The generative artificial intelligence (ai) in human resources (hr) global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Generative Artificial Intelligence (AI) In Human Resources (HR) Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size —
The generative artificial intelligence (AI) in human resources (HR) market size has grown rapidly in recent years. It will grow from $0.54 billion in 2023 to $0.63 billion in 2024 at a compound annual growth rate (CAGR) of 17.9%. The growth in the historic period can be attributed to the rise of data-driven decision-making, demand for personalized employee experiences, evolution of recruitment processes, emergence of advanced analytics tools, the growing importance of diversity and inclusion initiatives, and shift towards remote and hybrid work environments.
The generative artificial intelligence (AI) in human resources (HR) market size is expected to see rapid growth in the next few years. It will grow to $1.23 billion in 2028 at a compound annual growth rate (CAGR) of 18%. The growth in the forecast period can be attributed to the growth of AI technology adoption, increasing complexity of workforce management, demand for enhanced employee engagement strategies, necessity for real-time performance feedback mechanisms, focus on continuous learning and development, expansion of AI capabilities in predictive analytics, integration of AI with existing HR systems to streamline operations. Major trends in the forecast period include increasing adoption of AI-powered chatbots and virtual assistants, growing use of machine learning algorithms for talent management and workforce planning, rising demand for personalized employee experiences through AI-generated content, expanding application of AI in recruiting and hiring processes, integration of AI with existing HR systems for enhanced efficiency, increasing focus on AI-driven performance management and employee development, anticipated growth of the cloud-based deployment of generative AI solutions in HR.
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Scope Of Generative Artificial Intelligence (AI) In Human Resources (HR) Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Generative Artificial Intelligence (AI) In Human Resources (HR) Market Overview
Market Drivers –
The increasing demand for automation is expected to propel the growth of generative artificial intelligence (AI) in the human resources (HR) market going forward. Automation is the technology-driven process of executing tasks with little to no human involvement, enhancing efficiency and productivity by substituting manual efforts with automated systems. The growing need for automation is driven by the quest for greater efficiency, cost savings, and accuracy. Generative AI in HR aids the surge in automation demand by automating repetitive HR tasks such as candidate screening, job description creation, and performance evaluations. This technology enhances HR efficiency, reduces manual workloads, and allows HR professionals to focus on more strategic initiatives. For instance, in January 2022, according to a study conducted by the Department for Digital, Culture, Media & Sport (DCMS), a UK-based government department, and Capital Economics, a UK-based information services company, there is a projected substantial rise in AI technology adoption from 15.1% in 2020 to 22.7% in 2025, with an added 267,000 businesses integrating AI into their processes. Moreover, By 2040, it’s anticipated that around 34.8% of businesses will have embraced AI, totaling approximately 1.3 million companies utilizing this technology. Therefore, the increasing demand for automation drives the growth of generative artificial intelligence (AI) in the human resources (HR) market.
Market Trends —
Major companies operating in the generative artificial intelligence (AI) in human resources (HR) market are developing advanced technologies, such as proprietary artificial intelligence (AI) technology, to enhance recruitment processes, streamline candidate sourcing, improve employee engagement, automate routine HR tasks, and provide data-driven insights for better decision-making and workforce management. Proprietary artificial intelligence (AI) technology refers to artificial intelligence systems and algorithms that are developed and owned exclusively by a company or individual. This technology is unique to its owner and is protected by intellectual property rights such as patents, copyrights, or trade secrets. For instance, in March 2023, Beamery, a UK-based talent engagement and recruitment software company, launched TalentGPT. It is the world’s first generative AI for HR technology. TalentGPT is designed to deeply personalize HR processes by leveraging both Beamery’s proprietary AI and advanced large language models like OpenAI’s GPT-4, enabling real-time adaptation of content, job descriptions, email templates, and career recommendations to meet the specific needs and evolving requirements of organizations and employees. TalentGPT is aimed at transforming HR practices by offering highly personalized and adaptive solutions.
The generative artificial intelligence (AI) in human resources (hr) market covered in this report is segmented —
1) By Technology: Machine Learning, Natural Language Processing, Deep Learning, Computer Vision, Robotic Process Automation
2) By Deployment Mode: Cloud-Based, On-Premise
3) By Application: Recruiting And Hiring, Onboarding, Performance Management, Improved Efficiency, Other Applications
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Regional Insights —
North America was the largest region in the generative artificial intelligence (AI) in human resources (HR) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the generative artificial intelligence (AI) in human resources (HR) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies —
Major companies operating in the generative artificial intelligence (AI) in human resources (HR) market are International Business Machines Corp., Oracle Corporation, SAP SE, Automatic Data Processing Inc, Workday Inc., Cegid Group S.A., Cornerstone OnDemand Inc, Phenom People Inc, Jobvite Inc, Harver B.V., Eightfold AI Inc., Beamery Inc., Paradox Inc., Workable Technology Limited, ClearCompany Inc., Aisera Inc., Gloat Inc, JobAdder Operations Pty Ltd, SeekOut, TEXTIO INC., TalentGuard Inc., Cezanne HR Limited, Pymetrics Inc< /b>
Table of Contents
1. Executive Summary
2. Generative Artificial Intelligence (AI) In Human Resources (HR) Market Report Structure
3. Generative Artificial Intelligence (AI) In Human Resources (HR) Market Trends And Strategies
4. Generative Artificial Intelligence (AI) In Human Resources (HR) Market — Macro Economic Scenario
5. Generative Artificial Intelligence (AI) In Human Resources (HR) Market Size And Growth
…..
27. Generative Artificial Intelligence (AI) In Human Resources (HR) Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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