According to the latest report by IMARC Group, titled “India Human Resource (HR) Technology Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The India human resource (HR) technology market reached a value of US$ 850 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 1,510 Million by 2027, exhibiting a CAGR of 9.9% during 2022-2027.
Human resource (HR) technology refers to a set of tools used by human capital professionals to automate HR tasks related to talent acquisition, payrolls, workforce performance, analyzing employee feedback, etc. This software is adopted by several organizations as it helps in enhancing the overall efficiency of the HR department and streamlining various processes while minimizing the administrative burden and ensuring fair pay practices. In India, HR technology has emerged as a time and cost-effective solution for addressing some of the most meticulous HR tasks.
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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 rising levels of globalization, which have resulted in an increase in the number of multinational corporate organizations, are primarily driving the India HR technology market. In addition to this, the escalating demand for advanced HR tools that help to enhance the learning, productivity, and engagement of the employees, is also propelling the market growth. These tools also offer a time-effective solution for performing multiple complex tasks and improving financial performance of the organization. Furthermore, the expanding working population and complex management methods are also creating a positive outlook for the regional market. Additionally, the rising integration of HR technology with cloud computing, artificial intelligence (AI), software-as-a-service (SaaS), business intelligence (BI), and dashboards have provided added competitive edge and flexibility over other solutions. This, in turn, is anticipated to fuel the HR technology market in India 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 Region:
North India
West and Central India
South India
East India
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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