LONDON, Nov. 21, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s Artificial Intelligence in HR Global Market Report 2023, the global artificial intelligence in HR market is poised for significant expansion, projected to rise from $4.50 billion in 2022 to $5.28 billion in 2023, showcasing a compelling compound annual growth rate (CAGR) of 17.3%. Looking ahead, the market is anticipated to reach $9.80 billion by 2027, maintaining a robust CAGR of 16.7%. These figures underscore the pivotal role of artificial intelligence in reshaping human resources.
Automation in HR Operations
The rising demand for automation in HR operations is a catalyst for artificial intelligence in HR market growth. Leveraging technology to streamline and automate administrative tasks within the HR function, artificial intelligence plays a pivotal role. From candidate screening and recruitment to data entry and workflow automation, AI enhances efficiency. A survey by SHRM indicates that 85% of employers using automation or AI in HR attest to time savings and increased efficiency. The adoption of AI in performance management and recruitment is also set to rise significantly in the coming years.
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Key Players Shaping the Industry
Major players, including IBM Corporation, Oracle Corporation, and SAP SE, are instrumental in shaping the artificial intelligence in HR market. These industry leaders contribute to the market's dynamism through innovation and strategic initiatives. Technological innovations, exemplified by Beamery Technologies' launch of generative AI for HR technology, reflect the industry's commitment to staying at the forefront of cutting-edge developments.
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Regional Dominance and Market Segmentation
North America emerges as a frontrunner in the artificial intelligence in HR market in 2022. However, the global artificial intelligence in HR market is intricately segmented based on:
- Offering: Hardware, Software, Services
- Technology: Virtual Assistants, Metaverse, AI Chatbot, People Analytics, Machine Learning, Computer Vision, Natural Language Processing, Other Technologies
- Enterprise Size: Small And Medium Enterprises, Large Enterprises
- Application: Workforce Management, Talent Management, Payroll Management, Performance Management, Recruitment, Hiring, Other Applications
- Industry: Academic, BFSI, Government, Healthcare, IT & Telecom, Manufacturing, Retail, Other Industries
Artificial Intelligence In HR Global Market Report 2023 by The Business Research Company provides insights on the artificial intelligence in HR market size, artificial intelligence in HR market segments, artificial intelligence in HR market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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