According to the latest report by IMARC Group, titled “Asia Pacific Human Resource (HR) Technology Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The asia pacific human resource (HR) technology market size reached US$ 5,025 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 8,892 Million by 2027, exhibiting a growth rate (CAGR) of 9.9% during 2022-2027.
Human resource (HR) technology secures data storage, automates routine processes, and provides analytical management reports and insights for enhanced decision-making. It also performs various functions, such as employee communications, rewards, talent and performance management, benefits, and onboarding processes. Several organizations are extensively utilizing HR technology to improve the efficiency of the recruitment process while streamlining the procedures, increasing applicant convenience, and reducing the burden of administration. As a result, this solution finds widespread applications across various sectors, including healthcare, information technology (IT), BFSI, healthcare, travel, hospitality, transportation, etc.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
The escalating demand for advanced tools that enhance the learning, productivity, and engagement of the employees is among the primary factors driving the Asia Pacific human resource (HR) technology market. Besides this, the elevating requirement for this solution, as it offers a time-effective resolution for improving the overall financial performance and performing multiple complex tasks of the organization, is further augmenting the market growth. Moreover, the introduction of innovative technologies, such as artificial intelligence (AI), software-as-a-service (SaaS), business intelligence (BI), and dashboards to provide flexibility and a competitive edge over other firms is also catalyzing the market across the Asia Pacific. Additionally, the launch of several policies by the government bodies to promote and design products that can adapt to the emerging requirements of the organizations is acting as another significant growth-inducing factor. Apart from this, the rising working population and the inflating need for complex management methods are also stimulating the market growth. Furthermore, this system lowers the risks of systemic errors as compared to the conventional techniques, which is expected to bolster the Asia Pacific human resource (HR) technology market in the coming years.
Breakup by Application:
Talent Management
Payroll Management
Performance Management
Workforce Management
Recruitment
Others
Breakup by Type:
Inhouse
Outsourced
Breakup by End User 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 Country:
China
Japan
India
South Korea
Australia
Indonesia
Others
Competitive Landscape:
The report has also analysed the competitive landscape of the market along with the profiles of the key players.
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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 industry 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.
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