Kings Research today announced the release of its latest market intelligence study, “Global Human Resource Technology Market: Size, Share, Trends & Forecast 2024–2031.” The report provides a comprehensive analysis of the market’s evolution, including detailed forecasts, growth drivers, challenges, and competitive insights.
According to Kings Research, the global human resource technology market was valued at USD 61,213.0 million in 2023 and is projected to grow from USD 66,555.5 million in 2024 to USD 122,334.4 million by 2031, exhibiting a CAGR of 9.09% during the forecast period.
In order to improve employee engagement, operational efficiency, and talent management, businesses all over the world are spending more in workforce analytics platforms, cloud-based HR management systems, and AI-enabled HR technologies.
The term "human resource technology" (HR Tech) refers to software programs created to improve and expedite HR processes like hiring, payroll, performance reviews, employee engagement, learning and development, and analytics. HR Tech helps businesses to optimize labor management, maintain compliance, and provide a superior employee experience, all crucial components in today's competitive landscape, by combining AI, cloud computing, and data analytics.
Kings Research identifies the following growth accelerators:
- AI-Driven HR Solutions:
Integration of AI and machine learning into HR processes enables predictive analytics for talent acquisition, personalized learning, and workforce planning. While 39% of firms intend to employ AI in the near future, 45% of organizations reported using it for human resource management in 2023 (Source: https://engagedly.com/).
- Cloud HR Management Systems:
Cloud-based HR platforms are gaining traction for their scalability, cost efficiency, and remote accessibility. AI-powered solutions are used by 73% of HR professionals, and 87% of firms aim to boost their HR technology investments by 2025 (Source: https://www.secondtalent.com/).
- Focus on Employee Experience:
Organizations are adopting HR tech to improve engagement, retention, and productivity. A 2024 SHRM study found that 65% of HR leaders identified employee experience as a top strategic priority, driving HR tech investments (Source: https://www.shrm.org/).
- Workforce Composition & Retention Insights:
According to the North Carolina Office of State Human Resources, employees with less than 2 years of service make up 14.43% (12,250 individuals) of the workforce, indicating a high turnover risk in early employment stages. Meanwhile, 22.27% (18,908 individuals) have 5–9 years of service, pointing to a crucial segment for retention strategies. Additionally, 15.96% (13,548 individuals) have 20–29 years of service, emphasizing the need for succession planning. (Source: https://oshr.nc.gov/employee-stats)
- Remote Work Trends:
The U.S. Bureau of Labor Statistics reported that as of 2023, 28% of workers continued working from home, a fourfold increase from 2019 (Source: https://www.bls.gov/). This shift is accelerating the adoption of cloud-based HR platforms and remote workforce management tools.
For leaders-CHROs, HR managers, CIOs-the HR technology market offers real benefits:
- Better Talent Acquisition: AI tools reduce time to hire and improve candidate quality.
- Operational Efficiency: Automate HR processes and reduce manual errors and costs.
- Employee Engagement: Personalized HR services and self-service portals boost employee satisfaction.
- Strategic Workforce Planning: Analytics tools let organizations plan workforce proactively.
- Regulatory Compliance: Automated compliance tracking ensures compliance with labor laws and policies.
Regional Breakdown:
- North America: Largest market share, driven by advanced digital infrastructure, early adoption of AI HR solutions, and investments by big players like Workday, SAP SE, and Oracle. Government workforce analytics programs like the U.S. Bureau of Labor Statistics and state-level offices like North Carolina’s OSHR are driving adoption.
- Asia-Pacific: Fastest growing region, 10.07% CAGR during the forecast period, driven by digital transformation and SME adoption of cloud HR platforms.
Competitive Landscape
Key players are innovating through AI integration, strategic partnerships, and cloud-based HR solutions. Prominent companies include ADP, Inc., Cegid, Cornerstone, Hi Bob, Inc., Bamboo HR LLC, SAP SE, Oracle, IBM, Workday, Inc., and UKG Inc.
The full Kings Research report offers detailed segmentation by component, application, deployment, company size, end-use industry, and geography, along with competitive benchmarking. To request a sample, access the full report, or explore tailored consulting services, please visit https://www.kingsresearch.com/human-resource-technology-market-42.
About Kings Research:
Kings Research is a global provider of syndicated research reports and consulting services, helping organizations navigate emerging markets, assess opportunities, and make informed business decisions.
All market data are sourced from Kings Research proprietary analysis, validated against public releases and credible industry sources. Examples cited include Gartner, SHRM, Workday, SAP SE, Oracle, ADP, Inc., North Carolina Office of State Human Resources, U.S. Bureau of Labor Statistics, U.S. Census Bureau, and IBM.