Artificial Intelligence in Human Resource (HR) Market | 2031
Artificial Intelligence in Human Resource (HR) Market | 2031
Segments - Artificial Intelligence in Human Resource (HR) Market by Technology (Virtual Assistants, Metaverse, AI Chatbot, People Analytics, Machine Learning, Computer Vision, Natural Language Processing, and Others), Application (Workforce Management, Talent Management, Payroll Management, Performance Management, Recruitment, Hiring, and Others), Enterprise Size (Small & Medium Enterprises and Large Enterprises), End-user (IT & Telecommunication, BFSI, Manufacturing, Retail, Healthcare, Government, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :ICT-SE-5302
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| 210 Pages
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Report Description
The global artificial intelligence in human resource (HR) market size was nearly USD 3.91 Bn in 2022 and is likely to reach USD 14.83 Bn by 2031, expanding at a CAGR of 16.21% during, 2023–2031. Growing demand for automation in HR operations is expected to fuel the market.
AI in HR technology (HRTech) automated collection and analysis of data to eliminate biases and guesswork. It has the ability to make decisions more precisely than people based on historical data and behavioral patterns. HRTech is a broad term that refers to software and is associated with hardware, which helps to maintain human resource (HR) responsibilities in organizations. It supports and automates a wide range of HR functions including candidate recruitment and onboarding, payroll, employee communications, performance management, and talent management.
HR plays a crucial role in managing employees in a company or organization. It is a practice of planning, directing, recruiting, hiring, deploying, controlling, and managing employees of the organizations. The main objective of HR is to maximize staff performance in support of a company’s strategic goals.
AI-based HR tools effectively build future communications, delivers better employee experience, and help HR managers to work more effectively by developing a two-way communication strategy, which further boosts HRs productivity. It also ensures that all the employees are treated properly by keeping track of employee behaviors.
The creation and maintenance of a good workplace are highly dependent on HRTech, as it reduces manual work with the help of digital tools. HRTech stores organizations’ data in a complete and secure manner, provides analytics to create management reports, and automates routine processes.
The market report finds that the COVID-19 pandemic outbreak positively impacted the market. The demand for HRTech increased during the critical time of COVID-19, as many businesses shifted to work from home, which created a challenge for HR professionals to manage activities from home.
Artificial Intelligence in Human Resource (HR) Market Dynamics
Major Drivers
Rising implementation of virtual reality (VR) and augmented reality (AR) is a major factor driving the market. VR and AR enhance the flexibility of the workforce. It allows HR to train employees from remote locations. It further improves learning outcomes and processes in hiring, recruitment, and onboarding.
Growing adoption of machine learning algorithms in HRTech software is likely to boost the market. Machine learning helps in answering basic questions, interview scheduling, and interview performance analysis, which optimizes and automates the recruitment process. It enhanced decision-making and improves accuracy. Moreover, the rising demand for automation of HR operations is likely to fuel the market.
Existing Restraints
AI cannot work on insufficient data, which hampers market growth. AI is great for analyzing data and presenting useful conclusions for decision-making. It works only when you feed accurate and detailed data. If you feed insufficient data, it may not work properly. However, some decision requires human involvement and AI cannot consider the company’s values and culture when evaluating job candidates, which limit their use in some processes.
Emerging Opportunities
Increasing trends of remote and hybrid work settings are expected to create immense growth opportunities in the market. HR departments are focusing on updating the company’s policy, due to the rising practice of working from home. Moreover, the growing requirement to replace outdated systems with cutting-edge HR solutions accelerates the market.
Scope of Artificial Intelligence in Human Resource (HR) Market Report
The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Artificial Intelligence in Human Resource (HR) Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Technology (Virtual Assistants, Metaverse, AI Chatbot, People Analytics, Machine Learning, Computer Vision, Natural Language Processing, and Others), Application (Workforce Management, Talent Management, Payroll Management, Performance Management, Recruitment, Hiring, and Others), Enterprise Size (Small & Medium Enterprises and Large Enterprises), and End-user (IT & Telecommunication, BFSI, Manufacturing, Retail, Healthcare, Government, and Others) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
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Key Players Covered in the Report |
ALLYO; ADP, Inc.; Ceridian HCM, Inc.; Cegid; Cezanne HR Limited; Cornerstone; HireVue, Inc.; Infor; Netsuite Inc. (Oracle); SAP SE; and Workday, Inc. |
Artificial Intelligence in Human Resource (HR) Market Segment Insights
Technology Segment Analysis
Based on technology, the artificial intelligence in human resource (HR) market is segregated into virtual assistants, metaverse, AI chatbot, people analytics, machine learning, computer vision, natural language processing, and others. The AI chatbot segment is estimated to generate a major revenue share of the market during the projected period, as it offers an interactive one-on-one experience. It helps to track employee engagement at work and perform other important tasks.
Moreover, AI chatbot assists HR in making informed decisions and automates HRs essential tasks including interview scheduling, answering queries, and candidate screening.
The metaverse segment is anticipated to expand at a considerable CAGR in the coming years, owing to the ability to bridge the gap between physical and virtual offices. Through metaverse, employees can take advantage of both virtual reality and augmented reality at the same time to collaborate efficiently from remote locations. The growing requirement for managing employees in remote work environments is further likely to boost the segment.
The people analytics segment is expected to grow at a rapid pace during the projected period, due to its ability to generate and capture a huge amount of data. It plays a major role in workforce planning and management, performance measurement, promoting employee development, employee engagement analysis, and promotion and salary decision-making.
Application Segment Analysis
On the basis of application, the market is divided into workforce management, talent management, payroll management, performance management, recruitment, hiring, and others. The talent management segment is expected to register a robust growth rate during the forecast period, owing to the increasing adoption of AI tools in managing employee performance, progression, development, and rewards.
AI automates internal mobility programs and matches employees with specific training programs and projects that most interest them. It provides features, such as inviting, retaining, and recruiting efficient employees. It allows HRs to create micro-learning content quickly, revise content based on analytical insights, and enables them to track learner progress.
The payroll management segment is projected to grow at a significant pace during the assessment period, owing to the growing requirement to reduce errors in payroll processing. AI-powered payroll systems detect anomalies and inconsistencies in data and automate repetitive and time-consuming tasks, such as calculations and data entry, which further increased efficiency. It allows HR leaders to manage all the financial records of employees including salaries, bonuses, deductions, and incentives.
Enterprise Size Segment Analysis
In terms of enterprise size, the artificial intelligence in human resource (HR) market is bifurcated into small & medium enterprises and large enterprises. The large enterprises segment is anticipated to hold a large share of the market in the coming years, due to the rising adoption of advanced HR technology to handle large databases of employees and to make data centralized across the organization. On the other hand, the small & medium enterprises segment is projected to grow at a significant growth rate, due to the growing requirement to lower the number of activities that are involved in administrative tasks.
End-user Segment Analysis
Based on end-user, the market is segmented into IT & telecommunication, BFSI, manufacturing, retail, healthcare, government, and others. The IT & telecommunication segment is expected to grow at a high CAGR during the projection period, owing to the rapid expansion of IT industries across the globe. The rapid growth of the IT industry has encouraged large-scale recruiting at all levels, which highly demands for HR software and services to streamline the recruiting process. The segment growth is further attributed to the rising need to overcome obstacles in employee retention processes.
Regional Analysis
On the basis of region, the global artificial intelligence in human resource (HR) market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market in the coming years, due to the increasing adoption of machine learning and AI among businesses. The market growth is further attributed to the rising employment opportunities in the region, which further boosts the demand for recruitment, talent management, and performance management HR solutions.
The market in Asia Pacific is expected to grow quickly during the forecast period, owing to the growing requirement among small & mid-scale businesses to navigate complex HR tasks. The rapid expansion of small & medium size enterprises in developing countries and the increasing adoption of new technology solutions are likely to fuel the market in the region.
Segments
The global artificial intelligence in human resource (HR) market has been segmented on the basis of
Technology
- Virtual Assistants
- Metaverse
- AI Chatbot
- People Analytics
- Machine Learning
- Computer Vision
- Natural Language Processing
- Others
Application
- Workforce Management
- Talent Management
- Payroll Management
- Performance Management
- Recruitment
- Hiring
- Others
Enterprise Size
- Small & Medium Enterprises
- Large Enterprises
End-user
- IT & Telecommunication
- BFSI
- Manufacturing
- Retail
- Healthcare
- Government
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global artificial intelligence in human resource (HR) market are ALLYO; ADP, Inc.; Ceridian HCM, Inc.; Cegid; Cezanne HR Limited; Cornerstone; HireVue, Inc.; Infor; Netsuite Inc. (Oracle); SAP SE; and Workday, Inc. Some of these companies adopted development strategies including mergers, collaboration, acquisitions, partnerships, and launch new products to expand their consumer base worldwide. For instance,
- On May 24, 2033, the SAP SuccessFactors team introduced three new powerful innovations with generative AI at SAP Sapphire. It helps HR to solve the skills gap, enhance recruiting and learning processes, and improve human development and productivity in the workplace.
- On November 28, 2022, Ceridian entered into a collaboration with Deloitte Australia to increase the business value of Australia and New Zealand’s organizations. The collaboration helps organizations to transform their human capital management (HCM) process through Ceridian’s Dayforce platform. Dayforce allows HR to efficiently manage the workforce and payroll.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Artificial Intelligence in Human Resource (HR) Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Artificial Intelligence in Human Resource (HR) Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Artificial Intelligence in Human Resource (HR) Market - Supply Chain
4.5. Global Artificial Intelligence in Human Resource (HR) Market Forecast
4.5.1. Artificial Intelligence in Human Resource (HR) Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Artificial Intelligence in Human Resource (HR) Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Artificial Intelligence in Human Resource (HR) Market Absolute $ Opportunity
5. Global Artificial Intelligence in Human Resource (HR) Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. Artificial Intelligence in Human Resource (HR) Market Size and Volume Forecast by Applications
5.3.1. Workforce Management
5.3.2. Talent Management
5.3.3. Payroll Management
5.3.4. Performance Management
5.3.5. Recruitment
5.3.6. Hiring
5.3.7. Others
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Artificial Intelligence in Human Resource (HR) Market Analysis and Forecast by End Users
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by End Users
6.2.2. Y-o-Y Growth Projections by End Users
6.3. Artificial Intelligence in Human Resource (HR) Market Size and Volume Forecast by End Users
6.3.1. IT & Telecommunication
6.3.2. BFSI
6.3.3. Manufacturing
6.3.4. Retail
6.3.5. Healthcare
6.3.6. Government
6.3.7. Others
6.4. Absolute $ Opportunity Assessment by End Users
6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Artificial Intelligence in Human Resource (HR) Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Artificial Intelligence in Human Resource (HR) Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Artificial Intelligence in Human Resource (HR) Demand Share Forecast, 2019-2026
8. North America Artificial Intelligence in Human Resource (HR) Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Artificial Intelligence in Human Resource (HR) Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Artificial Intelligence in Human Resource (HR) Market Size and Volume Forecast by Applications
8.4.1. Workforce Management
8.4.2. Talent Management
8.4.3. Payroll Management
8.4.4. Performance Management
8.4.5. Recruitment
8.4.6. Hiring
8.4.7. Others
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. North America Artificial Intelligence in Human Resource (HR) Market Size and Volume Forecast by End Users
8.7.1. IT & Telecommunication
8.7.2. BFSI
8.7.3. Manufacturing
8.7.4. Retail
8.7.5. Healthcare
8.7.6. Government
8.7.7. Others
8.8. Basis Point Share (BPS) Analysis by End Users
8.9. Y-o-Y Growth Projections by End Users
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Artificial Intelligence in Human Resource (HR) Demand Share Forecast, 2019-2026
9. Latin America Artificial Intelligence in Human Resource (HR) Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Artificial Intelligence in Human Resource (HR) Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Artificial Intelligence in Human Resource (HR) Market Size and Volume Forecast by Applications
9.4.1. Workforce Management
9.4.2. Talent Management
9.4.3. Payroll Management
9.4.4. Performance Management
9.4.5. Recruitment
9.4.6. Hiring
9.4.7. Others
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Latin America Artificial Intelligence in Human Resource (HR) Market Size and Volume Forecast by End Users
9.7.1. IT & Telecommunication
9.7.2. BFSI
9.7.3. Manufacturing
9.7.4. Retail
9.7.5. Healthcare
9.7.6. Government
9.7.7. Others
9.8. Basis Point Share (BPS) Analysis by End Users
9.9. Y-o-Y Growth Projections by End Users
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Artificial Intelligence in Human Resource (HR) Demand Share Forecast, 2019-2026
10. Europe Artificial Intelligence in Human Resource (HR) Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Artificial Intelligence in Human Resource (HR) Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Artificial Intelligence in Human Resource (HR) Market Size and Volume Forecast by Applications
10.4.1. Workforce Management
10.4.2. Talent Management
10.4.3. Payroll Management
10.4.4. Performance Management
10.4.5. Recruitment
10.4.6. Hiring
10.4.7. Others
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Europe Artificial Intelligence in Human Resource (HR) Market Size and Volume Forecast by End Users
10.7.1. IT & Telecommunication
10.7.2. BFSI
10.7.3. Manufacturing
10.7.4. Retail
10.7.5. Healthcare
10.7.6. Government
10.7.7. Others
10.8. Basis Point Share (BPS) Analysis by End Users
10.9. Y-o-Y Growth Projections by End Users
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Artificial Intelligence in Human Resource (HR) Demand Share Forecast, 2019-2026
11. Asia Pacific Artificial Intelligence in Human Resource (HR) Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Artificial Intelligence in Human Resource (HR) Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Artificial Intelligence in Human Resource (HR) Market Size and Volume Forecast by Applications
11.4.1. Workforce Management
11.4.2. Talent Management
11.4.3. Payroll Management
11.4.4. Performance Management
11.4.5. Recruitment
11.4.6. Hiring
11.4.7. Others
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Asia Pacific Artificial Intelligence in Human Resource (HR) Market Size and Volume Forecast by End Users
11.7.1. IT & Telecommunication
11.7.2. BFSI
11.7.3. Manufacturing
11.7.4. Retail
11.7.5. Healthcare
11.7.6. Government
11.7.7. Others
11.8. Basis Point Share (BPS) Analysis by End Users
11.9. Y-o-Y Growth Projections by End Users
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Artificial Intelligence in Human Resource (HR) Demand Share Forecast, 2019-2026
12. Middle East & Africa Artificial Intelligence in Human Resource (HR) Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Artificial Intelligence in Human Resource (HR) Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Artificial Intelligence in Human Resource (HR) Market Size and Volume Forecast by Applications
12.4.1. Workforce Management
12.4.2. Talent Management
12.4.3. Payroll Management
12.4.4. Performance Management
12.4.5. Recruitment
12.4.6. Hiring
12.4.7. Others
12.5. Basis Point Share (BPS) Analysis by Applications
12.6. Y-o-Y Growth Projections by Applications
12.7. Middle East & Africa Artificial Intelligence in Human Resource (HR) Market Size and Volume Forecast by End Users
12.7.1. IT & Telecommunication
12.7.2. BFSI
12.7.3. Manufacturing
12.7.4. Retail
12.7.5. Healthcare
12.7.6. Government
12.7.7. Others
12.8. Basis Point Share (BPS) Analysis by End Users
12.9. Y-o-Y Growth Projections by End Users
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Artificial Intelligence in Human Resource (HR) Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Artificial Intelligence in Human Resource (HR) Market: Market Share Analysis
13.2. Artificial Intelligence in Human Resource (HR) Distributors and Customers
13.3. Artificial Intelligence in Human Resource (HR) Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. ALLYO
13.4.2. ADP, Inc.
13.4.3. Ceridian HCM, Inc.
13.4.4. Cegid
13.4.5. Cezanne HR Limited
13.4.6. Cornerstone
13.4.7. HireVue, Inc.
13.4.8. Infor
13.4.9. Netsuite Inc. (Oracle)
13.4.10. SAP SE
13.4.11. Workday, Inc.
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