitment
• Others

Breakup by Type:

• Inhouse
• Outsourced

Breakup by End-Use Industry:

• TTH (Travel, Transportation, Hospitality)
• Public Sector
• Health Care
• Information Technology
• BFSI (Banking, Financial services, and Insurance)
• Others

Breakup by Company Size:

• Less than 1k Employees
• 1k -5k Employees
• Greater than 5k Employees

Breakup by Region:

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

Who are the key players operating in the industry?

The report covers the major market players including:

• SAP
• Workday
• ADP
• Oracle
• Microsoft
• Kronos Incorporated
• Ultimate Software
• SumTotal Systems
• IBM
• Ceridian

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